The Fraser Valley Real Estate Board recently published the MLS® statistics for the Langley real estate market, among others, for February 2023.
In this post, we’re going to take a close look at key numbers for the Langley detached home market for February 2023 – 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.
In recent months, the level of uncertainty regarding rates and prices has negatively impacted inventory and that's kept a lot of clients on the sidelines. Together with a growing consensus suggesting that a pause on rate hikes is imminent, the positive signals from the market give families something to build on and plan for. As that starts to happen we expect to see sales pick up slowly but steadily heading into spring.
Sandra Benz – President, Fraser Valley Real Estate Board
And we're going to look at how the Langley MLS® numbers for February 2023 compare with the numbers for February 2022 and for January 2023.
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 February 2023.
- 55 Sales
- 105 New Listings
- 206 Active listings
- $1,467,800 Benchmark Price
- $1,400,000 Median Price
- $1,525,618 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 26.70%, indicating that it was a Seller's Market for detached homes in Langley in February 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 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 February 2023:
- There were 55 detached home sales in Langley in February 2023 – a decrease of -43.88% over February 2022 and an increase of 22.22% over January 2023
- There were 105 new listings of detached homes in Langley in February 2023 – a decrease of -57.32% over February 2022 and an increase of 17.98% over January 2023
- The average price of a detached home in Langley in February 2023 was $1,525,618 – a decrease of -22.37% over February 2022 and an increase of 10.74% over January 2023
If you're really keen to understand what happened in the market for detached home in Langley in February 2023, 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 February 2023 and see how it compares with the previous year and previous month.
Langley Detached Home Stats
| Metric | Feb 2023 | Feb 2022 | % Change | Jan 2023 | % Change |
|---|---|---|---|---|---|
| Sales | 55 | 98 | -43.88% | 45 | 22.22% |
| New Listings | 105 | 246 | -57.32% | 89 | 17.98% |
| Active Listings | 206 | 205 | 0.49% | 193 | 6.74% |
| Benchmark Price | $1,467,800 | $1,835,600 | -20.04% | $1,462,400 | 0.37% |
| Median Price | $1,400,000 | $1,773,000 | -21.04% | $1,345,000 | 4.09% |
| Average Price | $1,525,618 | $1,965,155 | -22.37% | $1,377,647 | 10.74% |
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.