REAL ESTATE SALES STATISTICS IN LANGLEY FOR SEPTEMBER 2023

Real estate in Langley for September 2023

After real estate sales hit a 15-month high in June, they sustained another slowing this past August that echoed the slow July sales cycle. Real estate sales in August were slower and down a further 6.9% from the previous month. The FVREB processed 1,273 sales on the MLS® during August.  If you’re looking to buy or sell a home with a suite in the Langley or Abbottsford areas then keep reading!

Discover the Versatility of Homes with Suites in Langley!

Owning a house with a suite in Langley can be a viable entry point into real estate or an investment opportunity, but it comes with its own set of pros and cons. On the downside, income potential is limited compared to other real estate investments. Sharing your home with tenants may not suit everyone’s preference, although you can opt to rent to friends or family. Adding a suite can be challenging due to zoning regulations, and it might raise your home insurance costs.

On the positive side, having an income suite can help offset your mortgage expenses, making homeownership more affordable. It also adds value to your property, leading to quicker sales in certain markets like Metro Vancouver. Moreover, there are tax benefits, such as deducting some expenses, available to residential income property owners. To determine if owning a Langley house with a suite is right for you, carefully weigh these pros and cons and get in touch with me!

Prices are dropping amid buyer hesitation throughout the Fraser Valley in September

There were 1,000 real estate sales transactions during September across the FVREB. This is the third month of a sales decline and also marks the second month of lower housing prices. 209 of those sales were made across the housing spectrum in Langley.

“With inventory levels continuing on a slow and steady rise, together with slow sales, what we are seeing is a more balanced market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “If this trend continues, increased new listings will help to maintain a balanced market, giving buyers greater choice.”

New Listings

New listings in Langley are trending upwards increasing 37.5% from last month for single-family detached homes.

“With interest rate uncertainty still in play, September sales were slower than the trends for this time of year,” said FVREB CEO, Baldev Gill. “Market activity and prices can vary from neighbourhood to neighbourhood, so consulting your REALTOR® will be a vital step for buyers and sellers who need expert guidance and advice to navigate local market conditions.”

There were 797 active listings in Langley, in September. 381 of which were new listings for single-family homes. Across Fraser Valley in September, on average properties spent a minimum of three weeks on the market before selling, with townhomes and apartments moving faster (23 and 24 days, respectively) than detached homes (29 days).

Average Price

MLS® HPI Benchmark Price Activity

Single Family Detached:

At $1,526,000, the Benchmark price for an FVREB single-family detached home decreased 0.6 per cent compared to August 2023 and increased 4.6 per cent compared to September 2022.

Townhomes:

At $848,600, the Benchmark price for an FVREB townhome increased 0.3 per cent compared to August 2023 and increased 3.5 per cent compared to September 2022.

Apartments:

At $545,900, the Benchmark price for an FVREB apartment/condo decreased 1.4 per cent compared to August 2023 and increased 3.4 per cent compared to September 2022.