REAL ESTATE SALES STATISTICS IN LANGLEY FOR AUGUST 2023

Real estate in Langley for August 2023

After real estate sales hit a 15-month high in June, they sustained another slowing this past August that echoed the slow July sales cycle. Real estate sales in August were slower and down a further 6.9% from the previous month. The FVREB processed 1,273 sales on the MLS® during August.  If you’re looking to buy or sell a home with a suite in the Langley or Abbottsford areas then keep reading!

Discover the Versatility of Homes with Suites in Langley!

Buying a home is a monumental investment, shaping one’s lifetime. In this journey, several decisions loom: where to buy a home in Langley, what to buy, and from whom to borrow. Amidst these choices, the age-old dilemma of investing in a new or old home in Langley often arises. By delving into the merits and demerits of each, prospective homeowners can make informed decisions. Here, you’ll find a comprehensive analysis of the advantages and disadvantages of purchasing new versus old Langley real estate with a suite.

Home Prices are holding steady throughout the Fraser Valley this August

There were 1,273 real estate sales transactions during August across the FVREB. This number shows that sales are slowing down from July. 260 of those sales were made across the housing spectrum in Langley.  These numbers represent a jump in sales between -5-33% from last year.

“Many buyers are in “watchful waiting” mode as they hold off on decisions in anticipation of potential further rate changes,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “With prices relatively stable and active inventory on the rise, we hope to see more new listings come on stream over the next couple of months, especially if rates hold steady.”

New Listings

New listings in Langley are down 8.2% from July and up 28.2% from August 2022.

“We expect to see market activity pick up heading into the fall months,” said FVREB CEO, Baldev Gill. “That said, with the uncertainty surrounding interest rates as well as the potential impact of provincial housing strategy initiatives, buyers and sellers would be well-advised to consult with a professional REALTOR® to assess any risks and opportunities before making a decision.”

There were 740 active listings in Langley, in August. 346 of which were new listings for single-family homes. Across Fraser Valley in August, on average properties spent between two and four weeks on the market before selling, with townhomes and apartments moving faster (16 and 20 days, respectively) than detached homes (25 days).

Average Price

MLS® HPI Benchmark Price Activity

Single Family Detached:

At $1,534,500, the Benchmark price for an FVREB single-family detached home decreased 0.6 per cent compared to July 2023 and increased 1.6 per cent compared to August 2022.

Townhomes:

At $846,200, the Benchmark price for an FVREB townhome decreased 0.5 per cent compared to July 2023 and increased 0.9 per cent compared to August 2022.

Apartments:

At $553,500, the Benchmark price for an FVREB apartment/condo decreased 0.4 per cent compared to July 2023 and increased 2.5 per cent compared to August 2022.