February Real Estate Sales in Langley
Real estate in Langley for February 2023
The real estate market in Langley is showing signs of increased stability this month according to new data released by the FVREB. Overall sales in the area saw the first increase since last October. The average home price which has also been on a decline from pandemic levels also showed a slight bump up. The FVREB recorded 898 sales in February. That was an increase of 43.5 percent over January. However, it is half as many that were recorded a year ago.
This is a great time to look for creative housing solutions!
One of the primary benefits of owning a home with a suite for sale in Langley is the flexibility it affords. Whether you rent the suite to generate extra income or even more popular, move in with your extended family, the benefits are immense. Many suite owners use their homes with suites to move in elderly parents to make caregiving easier. There are others who use their separate entrances for older children attending post-secondary school. Even more, are helping out their adult children while they start families of their own. This makes it even easier to watch the grandkids grow! Whatever your reason for owning a home with a suite in Langley, I can help you find what you’re looking for.
Learn more about the real estate market in February 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!
Stability is Returning to the Local Real Estate Market in Langley
There were 898 real estate sales transactions during the month of February across the FVREB. 167 of those sales were made across the housing spectrum in Langley. These numbers represent a drop in sales between 14-72% from last year. These numbers vary depending on which housing type we examine in Langley.
“All indications suggest that the market is on track to re-establish a level of stability, which is encouraging for both demand and supply sides,” said Baldev Gill, Chief Executive Officer of the Board. “With solid opportunities for properties that are appropriately priced, investing in the expertise of a professional REALTOR® should be the first decision buyers and sellers make to ensure the best local strategies before jumping back into the market.”
New listings in Langley are beginning to show signs of a steady increase. These increases are great to see when compared to last year’s data.
“In recent months, the level of uncertainty regarding rates and prices has negatively impacted inventory and that’s kept a lot of clients on the sidelines,” said Sandra Benz, President of the Fraser Valley Real Estate Board. “Together with a growing consensus suggesting that a pause on rate hikes is imminent, the positive signals from the market give families something to build on and plan for. As that starts to happen we expect to see sales pick up slowly but steadily heading into spring.”
There were 577 active listings in Langley, in February. 105 of which were new listings for single-family homes. Across Fraser Valley in February, the average number of days to sell a single-family detached home was down from the previous month from 48 to 36. Townhomes saw an average of 33 days. Apartments took, on average, 32 days to sell.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,364,300, the Benchmark price for an FVREB single-family detached home increased 0.5 per cent compared to January 2023 and decreased 21.5 per cent compared to February 2022.
- Townhomes: At $776,200, the Benchmark price for an FVREB townhome increased 0.4 per cent compared to January 2023 and decreased 13.8 per cent compared to February 2022.
- Apartments: At $510,100, the Benchmark price for an FVREB apartment/condo increased 1.3 per cent compared to January 2023 and decreased 10.5 per cent compared to February 2022.
Get in touch to learn more about February 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.
A home with a suite in Langley can help you to generate income, and help you pay off your mortgage faster. Learn the ins and outs of home ownership with a suite. Get in touch with me today!