Langley Real Estate Market Update: February 2022 Low Inventory For Now…

A Flood of new listings for langley real estate

Total sales last month were 1651 which is a decrease of 35% year over year but a staggering 40% increase month over month. This was caused by an 87% increase in active listings in one month! 
“With current strong sales and low inventory, it will take quite some time for BC to get back to a healthy market.” – BC Real Estate Association
I can’t see the market continuing to have “low inventory” with the number of new listings we are seeing each week. The median sale price was $1.23M, which is an increase of 5% from the previous month and a 39% increase year over year. I predict that these 4-5% monthly increases in price are coming to an end as standing inventory starts to build for the first time in years. If you’re waiting to list your Langley home we recommend making the move sooner than later.
drone view of cineplex langley real estate

a more comfortable experience for both buyers and sellers in langley real estate

I’m hoping this gives Buyers less pressure and more choice and gives sellers the ability to buy and sell without the fear of the market taking off in the interim. From a boots-on-the-ground perspective, we have represented buyers on multiple transactions in the last few weeks and had a mix of being blown out of the water to overpaying buyers and finding homes that were hoping for multiples and only getting one offer. The aggressive buyers are still in the market but they seem to be spreading out now that we have standing inventory and threats of interest rate hikes. 

This month we are going to be keeping a special eye on presale properties because generally when the market shifts this is where we see the effect first. In previous years the presale market lagged the resale market but lately, the presale market has been breaking price records in all cities. I predict we’ll see new projects launching with more conservative pricing.

Let's Work Together

Share This Article

Mike Cook
Mike Cook
A blue-collar worker in a white-collar world, I spent most of my twenties building high-end homes, leading major renovations, restoring, and finding/fixing deficiencies in new construction. I am happy to use this experience to point out the potential of a home. I pride myself on always looking for a way of improving the experience for my clients, agents on my team, and my community through leadership, technology, and charity.

Let's Chat!

We're here to make real estate simple.