The Fraser Valley Real Estate Board recently published the MLS® statistics for the Langley real estate market, among others, for October 2024.
In this post, we’re going to take a close look at key numbers for the Langley detached home market for October 2024 – 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.
After waiting it out on the sidelines for a number of months, buyers seem to be finally responding to the series of successive rate cuts by the Bank of Canada. Whether this is an indication of further sales trends remains to be seen, especially as the feds eye a possible additional cut before year-end.
Jeff Chadha – President, Fraser Valley Real Estate Board
And we're going to look at how the Langley MLS® numbers for October 2024 compare with the numbers for October 2023 and for September 2024.
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 October 2024.
- 84 Sales
- 158 New Listings
- 450 Active listings
- $1,613,500 Benchmark Price
- $1,397,499 Median Price
- $1,493,969 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 18.67%, indicating that it was a Balanced Market for detached homes in Langley in October 2024 (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 October 2024:
- There were 84 detached home sales in Langley in October 2024 – an increase of 47.37% over October 2023 and an increase of 18.31% over September 2024
- There were 158 new listings of detached homes in Langley in October 2024 – an increase of 10.49% over October 2023 and a decrease of -28.51% over September 2024
- The average price of a detached home in Langley in October 2024 was $1,493,969 – a decrease of -10.94% over October 2023 and a decrease of -7.97% over September 2024
If you're really keen to understand what happened in the market for detached home in Langley in October 2024, 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 October 2024 and see how it compares with the previous year and previous month.
Langley Detached Home Stats
| Metric | Oct 2024 | Oct 2023 | % Change | Sep 2024 | % Change |
|---|---|---|---|---|---|
| Sales | 84 | 57 | 47.37% | 71 | 18.31% |
| New Listings | 158 | 143 | 10.49% | 221 | -28.51% |
| Active Listings | 450 | 376 | 19.68% | 489 | -7.98% |
| Benchmark Price | $1,613,500 | $1,621,400 | -0.49% | $1,633,700 | -1.24% |
| Median Price | $1,397,499 | $1,480,000 | -5.57% | $1,494,000 | -6.46% |
| Average Price | $1,493,969 | $1,677,527 | -10.94% | $1,623,331 | -7.97% |
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.