the rennie review | December 2023

langley DETACHED - NOVEMBER 2 0 2 3

SALES TO LISTINGS RATIO 11% BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 11% VS 2022

▲ 16% VS 2022

▲ 24% VS 2022

▼ 25% VS 2022

There were 536 detached listings in Langley in November, 6% below October and 24% higher than November 2022. November detached home sales decreased by 19% month-over-month, to 59, and were 25% below November 2022. The sales-to-listing ratio for detached in Langley, at 11%, reflected a buyers' market. The detached median price in November was $1,512,000, a 3% decrease from October and 16% above November 2022. The average sold price was $1,538,180, 15% below last month and up 11% to November 2022.

THIS MONTH No. $1,538,180 $1,512,000 11% 59 536

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$1,380,485 $1,299,800 18% 79 431

11% 16% -40% -25% 24%

$1,811,517 $1,560,000 13% 73 568

-15% -3% -14% -19% -6%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

536

568

565

489

452

506

431

1.85

464

1.74

344

1.621.62

1.60

1.54

340

327

321

312

199

129

110

137

118

79

103

59

86

73

70

56

61

$1.55M $1.54M $1.53M $1.54M $1.48M $1.54M $1.56M $1.51M

$1.30M $1.33M $1.32M $1.38M $1.38M

22-Nov

23-Oct

23-Nov

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

140

120

100

80

60

40

28%

27%

14%

14%

13%

12%

20

8%

1%

0

<$600K

$600-799K

$800-999K

$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M

$3M+

S-L RATIO SALES INVENTORY

25 7 28%

8 1 13%

26 7 27%

102 12 12%

132 18 14%

56 8 14%

61 5 8%

126 1 1%

Copyright © 2023 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 11, 2023. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.

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