October Real Estate Sales in Langley
Real estate in Langley for October 2023
The Fraser Valley’s real estate market experienced a decline in both property sales and new listings in October. This trend persisted due to consumers delaying buying and selling decisions amidst heightened interest rates. The Fraser Valley Real Estate Board reported 970 transactions on the MLS® in October, marking a 12% drop from the previous month and the fourth consecutive monthly decrease since June’s peak of 1,935 sales. New listings also decreased by 11% from September, totaling 2,535, and dropping by 28% from the peak in May at 3,533.
Narinder Bains, Chair of the Fraser Valley Real Estate Board, highlighted the sustained impact of high-interest rates on the market, expecting this trend to continue until there’s a downward shift in the policy rate. Active listings in October slightly increased to 6,580, up by less than 1% from the previous month and rose by 17% compared to October 2022. The sales-to-active listings ratio reached 15%, signaling balanced conditions in the overall market. However, detached houses saw a dip, entering a buyers’ market territory at 12%, indicating a surplus of homes for sale.
Baldev Gill, FVREB CEO, emphasized the importance of pricing and financing strategies in this evolving market. Gill suggested that well-informed real estate agents equipped with the latest market data and neighborhood insights could be crucial in determining the ideal timing for market involvement.
Benchmark prices continued their decline for the third consecutive month, dropping by 1.4% compared to September. The price changes varied across different housing categories.
In summary, the Fraser Valley’s real estate market faced continued weakening, with reduced sales and new listings, influenced by sustained high interest rates. Balancing strategies and leveraging real estate professionals with updated market insights could be pivotal for navigating this changing landscape. Benchmark prices saw a consistent downward trend across housing categories over the last three months.
MLS® HPI Benchmark Price Activity
Single Family Detached:
At $1,503,300, the Benchmark price for an FVREB single-family detached home decreased 1.5 per cent compared to September 2023 and increased 4.8 per cent compared to October 2022.
At $845,300, the Benchmark price for an FVREB townhome decreased 0.4 per cent compared to September 2023 and increased 4.7 per cent compared to October 2022.
At $545,400, the Benchmark price for an FVREB apartment/condo decreased 0.1 per cent compared to September 2023 and increased 3.7 per cent compared to October 2022.
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