November Real Estate Sales in Langley

november 2023 sales data real estate langley

Real estate in Langley for November 2023

The Fraser Valley’s real estate market maintained its downward trend for the fifth consecutive month as the region experienced a decline in both sales and new listings, according to the Fraser Valley Real Estate Board. November saw 891 transactions on the Multiple Listing Service® (MLS®), marking an 8 percent decrease from the previous month and signifying one of the slowest Novembers in the past ten years.

New listings also fell, hitting 2,030, which is a 20 percent drop from October and a substantial 43 percent decline from the peak in May at 3,533. This trend has been attributed to buyers and sellers prioritizing other activities during the holiday season, contributing to a holding pattern in the market, as stated by Narinder Bains, Chair of the Fraser Valley Real Estate Board.

The number of active listings in November was 6,254, a 5 percent decrease from the previous month but a 17 percent increase compared to November 2022. The sales-to-active listings ratio stood at 14 percent, indicating balanced conditions in the overall market. Detached houses were in a balanced market at 12 percent, while townhomes and apartments remained in seller’s market territory.

FVREB CEO Baldev Gill highlighted the impact of seasonality and high-interest rates on sales activity, predicting further market slowdown in early 2024. However, despite the sluggish market, opportunities exist for buyers, emphasizing the importance of working with knowledgeable real estate professionals.

Properties spent an average of about one month on the market, with single-family detached homes taking 36 days and townhomes and apartments moving quicker at 29 days. Benchmark prices continued to decrease for the fourth consecutive month, dropping by 1.1 percent compared to October.

In summary, the Fraser Valley real estate market witnessed a continued decline in sales and new listings amid a seasonal lull and higher interest rates. The market remains in a state of balance, presenting opportunities for buyers with the guidance of experienced real estate agents despite the overall slowdown.

Average Price

MLS® HPI Benchmark Price Activity

Single Family Detached:

At $1,489,100, the Benchmark price for an FVREB single-family detached home decreased 0.94 per cent compared to October 2023 and increased 6.22 per cent compared to November 2022.

Townhomes:

At $837,200, the Benchmark price for an FVREB townhome decreased 0.95 per cent compared to October 2023 and increased 5.08 per cent compared to November 2022.

Apartments:

At $545,300, the Benchmark price for an FVREB apartment/condo decreased 0.02 per cent compared to October 2023 and increased 5.60 per cent compared to November 2022.

november real estate sales data langley

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