April Real Estate Sales in Langley
Real estate in Langley for April 2023
Real estate sales held steady this month as buyers enjoyed the slowing of interest rate hikes in April. The FVREB processed a similar number of sales as it did in March. Inventory continues to lag with new homes entering the market than last year and last month. Buyers are keen to find a home that ticks all of their boxes, so if you’ve been on the fence about selling, get in touch to learn more. We have a growing list of qualified buyers looking for homes with suites in Langley! Read more about the real estate market in Fraser Valley for April of 2023!
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Keep reading to learn more about the real estate market in April 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 Inventory Persists in April’s Real Estate Market in Langley
There were 1554 real estate sales transactions during the month of April across the FVREB. This number shows that sales were virtually unchanged from March’s real estate sales. 304 of those sales were made across the housing spectrum in Langley. These numbers represent a drop in sales between 2-14% from last year.
“Buyers are continuing to find opportunities in the Fraser Valley, even in the face of lower inventories,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “With prices remaining strong, we expect to see inventories increase over the coming months as sellers seek to capitalize on price growth after sitting out for so long.”
New listings in Langley are down between 14-38% from last month indicating that inventory is stagnant.
“Our members are starting to see a rise in multiple offers on properties as the spring market kicks in,” said Board
CEO, Baldev Gill. “With the heightened activity, many homeowners are asking: is now the right time to buy or
sell? There is no simple – or single – answer to this question, but a wise first step would be to consult with a
professional REALTOR® to determine the best path to meet your personal objectives.”
There were 518 active listings in Langley, in April. 136 of which were new listings for single-family homes. Across Fraser Valley in April, the average number of days to sell a single-family detached home was 25 days. Townhomes saw an average of 23 days. Apartments took, on average, 26 days to sell.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,442,900, the Benchmark price for an FVREB single-family detached home
increased 3.8 percent compared to March 2023 and decreased 17.8 percent compared to April 2022.
• Townhomes: At $808,000, the Benchmark price for an FVREB townhome increased 1.7 percent compared to
March 2023 and decreased 13.3 percent compared to April 2022.
• Apartments: At $530,200, the Benchmark price for an FVREB apartment/condo increased 1.6 percent
compared to March 2023 and decreased 9.8 percent compared to April 2022.
Get in touch to learn more about April real estate sales in Langley
Homes with Suites in Langley
If you want to learn more about the real estate market in Langley then get in touch with me today! I would love to help you get creative with your next home purchase. Especially, when it comes to Homes with Suites in Langley.
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