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 condominium market for February 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.
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 Condominium Listings and Sales
Here's a high-level snapshot of listing and sales activity for Langley condominiums in February 2023.
- 55 Sales
- 149 New Listings
- 259 Active listings
- $557,800 Benchmark Price
- $540,000 Median Price
- $566,657 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 21.24%, indicating that it was a Seller's Market for condominiums 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 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 February 2023:
- There were 55 condominium sales in Langley in February 2023 – a decrease of -49.54% over February 2022 and an increase of 14.58% over January 2023
- There were 149 new listings of condominiums in Langley in February 2023 – a decrease of -32.58% over February 2022 and an increase of 17.32% over January 2023
- The average price of a condominium in Langley in February 2023 was $566,657 – a decrease of -11.51% over February 2022 and an increase of 6.48% over January 2023
If you're really keen to understand what happened in the market for condominium in Langley in February 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 February 2023 and see how it compares with the previous year and previous month.
Langley Condominium Stats
| Metric | Feb 2023 | Feb 2022 | % Change | Jan 2023 | % Change |
|---|---|---|---|---|---|
| Sales | 55 | 109 | -49.54% | 48 | 14.58% |
| New Listings | 149 | 221 | -32.58% | 127 | 17.32% |
| Active Listings | 259 | 177 | 46.33% | 215 | 20.47% |
| Benchmark Price | $557,800 | $630,100 | -11.47% | $549,400 | 1.53% |
| Median Price | $540,000 | $609,888 | -11.46% | $526,500 | 2.56% |
| Average Price | $566,657 | $640,364 | -11.51% | $532,166 | 6.48% |
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.