July Real Estate Sales in Langley
Real estate in Langley for July 2023
Real estate sales in July were slow in response to rising interest rates and the summer sales cycle. The FVREB processed 1,368 sales on the MLS® during July. This indicated a 37.8% increase from July of last year and a 29.3% decrease from June. If you’re looking to accomplish your real estate goals, reach out to me at your earliest convenience! Read more about the real estate market in Fraser Valley for July of 2023!
Homes With Suites are Flexible!
Homes with suites in Langley are perfect for those who need flexibility in their living space! Whether you are looking for a place to house your in-laws or you need a home office, a home with a suite is the perfect solution. Not to mention, a great way to save money! To ensure that you are saving all that you can, this month, we’ve provided a list of ways that you can reduce your electricity bill. With interest rates on the rise, it’s important to save wherever possible. Don’t forget to explore your local Langley neighbourhoods looking for homes with suites and let me know how I can help!
Keep reading to learn more about the real estate market in July 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 Supply Continues to Affect Home Prices in the Fraser Valley
There were 1,368 real estate sales transactions during the month of July across the FVREB. This number shows that sales are slowing down from June. 274 of those sales were made across the housing spectrum in Langley. These numbers represent a jump in sales between 16-42% from last year.
“Summer is typically a slower period for the real estate sector and the higher interest rates are contributing to the market slowdown,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We’re seeing less traffic and fewer multiple offers as buyers and sellers put a pause on decisions and we expect this trend to continue until the fall cycle.”
New listings in Langley are down 22.4% from June and up 22.7% from July 2022.
“With rates at their highest levels in over 20 years and inflation still elevated, buyers and sellers are taking time to reevaluate their objectives,” said FVREB CEO Baldev Gill. “As housing options begin to take center stage on the Provincial agenda, consumers will want to consult a professional REALTOR® for a detailed picture of the market in their communities and to stay up to date on upcoming changes that may impact their decisions.”
There were 491 active listings in Langley, in July. 184 of which were new listings for single-family homes. Across Fraser Valley in July, the average number of days to sell a single-family detached home was 22 days. Townhomes and apartments moved slightly quicker at an average of 16 to 18 days.
MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,543,300 the Benchmark price for an FVREB single-family detached home increased 1.1 percent compared to June 2023 and decreased 3.1 percent compared to July 2022.
• Townhomes: At $850,300, the Benchmark price for an FVREB townhome increased 0.6 percent compared to June 2023 and decreased 2.7 percent compared to July 2022.
• Apartments: At $555,500, the Benchmark price for an FVREB apartment/condo increased 0.6 percent compared to June 2023 and increased 0.8 percent compared to July 2022.
Get in touch to learn more about July 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!