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 condominium market for March 2023 – including sales, new listings, active listings, as well as benchmark, median and average prices for condominiums for sale in Langley.
We're also going to see what kind of shape the condominium 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 Condominium Listings and Sales
Here's a high-level snapshot of listing and sales activity for Langley condominiums in March 2023.
- 136 Sales
- 174 New Listings
- 235 Active listings
- $565,300 Benchmark Price
- $529,500 Median Price
- $558,883 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 57.87%, indicating that it was a Seller's Market for condominiums 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 condominiums, you need to speak with a real estate agent.
Langley Condominium Market Changes
Following are some of the highlights for condominiums for sale in Langley in March 2023:
- There were 136 condominium sales in Langley in March 2023 – a decrease of -28.42% over March 2022 and an increase of 147.27% over February 2023
- There were 174 new listings of condominiums in Langley in March 2023 – a decrease of -30.12% over March 2022 and an increase of 16.78% over February 2023
- The average price of a condominium in Langley in March 2023 was $558,883 – a decrease of -11.60% over March 2022 and a decrease of -1.37% over February 2023
If you're really keen to understand what happened in the market for condominium in Langley in March 2023, make sure you check out the next section.
Detailed Overview of the Market for Condominiums in Langley
Check out the table below for more detailed information on what happened in the Langley condominium market in March 2023 and see how it compares with the previous year and previous month.
Langley Condominium Stats
| Metric | Mar 2023 | Mar 2022 | % Change | Feb 2023 | % Change |
|---|---|---|---|---|---|
| Sales | 136 | 190 | -28.42% | 55 | 147.27% |
| New Listings | 174 | 249 | -30.12% | 149 | 16.78% |
| Active Listings | 235 | 186 | 26.34% | 259 | -9.27% |
| Benchmark Price | $565,300 | $645,400 | -12.41% | $557,800 | 1.34% |
| Median Price | $529,500 | $615,000 | -13.90% | $540,000 | -1.94% |
| Average Price | $558,883 | $632,241 | -11.60% | $566,657 | -1.37% |
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 condominiums 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.