The Fraser Valley Real Estate Board recently published the MLS® statistics for the Langley real estate market, among others, for September 2020.
In this post, we’re going to take a close look at key numbers for the Langley condominium market for September 2020 – 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.
Our homes have never been more important. Across the Fraser Valley, we're seeing a trend towards buyers looking for more space and livability in both single?family homes and townhomes. For many existing homeowners and first?time buyers, their buying power is greater than it's been in a long time. Interest rates are very low, people have saved money over the last few months, and they're choosing to invest it in their most important asset. Sellers are also recognizing that with lower than normal inventory, this is a smart time to list.
Chris Shields – President, Fraser Valley Real Estate Board
And we're going to look at how the Langley MLS® numbers for September 2020 compare with the numbers for September 2019 and for August 2020.
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 September 2020.
- 103 Sales
- 195 New Listings
- 397 Active listings
- $404,100 Benchmark Price
- $410,000 Median Price
- $422,528 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 25.94%, indicating that it was a Seller's Market for condominiums in Langley in September 2020 (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 September 2020:
- There were 103 condominium sales in Langley in September 2020 – an increase of 39.19% over September 2019 and an increase of 3.00% over August 2020
- There were 195 new listings of condominiums in Langley in September 2020 – an increase of 46.62% over September 2019 and an increase of 12.72% over August 2020
- The average price of a condominium in Langley in September 2020 was $422,528 – an increase of 9.07% over September 2019 and a decrease of -2.54% over August 2020
If you're really keen to understand what happened in the market for condominium in Langley in September 2020, 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 September 2020 and see how it compares with the previous year and previous month.
Langley Condominium Stats
| Metric | Sep 2020 | Sep 2019 | % Change | Aug 2020 | % Change |
|---|---|---|---|---|---|
| Sales | 103 | 74 | 39.19% | 100 | 3.00% |
| New Listings | 195 | 133 | 46.62% | 173 | 12.72% |
| Active Listings | 397 | 287 | 38.33% | 419 | -5.25% |
| Benchmark Price | $404,100 | $377,600 | 7.02% | $400,900 | 0.80% |
| Median Price | $410,000 | $370,000 | 10.81% | $407,400 | 0.64% |
| Average Price | $422,528 | $387,397 | 9.07% | $433,528 | -2.54% |
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.