January Real Estate Sales in Langley
Real estate in Langley for January 2023
Buyers of real estate in Langley remained on the sidelines. This was according to data collected for the first month of sales in 2023 by the FVREB. A continued rise in interest rates is keeping would-be purchasers out of the market. Many are waiting to see what happens with interest rates. As a result, January real estate sales were off to the slowest start in 10 years.
It’s Time to Get Creative with your Buying Strategy!
If you’re one of the few looking for a home to buy in Langley, it might be time to re-evaluate your strategy. Shifting your focus to an income property might be the answer you’re looking for. Especially, to ease the burden of expensive mortgage payments. Owning a home in Langley with a suite is also a great way to help you to qualify for a mortgage. In addition, an income suite can help you pay it off faster.
Learn more about the real estate market in January 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!
Record-Breaking Changes to the Local Real Estate Market in Langley
There were 626 real estate sales transactions during the month of January across the FVREB. 126 of those sales were made across the housing spectrum in Langley. These numbers represent a drop in sales between 28-50% from last year. These numbers vary depending on which housing type we examine in Langley.
“Buyers are understandably cautious, which explains the slow start to the year.” said Sandra Benz, President of the
Fraser Valley Real Estate Board. “That said, the pent-up demand that has been building since the last quarter of
2022 will likely give rise to a sales uptick, especially if rate hikes subside, which we expect will be the case.”
New listings in Langley have increased by between 111-171% across townhomes, single-family homes, and condos. These increases appear comparatively large to last year’s data. However, inventory in the FVREB is at the lowest level of new supply for January since 1984.
“We also expect inventory to start increasing over the coming months as sellers act on decisions that have been on
hold, waiting for rates to peak” added Benz. “As we start to see greater selection across all property categories, we
should see demand pick up.”
There were 516 active listings in Langley, in January. 193 of which were new listings for single-family homes. Across Fraser Valley in January, the average number of days to sell a single-family detached home was 48. Townhomes saw an average of 40 days. Apartments took, on average, 41 days to sell.
The average single-family home price in Langley sat around $ 1,377,647. Townhomes were at an average price of $797,497 and finally, apartments and condos were at an average price of $532,166. The Benchmark price for a single-family home in Langley in January was $ 1,462,400. Townhomes saw a benchmark of $800,600 and finally, apartments and condos in Langley saw a benchmark price of $549,400.
Get in touch to learn more about January 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!