The Fraser Valley Real Estate Board recently published the MLS® statistics for the Langley real estate market, among others, for May 2023.
In this post, we’re going to take a close look at key numbers for the Langley detached home market for May 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.
Typically we would see an influx of inventory earlier in the spring sales cycle. The series of interest rate hikes during the latter half of 2022 had many sellers and buyers in a holding pattern for most of the year. What we're seeing now is a recovery and adjustment to the new financing landscape.
Narinder Bains – President, Fraser Valley Real Estate Board
And we're going to look at how the Langley MLS® numbers for May 2023 compare with the numbers for May 2022 and for April 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 May 2023.
- 111 Sales
- 255 New Listings
- 300 Active listings
- $1,575,000 Benchmark Price
- $1,510,000 Median Price
- $1,606,475 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 37.00%, indicating that it was a Seller's Market for detached homes in Langley in May 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 May 2023:
- There were 111 detached home sales in Langley in May 2023 – an increase of 18.09% over May 2022 and an increase of 19.35% over April 2023
- There were 255 new listings of detached homes in Langley in May 2023 – an increase of 4.51% over May 2022 and an increase of 87.50% over April 2023
- The average price of a detached home in Langley in May 2023 was $1,606,475 – an increase of 0.64% over May 2022 and a decrease of -0.22% over April 2023
If you're really keen to understand what happened in the market for detached home in Langley in May 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 May 2023 and see how it compares with the previous year and previous month.
Langley Detached Home Stats
| Metric | May 2023 | May 2022 | % Change | Apr 2023 | % Change |
|---|---|---|---|---|---|
| Sales | 111 | 94 | 18.09% | 93 | 19.35% |
| New Listings | 255 | 244 | 4.51% | 136 | 87.50% |
| Active Listings | 300 | 358 | -16.20% | 201 | 49.25% |
| Benchmark Price | $1,575,000 | $1,841,400 | -14.47% | $1,543,200 | 2.06% |
| Median Price | $1,510,000 | $1,545,000 | -2.27% | $1,515,000 | -0.33% |
| Average Price | $1,606,475 | $1,596,259 | 0.64% | $1,610,028 | -0.22% |
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.