The Fraser Valley Real Estate Board recently published the MLS® statistics for the Langley real estate market, among others, for January 2023.
In this post, we’re going to take a close look at key numbers for the Langley condominium market for January 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.
Buyers are understandably cautious, which explains the slow start to the year. That said, the pent-up demand that has been building since the last quarter of 2022 will likely give rise to a sales uptick, especially if rate hikes subside, which we expect will be the case.
Sandra Benz – President, Fraser Valley Real Estate Board
And we're going to look at how the Langley MLS® numbers for January 2023 compare with the numbers for January 2022 and for December 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 January 2023.
- 48 Sales
- 127 New Listings
- 215 Active listings
- $549,400 Benchmark Price
- $526,500 Median Price
- $532,166 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 22.33%, indicating that it was a Seller's Market for condominiums in Langley in January 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 January 2023:
- There were 48 condominium sales in Langley in January 2023 – a decrease of -50.00% over January 2022 and a decrease of -17.24% over December 2022
- There were 127 new listings of condominiums in Langley in January 2023 – a decrease of -7.97% over January 2022 and an increase of 111.67% over December 2022
- The average price of a condominium in Langley in January 2023 was $532,166 – a decrease of -13.86% over January 2022 and a decrease of -0.09% over December 2022
If you're really keen to understand what happened in the market for condominium in Langley in January 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 January 2023 and see how it compares with the previous year and previous month.
Langley Condominium Stats
| Metric | Jan 2023 | Jan 2022 | % Change | Dec 2022 | % Change |
|---|---|---|---|---|---|
| Sales | 48 | 96 | -50.00% | 58 | -17.24% |
| New Listings | 127 | 138 | -7.97% | 60 | 111.67% |
| Active Listings | 215 | 87 | 147.13% | 187 | 14.97% |
| Benchmark Price | $549,400 | $588,100 | -6.58% | $567,700 | -3.22% |
| Median Price | $526,500 | $605,500 | -13.05% | $508,000 | 3.64% |
| Average Price | $532,166 | $617,811 | -13.86% | $532,654 | -0.09% |
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.