REAL ESTATE SALES STATISTICS IN LANGLEY FOR DECEMBER 2023

In 2023, the Fraser Valley real estate market experienced a downturn, marked by its lowest annual sales in a decade. Factors such as high-interest rates constrained sales and listings, holding year-over-year price growth to low single digits. With 14,713 sales recorded on its Multiple Listing Service® (MLS®), a four percent decline from 2022 and 23 percent below the 10-year average, the region faced subdued activity.

New listings in the Fraser Valley also hit a 10-year low at 29,610, down by eight percent from the 10-year average. Despite a peak of $988,900 in July, the composite Benchmark home price closed the year at a six percent decrease but showed a five percent increase compared to the previous year.

Chair of the Fraser Valley Real Estate Board, Narinder Bains, attributed the market slowdown to mid-year interest rate hikes. This led to a balanced market in the latter half of the year but at lower activity levels. Prospects for 2024 appear brighter, with expectations of increased optimism from buyers and sellers as the Bank of Canada is predicted to lower interest rates.

December 2023 saw 837 sales, a six percent drop from November but a 17 percent rise compared to December 2022. New listings decreased by 54 percent in December but increased by 17 percent compared to the previous December, totaling 942. Active listings for December were at 4,670, down 25 percent month-over-month but up 19 percent year-over-year.

The market maintained balance with a sales-to-active listings ratio of 18 percent in December. Detached houses closed the year at a ratio of 16 percent, while townhomes and apartments remained in seller’s market territory at 29 and 26 percent, respectively.

FVREB CEO Baldev Gill highlighted the adjustments made by buyers and sellers to cope with high rates, impacting the market with low sales figures. However, an expected easing of rates could stimulate market activity, creating opportunities for buyers and sellers who are advised to consult professional REALTORS® before engaging in the market.

Properties spent an average of 41 days on the market, with single-family detached homes at 40 days, while townhomes and apartments moved more quickly at 32 and 33 days, respectively. Benchmark prices continued their decline for the fifth consecutive month, dropping by 1.5 percent compared to November.