REAL ESTATE SALES STATISTICS IN LANGLEY FOR JUNE 2023

Real estate in Langley for June 2023

Real estate sales in June were strong, despite low supply. The FVREB processed 1,935 sales on the MLS® during June. This indicated a 51% increase from June of last year and a 13.1% increase from May. If you’re looking to accomplish your real estate goals, reach out to me at your earliest convenience! Read more about the real estate market in Fraser Valley for June of 2023!

Homes With Suites are Great for Families!

Homes with suites in Langley are perfect for families in 2023! Given the current cost of living, a home with a suite can provide your family with the comfort and security they need. To help you better understand your real estate goals, this month, we’ve provided a list of reasons that you should hold off on selling your home. Whether you’re a first-time seller or an experienced investor, we encourage you to check out this month’s post. Don’t forget to explore your local Langley neighbourhoods looking for homes with suites and let me know how I can help!

Keep reading to learn more about the real estate market in June below. Contact me for more on what to expect in the months to come below. If you want to learn more about income helpers in Langley then get in touch with me today!

Low Supply Continues to Affect Home Prices in the Fraser Valley

There were 1935 real estate sales transactions during the month of June across the FVREB. This number shows that sales are on the rise since May. 403 of those sales were made across the housing spectrum in Langley.  These numbers represent a jump in sales between 18-150% from last year.

“As seen in recent months, prices continue to trend upward, with lack of supply and high demand for housing,“ said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “What we’re seeing is sales increasing, with buyers entering the market despite current financial implications of anticipated rate hikes.”

New Listings

New listings in Langley are up 2.8% from last June and down 3.1% from May, indicating that inventory is low.

“A number of factors are at play in the Fraser Valley market, from low supply to unprecedented interest rates – the highest in more than 20 years,” said Board CEO, Baldev Gill. “For those seeking to enter the market, whether buying or selling, only a professional REALTOR® can provide the expert guidance and advice to fully evaluate each clients’ needs, and to protect their interests.”

There were 662 active listings in Langley, in June. 314 of which were new listings for single-family homes. Across Fraser Valley in June, the average number of days to sell a single-family detached home was 21 days. Townhomes saw an average of 16 days. Apartments took, on average, 22 days to sell.

Average Price

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,526,200, the Benchmark price for an FVREB single-family
detached home increased 2.3 percent compared to May 2023 and decreased 7.4 percent
compared to June 2022.
• Townhomes: At $845,400, the Benchmark price for an FVREB townhome increased 2.3 percent compared to May 2023 and decreased 5.2 percent compared to June 2022.
• Apartments: At $552,200, the Benchmark price for an FVREB apartment/condo increased 1.8
percent compared to May 2023 and decreased 2.5 percent compared to June 2022.