The Fraser Valley Real Estate Board recently published the MLS® statistics for the Langley real estate market, among others, for March 2024.
In this post, we’re going to take a close look at key numbers for the Langley detached home market for March 2024 – 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.
With inventory building, buyers now have more opportunities in both the detached and attached markets compared to one year ago. However, despite increased options, some buyers may still be waiting on the sidelines for the financing landscape to further settle before they feel comfortable getting back into the market.
Jeff Chadha – President, Fraser Valley Real Estate Board
And we're going to look at how the Langley MLS® numbers for March 2024 compare with the numbers for March 2023 and for February 2024.
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 March 2024.
- 86 Sales
- 205 New Listings
- 314 Active listings
- $1,623,700 Benchmark Price
- $1,500,000 Median Price
- $1,596,992 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 27.39%, indicating that it was a Seller's Market for detached homes in Langley in March 2024 (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 March 2024:
- There were 86 detached home sales in Langley in March 2024 – a decrease of -19.63% over March 2023 and an increase of 11.69% over February 2024
- There were 205 new listings of detached homes in Langley in March 2024 – an increase of 29.75% over March 2023 and an increase of 50.74% over February 2024
- The average price of a detached home in Langley in March 2024 was $1,596,992 – an increase of 3.99% over March 2023 and an increase of 1.26% over February 2024
If you're really keen to understand what happened in the market for detached home in Langley in March 2024, 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 March 2024 and see how it compares with the previous year and previous month.
Langley Detached Home Stats
| Metric | Mar 2024 | Mar 2023 | % Change | Feb 2024 | % Change |
|---|---|---|---|---|---|
| Sales | 86 | 107 | -19.63% | 77 | 11.69% |
| New Listings | 205 | 158 | 29.75% | 136 | 50.74% |
| Active Listings | 314 | 207 | 51.69% | 257 | 22.18% |
| Benchmark Price | $1,623,700 | $1,489,400 | 9.02% | $1,591,200 | 2.04% |
| Median Price | $1,500,000 | $1,400,001 | 7.14% | $1,520,000 | -1.32% |
| Average Price | $1,596,992 | $1,535,680 | 3.99% | $1,577,187 | 1.26% |
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.