The Fraser Valley Real Estate Board recently published the MLS® statistics for the Langley real estate market, among others, for November 2022.
In this post, we’re going to take a close look at key numbers for the Langley condominium market for November 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.
The trends we've seen over the past several months will likely continue through to year-end. While rate hikes have effectively put many buyers and sellers in a holding pattern, we're still seeing relatively quick turnover for all housing categories, indicating robust opportunities for properties that are strategically priced.
Sandra Benz – President, Fraser Valley Real Estate Board
And we're going to look at how the Langley MLS® numbers for November 2022 compare with the numbers for November 2021 and for October 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 November 2022.
- 86 Sales
- 134 New Listings
- 271 Active listings
- $577,900 Benchmark Price
- $494,200 Median Price
- $535,868 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 31.73%, indicating that it was a Seller's Market for condominiums in Langley in November 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 November 2022:
- There were 86 condominium sales in Langley in November 2022 – a decrease of -37.23% over November 2021 and an increase of 38.71% over October 2022
- There were 134 new listings of condominiums in Langley in November 2022 – an increase of 10.74% over November 2021 and a decrease of -22.54% over October 2022
- The average price of a condominium in Langley in November 2022 was $535,868 – a decrease of -7.34% over November 2021 and a decrease of -4.44% over October 2022
If you're really keen to understand what happened in the market for condominium in Langley in November 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 November 2022 and see how it compares with the previous year and previous month.
Langley Condominium Stats
| Metric | Nov 2022 | Nov 2021 | % Change | Oct 2022 | % Change |
|---|---|---|---|---|---|
| Sales | 86 | 137 | -37.23% | 62 | 38.71% |
| New Listings | 134 | 121 | 10.74% | 173 | -22.54% |
| Active Listings | 271 | 118 | 129.66% | 307 | -11.73% |
| Benchmark Price | $577,900 | $548,200 | 5.42% | $588,900 | -1.87% |
| Median Price | $494,200 | $588,750 | -16.06% | $537,500 | -8.06% |
| Average Price | $535,868 | $578,328 | -7.34% | $560,764 | -4.44% |
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.