LANGLEY REAL ESTATE MARKET UPDATE
MONTHLY ANALYSIS & PREDICTIONS
October 2024 Langley Real Estate Report & Trends
Welcome to the October 2024 Langley Real Estate Report & Trends, your up-to-date source for all the latest information on the Langley, BC real estate market. In this report, we will delve into the key statistics and trends that defined the Langley market in July, providing valuable insights for buyers, sellers, and homeowners alike.
Langley Housing Market Statistics for All Property Types
For September 2024Market Snapshot: Key Market Statistics For September 2024
As autumn arrives, Langley's real estate market is changing. This update will give you the latest numbers, helpful analysis, and a look at what to expect so you can navigate the current market.
Average Sold Price: A Slight Cooling
The average sold price for homes in Langley this September was $1,041,889, showing:
A 4.22% decrease from August's $1,087,833
A 2.02% drop from last quarter's $1,063,342
A 4.06% decline compared to September 2023's $1,085,943
This price drop means homes are getting more affordable, which could be good news for buyers.
Sales Numbers: Steady Buyer Engagement
September saw 257 properties sold, showing:
A 1.98% increase from August's 252 sales
A 14.62% decrease from last quarter's 301 sales
An 11.26% increase from September 2023's 231 sales
The year-over-year increase suggests buyer confidence is returning.
New Listings: More Choices for Buyers
A total of 691 new properties came onto the market in September, showing:
A 19.76% jump from August's 577 listings
A 4.23% increase from last quarter's 663 listings
A 10.03% rise compared to September 2023's 628 listings
More new listings mean buyers have more options, while sellers need to price and present their properties well to stand out.
Benchmark Prices: Property Types
Detached Houses: $1,633,700
Townhouses: $873,100
Apartments: $606,500
These prices show the range of options for different types of properties in Langley.
Average Days on Market: Homes Taking Longer to Sell
Properties were on the market for an average of 22 days, showing:
A slight increase from August's 21 days
Longer than last quarter's 15 days
Longer than September 2023's 15 days
This means buyers are taking more time to make decisions, likely due to increased options and economic uncertainty.
Active Listings: Inventory is Growing
There were 1,180 active listings in September, showing:
A 0.94% increase from August's 1,169 listings
A 2.16% rise from last quarter's 1,155 listings
A 35.16% jump from September 2023's 873 listings
The higher number of listings gives buyers more choices, but sellers need to be more competitive.
Decoding the Data: What the Numbers Mean for You
Market Adjustments Bring Opportunities
The lower average sold price of $1,041,889 signals that the market is adjusting after high prices. For buyers, this means it could be a good time to enter the market or upgrade, with homes potentially being more affordable. For sellers, adjusting prices and strategies is important to attract buyers.
Buyer Engagement Remains Steady
Despite the price drop, the increase in sales numbers shows there is still strong interest from buyers. Sellers should stay competitive to attract these buyers.
More Listings, More Choices
The rise in new listings means buyers have more options to find the right home. Sellers should make sure their property stands out with good marketing and improvements.
Buyers Taking More Time
Homes staying on the market for 22 days suggests that buyers are being cautious, likely because of economic factors and interest rate cuts. Sellers need to be patient and focus on making their property appealing.
Higher Inventory Levels
The increase in active listings gives buyers more power to negotiate. Sellers need to focus on competitive pricing and making sure their property is in great condition.
Market Moving Towards Balance
With a sales-to-active listings ratio of 19.9%, the market is getting more balanced. Buyers have more negotiating power now, while sellers need to focus on competitive pricing and making their properties attractive.
Looking Ahead: What to Expect
As autumn continues, Langley's real estate market is influenced by changing economic policies and market trends. Here's what to expect in the coming months.
Interest Rates and Economic Changes
The Bank of Canada's rate is now at 4.25%, and more cuts are expected on October 23 and December 11. Economists think the rate could go below 3% by 2025 due to rising unemployment.
