Langley Real Estate for Sale Market Update

Now that we are in May, the Langley real estate market is entering its summer conditions. As such, it’s important to check in with local statistics to see what opportunities lie ahead. If you’re planning on buying or selling a home this summer, preparing in advance is key. By relying on market data, you can gain a clearer understanding of current trends and effectively achieve your goals. To help you gain a better understanding of what’s to come this summer in Langley, we will be going over the past month’s market statistics. Follow along below to learn more about pricing trends, sales numbers, and the future outlook of Langley real estate for sale.

Market Statistics to Note in April 2024

In the Fraser Valley, home supply continued to grow throughout April 2024. With buyers still hesitant to jump into the market, resale numbers remained relatively low across the region. The Fraser Valley Real Estate Board captured 1,471 transactions on the MLS® which signified a 5 percent increase from the previous month (March). However, this number was down 5% from April of 2023. Experts have noted that April’s market conditions are in a relatively balanced state. This means that current Fraser Valley buyers are in a good position to shop around and take their time to find a home. Compared to past market conditions when the pressure to buy quickly was at an all-time high, this news is encouraging.

Moving on to Langley-specific statistics, sales in April 2024 were down 27.5% for single-family detached homes. At just 58 home sales, this number was also 12.1% lower than in March 2024. As for townhomes, there were 65 sales marking a 16% increase from last year. However, similar to detached properties, the number remains down from March with a 5.8% decrease in sales. The property type that sold the most number of units in April was the apartment, with 89 units sold. This indicated a 7.2% increase year-over-year and a 48.3% jump from last month.

In the detached home sector, the Langley real estate market saw 247 new listings hit the market in April. This led to an astonishing 75.2% surge in new inventory when compared with April 2023. It also accounted for a 41.1% raise from March 2024. With so many new listings being added to the market, the number of active listings totaled 401! This was almost double what it was in 2023 making for a 99.5% increase in inventory year-over-year.

Future Outlook of Langley Real Estate for Sale

Right now, the benchmark prices for detached homes, townhouses, and apartments are as follows:

Detached: $1,648,400
Townhome: $863,600
Apartment: $625,100

All of these benchmark prices are up both year-over-year and month-over-month. However, the greatest fluctuation was in the apartment sector with an 8% increase in cost when compared to April 2023.

For buyers heading into the summer season with goals to purchase a new home, conditions are looking favourable. Prices have remained fairly stable, inventory is high, and sales activity is relatively slow. All of these factors point to a buyer’s market as we head into May. With so many active listings in Langley, buyers will be able to take their time in searching for a property. This means more opportunities to shop around, do your due diligence and acquire the right funding.

On the contrary, for sellers, the summer market might not be an ideal time to list. Lots of sellers have been placing their homes on the market, resulting in an influx of inventory. Moreover, sales numbers have been somewhat stagnant leading to higher days to sell. If you are eager to list your home, be sure to come up with a strong marketing plan. Or, be prepared to play the waiting game. Working with a trusted REALTOR® is a great way to bolster your chances of selling when conditions are less favourable.

As we move further into the summer months, staying informed about local market data will be crucial for those looking to capitalize on real estate in Langley. Preparation is critical whether you are a buyer taking advantage of increased listings or a seller looking to gamble on the chance of a high ROI.

Contact Homes with Suites in Langley Today!

Buying or selling a Langley real estate for sale is an exciting process. Keeping up-to-date with market statistics is a good way to stay informed as you work towards attaining your goals. For more information about buying homes with suites in Langley, contact me today. I’d be happy to help you find the perfect place to call home in this awesome city. Be sure to check out my social media for the latest updates and more.