The Fraser Valley Real Estate Board recently published the MLS® statistics for the Langley real estate market, among others, for October 2020.
In this post, we’re going to take a close look at key numbers for the Langley detached home market for October 2020 – 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.
The situation is unprecedented. We are in the middle of a pandemic and in many of our communities we are seeing a strong seller's market for townhomes and single-family homes priced correctly. For example, in Langley, our current supply of detached homes would sell in 1.4 months if no new listings became available. And for Mission townhomes, we have zero months of inventory.
Chris Shields – President, Fraser Valley Real Estate Board
And we're going to look at how the Langley MLS® numbers for October 2020 compare with the numbers for October 2019 and for September 2020.
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 October 2020.
- 154 Sales
- 140 New Listings
- 218 Active listings
- $1,090,800 Benchmark Price
- $1,049,999 Median Price
- $1,133,884 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 70.64%, indicating that it was a Seller's Market for detached homes in Langley in October 2020 (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 October 2020:
- There were 154 detached home sales in Langley in October 2020 – an increase of 29.41% over October 2019 and an increase of 6.21% over September 2020
- There were 140 new listings of detached homes in Langley in October 2020 – an increase of 6.87% over October 2019 and a decrease of -20.45% over September 2020
- The average price of a detached home in Langley in October 2020 was $1,133,884 – an increase of 12.63% over October 2019 and a decrease of -3.82% over September 2020
If you're really keen to understand what happened in the market for detached home in Langley in October 2020, 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 October 2020 and see how it compares with the previous year and previous month.
Langley Detached Home Stats
| Metric | Oct 2020 | Oct 2019 | % Change | Sep 2020 | % Change |
|---|---|---|---|---|---|
| Sales | 154 | 119 | 29.41% | 145 | 6.21% |
| New Listings | 140 | 131 | 6.87% | 176 | -20.45% |
| Active Listings | 218 | 336 | -35.12% | 269 | -18.96% |
| Benchmark Price | $1,090,800 | $983,500 | 10.91% | $1,078,100 | 1.18% |
| Median Price | $1,049,999 | $975,000 | 7.69% | $1,058,000 | -0.76% |
| Average Price | $1,133,884 | $1,006,743 | 12.63% | $1,178,962 | -3.82% |
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.