The Fraser Valley Real Estate Board recently published the MLS® statistics for the Langley real estate market, among others, for March 2023.
In this post, we’re going to take a close look at key numbers for the Langley detached home market for March 2023 – including sales, new listings, active listings, as well as benchmark, median and average prices for detached homes for sale in Langley.
We're also going to see what kind of shape the detached home market in Langley was in for the month – whether it was a buyer's market, a balanced market, or a seller's market.
After months of uncertainty made it difficult for buyers and sellers to re-enter the housing market, we may well be seeing a turning point. The pause in rate hikes has helped to restore a much-needed sense of predictability, which is building consumer confidence. As a result, we're starting to see more traffic at open houses along with more multiple offer situations.
Narinder Bains – President, Fraser Valley Real Estate Board
And we're going to look at how the Langley MLS® numbers for March 2023 compare with the numbers for March 2022 and for February 2023.
Highlights of FVREB MLS® Data on Langley Detached Home Listings and Sales
Here's a high-level snapshot of listing and sales activity for Langley detached homes in March 2023.
- 107 Sales
- 158 New Listings
- 207 Active listings
- $1,485,400 Benchmark Price
- $1,400,001 Median Price
- $1,535,680 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 51.69%, indicating that it was a Seller's Market for detached homes in Langley in March 2023 (click on the link learn more about local housing market ratios on the BC Real Estate Association blog).
Please note: If you want the most accurate and up-to-date data on Langley MLS® listing and sales activity for detached homes, you need to speak with a real estate agent.
Langley Detached Home Market Changes
Following are some of the highlights for detached homes for sale in Langley in March 2023:
- There were 107 detached home sales in Langley in March 2023 – a decrease of -36.31% over March 2022 and an increase of 94.55% over February 2023
- There were 158 new listings of detached homes in Langley in March 2023 – a decrease of -48.87% over March 2022 and an increase of 50.48% over February 2023
- The average price of a detached home in Langley in March 2023 was $1,535,680 – a decrease of -11.92% over March 2022 and an increase of 0.66% over February 2023
If you're really keen to understand what happened in the market for detached home in Langley in March 2023, make sure you check out the next section.
Detailed Overview of the Market for Detached Homes in Langley
Check out the table below for more detailed information on what happened in the Langley detached home market in March 2023 and see how it compares with the previous year and previous month.
Langley Detached Home Stats
| Metric | Mar 2023 | Mar 2022 | % Change | Feb 2023 | % Change |
|---|---|---|---|---|---|
| Sales | 107 | 168 | -36.31% | 55 | 94.55% |
| New Listings | 158 | 309 | -48.87% | 105 | 50.48% |
| Active Listings | 207 | 271 | -23.62% | 206 | 0.49% |
| Benchmark Price | $1,485,400 | $1,884,500 | -21.18% | $1,467,800 | 1.20% |
| Median Price | $1,400,001 | $1,661,500 | -15.74% | $1,400,000 | 0.00% |
| Average Price | $1,535,680 | $1,743,528 | -11.92% | $1,525,618 | 0.66% |
Disclaimer
All of the data for the monthly real estate market updates are taken directly from the MLS® statistics packages that the Fraser Valley Real Estate Board publishes every month.
Although rare, errors and omissions may happen from time to time. If you want to be absolutely certain the you have the most accurate data, we encourage you to click on the link to the latest MLS® statistics for the Langley real estate market.
Or, better still, speak directly with a real estate agent who specializes in Langley detached homes who will be able to provide you with the most accurate, up to the minute information on – and insights into – the Langley real estate market.