The Fraser Valley Real Estate Board recently published the MLS® statistics for the Langley real estate market, among others, for July 2023.
In this post, we’re going to take a close look at key numbers for the Langley condominium market for July 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.
Summer is typically a slower period for the real estate sector and the higher interest rates are contributing to the market slowdown. Were seeing less traffic and fewer multiple offers as buyers and sellers put a pause on decisions and we expect this trend to continue until the fall cycle.
Narinder Bains – President, Fraser Valley Real Estate Board
And we're going to look at how the Langley MLS® numbers for July 2023 compare with the numbers for July 2022 and for June 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 July 2023.
- 106 Sales
- 177 New Listings
- 245 Active listings
- $612,900 Benchmark Price
- $594,750 Median Price
- $611,258 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 43.27%, indicating that it was a Seller's Market for condominiums in Langley in July 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 July 2023:
- There were 106 condominium sales in Langley in July 2023 – an increase of 16.48% over July 2022 and a decrease of -20.30% over June 2023
- There were 177 new listings of condominiums in Langley in July 2023 – an increase of 25.53% over July 2022 and a decrease of -1.12% over June 2023
- The average price of a condominium in Langley in July 2023 was $611,258 – an increase of 6.60% over July 2022 and an increase of 7.15% over June 2023
If you're really keen to understand what happened in the market for condominium in Langley in July 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 July 2023 and see how it compares with the previous year and previous month.
Langley Condominium Stats
| Metric | Jul 2023 | Jul 2022 | % Change | Jun 2023 | % Change |
|---|---|---|---|---|---|
| Sales | 106 | 91 | 16.48% | 133 | -20.30% |
| New Listings | 177 | 141 | 25.53% | 179 | -1.12% |
| Active Listings | 245 | 260 | -5.77% | 218 | 12.39% |
| Benchmark Price | $612,900 | $621,800 | -1.43% | $605,300 | 1.26% |
| Median Price | $594,750 | $550,000 | 8.14% | $544,900 | 9.15% |
| Average Price | $611,258 | $573,426 | 6.60% | $570,462 | 7.15% |
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.