How Lower Rates Affect Buyers
Lower interest rates can make buying a home more affordable, which may lead to more people buying. Some buyers may act quickly, while others might wait for even lower rates.
Market Balance and Inventory
With 1,180 active listings, buyers have more options. If sales do not keep up, the market could start favouring buyers, especially for detached homes where price negotiations might become more common. Sellers should adjust pricing and improve their homes to stay competitive.
Opportunities and Risks
For Buyers: Lower rates and more listings make this a good time to buy, with more power to negotiate.
For Sellers: Competitive pricing and making improvements—like fresh paint, landscaping, or upgrading kitchens—can help attract buyers.
Risks: Uncertainty about interest rates and the economy could make the market unpredictable. If housing supply doesn't change much, affordability challenges could continue.
Actionable Tips
Buyers:
Keep an eye on interest rate changes and market trends.
Assess affordability with an advisor to see how rate changes affect your budget.
Use the increased inventory to negotiate better deals.
Sellers:
Price your home competitively to attract buyers.
Invest in staging and repairs to make your home stand out.
Be flexible during negotiations to help sell faster.
Sales-to-Active Ratio: Market Balance Explained
What is the Sales-to-Active Listings Ratio?
The Sales-to-Active Listings Ratio tells us if the market favours buyers, sellers, or is balanced. In September 2024, the ratio was 19.9%, meaning it is a balanced market:
August 2024: 19.1% (slightly favouring sellers)
June 2024: 24.9% (seller's market)
September 2023: 23.9% (leaning towards sellers)
This change shows the market is becoming better for buyers, though sellers who prepare well can still do well.
Factors Affecting the Ratio
More Active Listings: A 35.16% year-over-year increase in listings means more choices for buyers.
Stable Sales: Sales are growing modestly, keeping demand steady.
Interest Rate Cuts: Lower rates from the Bank of Canada make borrowing cheaper.
Seasonal Trends: Fall usually brings more listings, balancing supply and demand.
What This Means for Buyers and Sellers
For Buyers:
More choices and less competition.
More power to negotiate prices and terms.
For Sellers:
Competitive pricing is key to attract buyers.
Make sure your property stands out as there are more listings.
Set realistic expectations, as homes may take longer to sell.
Conclusion: Adapting to a Changing Market
The Langley real estate market in September 2024 has more inventory, lower prices, and is moving towards balance. Interest rate cuts are changing buyer and seller behaviours—buyers are taking longer, and sellers need to adjust pricing.
For buyers, now is a good time to look for a home with more options and better financing. For sellers, pricing competitively and presenting your property well are key to standing out.
Ready to Embark on Your Langley Real Estate Journey?
Navigating through the dynamic real estate market of Langley, BC, is indeed a thrilling expedition filled with opportunities, challenges, and crucial choices. But rest assured, you're not alone on this voyage.
At Thorne Maisey Bongers Real Estate Group, we go beyond the traditional role of REALTORS®. We serve as your reliable guides, your steadfast partners, and your advocates. Leveraging our collective experience of over 70 years, our mission is to empower you, shed light on the path ahead, and simplify the complexities of the real estate market for you.
Are you ready to delve into the market? Explore the wide array of houses, townhomes and condos for sale in Langley. Each property unfolds a unique story, offering a potential home that's ready to house your dreams and aspirations.
Considering selling your home? Allow us to provide you with a complimentary home evaluation. Gain an understanding of your property's value in the current market and stride confidently towards your next chapter.
Every real estate journey begins with a step. Take that step with assurance. Connect with us today, and let's work together to turn your real estate aspirations into reality.
All data © 2023 BC Northern Real Estate Board, Chilliwack and District Real Estate Board, Fraser Valley Real Estate Board, and Real Estate Board of Greater Vancouver. All rights reserved. Data deemed reliable but not guaranteed.
