Courtesy of Wes Jamison & Brandon Hennessy

Langley Market Report for July 2023

$1,630,800 detached DOWN 5.4% year-to-year

$612,900 apartment DOWN 1.5% year-to-year

491 NEW LISTINGS

BENCHMARK PRICES

$848,300 townhouse DOWN 7.7% year-to-year

177 130

detached 184

apartment

townhouse

274 SOLD LISTINGS

55.8% SALES TO NEW LISTING RATIO

2.6 MONTHS OF INVENTORY

ACTIVE LISTINGS 717

Seasonality, interest rates temper sales in the Fraser Valley

“With rates at their highest levels in over 20 years and inflation still elevated, buyers and sellers are taking time to reevaluate their objectives,” said FVREB CEO Baldev Gill. “As housing options begin to take center stage on the Provincial agenda, consumers will want to consult a professional REALTOR ® for a detailed picture of the market in their communities and to stay up to date on upcoming changes that may impact their decisions.” On average, properties spent two to three weeks on the market before selling, with detached homes spending 22 days on the market, and townhomes and apartments moving slightly more quickly at 16 and 18 days, respectively. Statistics reflect market activity in July 2023 | Source: Fraser Valley Real Estate Board (FVREB) | Market values stated are of the benchmark prices for Langley and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

Fraser Valley, August 2, 2023 — The Fraser Valley Real Estate Board processed 1,368 sales in July on its Multiple Listing Service ® (MLS ® ), a decrease of 29.3 per cent below June, but still 37.8 per cent above July 2022. July new listings, at 2,855, were also down by 16.6 per cent compared to last month but 19.7 per cent higher than July 2022 levels, and virtually on par with the ten-year average. Active listings continued to climb bringing the total inventory available for sale in the region to 6,199. “Summer is typically a slower period for the real estate sector and the higher interest rates are contributing to the market slowdown,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We’re seeing less traffic and fewer multiple offers as buyers and sellers put a pause on decisions and we expect this trend to continue until the fall cycle.”

We love referrals and they form a large part of our business. Your referral will be given the same dedication and attention to detail as if they were family. Many of our clients become long time friends and one can always use more friends. Our real estate service is based on relationships of mutual respect and the best part is we get to know some very wonderful people. That’s what makes life so interesting and we wouldn’t want to pass up that!

WES JAMISON Associate Broker, Real Estate Professional, CNE, CRB 604-857-4880

wes@wesjamison.com BRANDON HENNESSY Real Estate Professional, Mentor, CNE 604-862-8063 BDH.MLG@gmail.com

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