sales decline 26% from previous month in langley real estate
It’s time for the monthly market stats update, and it seems to be more of the same… not enough supply which is pushing prices up, BUT there was some good news… we saw 37% more listings than the previous month!
Listings activity could not keep up with demand throughout last year and 2022 is proving to be no different.” – BC Real Estate Association
The median sale price was $1.17M which is an increase of 6% from the previous month. However, sales last month totalled 1176 which is a 26% decrease from the previous month! Undoubtedly the market continues to be very strong but the decrease in sales and the increase in listings may be the clues of the market finally taking a break from the blinding speeds upwards that we’ve seen for the last year. If you’re a Seller waiting for a top this may be your sign.
Many economists were expecting the bank of Canada to increase benchmark interest rates in January but due to uncertainty around the Omicron variant, it was decided to hold off on the pending increase. Many expect those increases to come in March. If you’re looking at entering the market, now is an amazing time to get your pre-approval in place and if you already own it may be a good time to reach out to a mortgage broker about refinancing at today’s rates.
Buyers should show caution about overpaying in Langley real estate as this market shifts. If the music stops and you were the last one to overpay you could be in a tough spot for years to come.