The Fraser Valley Real Estate Board recently published the MLS® statistics for the Langley real estate market, among others, for May 2023.
In this post, we’re going to take a close look at key numbers for the Langley condominium market for May 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.
Typically we would see an influx of inventory earlier in the spring sales cycle. The series of interest rate hikes during the latter half of 2022 had many sellers and buyers in a holding pattern for most of the year. What we're seeing now is a recovery and adjustment to the new financing landscape.
Narinder Bains – President, Fraser Valley Real Estate Board
And we're going to look at how the Langley MLS® numbers for May 2023 compare with the numbers for May 2022 and for April 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 May 2023.
- 149 Sales
- 201 New Listings
- 222 Active listings
- $584,200 Benchmark Price
- $551,000 Median Price
- $575,871 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 67.12%, indicating that it was a Seller's Market for condominiums in Langley in May 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 May 2023:
- There were 149 condominium sales in Langley in May 2023 – an increase of 35.45% over May 2022 and an increase of 27.35% over April 2023
- There were 201 new listings of condominiums in Langley in May 2023 – an increase of 2.03% over May 2022 and an increase of 32.24% over April 2023
- The average price of a condominium in Langley in May 2023 was $575,871 – a decrease of -2.65% over May 2022 and a decrease of -1.78% over April 2023
If you're really keen to understand what happened in the market for condominium in Langley in May 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 May 2023 and see how it compares with the previous year and previous month.
Langley Condominium Stats
| Metric | May 2023 | May 2022 | % Change | Apr 2023 | % Change |
|---|---|---|---|---|---|
| Sales | 149 | 110 | 35.45% | 117 | 27.35% |
| New Listings | 201 | 197 | 2.03% | 152 | 32.24% |
| Active Listings | 222 | 241 | -7.88% | 224 | -0.89% |
| Benchmark Price | $584,200 | $640,000 | -8.72% | $578,900 | 0.92% |
| Median Price | $551,000 | $583,250 | -5.53% | $565,000 | -2.48% |
| Average Price | $575,871 | $591,543 | -2.65% | $586,329 | -1.78% |
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.