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 detached home market for July 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.
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 Detached Home Listings and Sales
Here's a high-level snapshot of listing and sales activity for Langley detached homes in July 2023.
- 84 Sales
- 184 New Listings
- 326 Active listings
- $1,630,800 Benchmark Price
- $1,490,595 Median Price
- $1,640,287 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 25.77%, indicating that it was a Seller's Market for detached homes 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 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 July 2023:
- There were 84 detached home sales in Langley in July 2023 – an increase of 42.37% over July 2022 and a decrease of -48.47% over June 2023
- There were 184 new listings of detached homes in Langley in July 2023 – an increase of 22.67% over July 2022 and a decrease of -22.36% over June 2023
- The average price of a detached home in Langley in July 2023 was $1,640,287 – an increase of 10.10% over July 2022 and an increase of 2.53% over June 2023
If you're really keen to understand what happened in the market for detached home in Langley in July 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 July 2023 and see how it compares with the previous year and previous month.
Langley Detached Home Stats
| Metric | Jul 2023 | Jul 2022 | % Change | Jun 2023 | % Change |
|---|---|---|---|---|---|
| Sales | 84 | 59 | 42.37% | 163 | -48.47% |
| New Listings | 184 | 150 | 22.67% | 237 | -22.36% |
| Active Listings | 326 | 398 | -18.09% | 314 | 3.82% |
| Benchmark Price | $1,630,800 | $1,724,300 | -5.42% | $1,611,500 | 1.20% |
| Median Price | $1,490,595 | $1,400,000 | 6.47% | $1,500,000 | -0.63% |
| Average Price | $1,640,287 | $1,489,804 | 10.10% | $1,599,775 | 2.53% |
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.