The Fraser Valley Real Estate Board recently published the MLS® statistics for the Langley real estate market, among others, for December 2022.
In this post, we’re going to take a close look at key numbers for the Langley condominium market for December 2022 – 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.
As the market has adjusted to rate hikes, we're starting to see a resumption of interest among the public. For some time, buyers and sellers alike have delayed decisions in somewhat of a watch-and-wait mode. This has dampened sales as well as supply since fewer new listings come onto the market. We expect activity to pick up in the coming months as this pent up supply and demand starts to emerge.
Sandra Benz – President, Fraser Valley Real Estate Board
And we're going to look at how the Langley MLS® numbers for December 2022 compare with the numbers for December 2021 and for November 2022.
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 December 2022.
- 58 Sales
- 60 New Listings
- 187 Active listings
- $567,700 Benchmark Price
- $508,000 Median Price
- $532,654 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 31.02%, indicating that it was a Seller's Market for condominiums in Langley in December 2022 (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 December 2022:
- There were 58 condominium sales in Langley in December 2022 – a decrease of -51.67% over December 2021 and a decrease of -32.56% over November 2022
- There were 60 new listings of condominiums in Langley in December 2022 – a decrease of -14.29% over December 2021 and a decrease of -55.22% over November 2022
- The average price of a condominium in Langley in December 2022 was $532,654 – a decrease of -5.69% over December 2021 and a decrease of -0.60% over November 2022
If you're really keen to understand what happened in the market for condominium in Langley in December 2022, 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 December 2022 and see how it compares with the previous year and previous month.
Langley Condominium Stats
| Metric | Dec 2022 | Dec 2021 | % Change | Nov 2022 | % Change |
|---|---|---|---|---|---|
| Sales | 58 | 120 | -51.67% | 86 | -32.56% |
| New Listings | 60 | 70 | -14.29% | 134 | -55.22% |
| Active Listings | 187 | 57 | 228.07% | 271 | -31.00% |
| Benchmark Price | $567,700 | $562,700 | 0.89% | $577,900 | -1.77% |
| Median Price | $508,000 | $555,000 | -8.47% | $494,200 | 2.79% |
| Average Price | $532,654 | $564,805 | -5.69% | $535,868 | -0.60% |
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.