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Join me as I discuss the latest real estate trends in the Fraser Valley, the unique challenges faced by the sandwich generation, and why Langley continues to stand out in the market.
Here's a quick overview:
📉 Market Overview:
- Sales Decline: July was a quiet month with 1,230 sales, down 7% from June and 26% below the 10-year seasonal average.
- Rising Inventory: Inventory levels reached a 10-year high with 8,731 active listings, up 41% from July 2023.
- Balanced Market: The sales-to-active listings ratio is 14%, indicating balanced market conditions, though some areas are experiencing a buyer’s market.
🤔 What This Means for You:
- Downsizing & Helping Family: Many are navigating the complexities of downsizing and helping their children enter the market.
- Market Position: Detached homes are entering a buyer's market, while townhomes remain in demand due to affordability.
- Langley's Strength: Langley is bucking the trend, maintaining a balanced market and strong appeal due to its central location, amenities, and good governance.
🏡 Key Numbers:
- HPI Benchmark Prices: Detached homes: $1,259,600, Townhomes: $848,800, Condominiums: $551,000.
- Langley Specifics: Detached homes slightly down to $1,637,500, townhomes slightly up to $872,600, and condos steady around $618,000.
Dealing with real estate challenges, whether it’s helping your children enter the market or managing your own downsizing, I’m here to help. With extensive experience, I can guide you through these decisions.
Full statistical information can be found here
What are your thoughts on the current market trends?
Share your insights in the comments below!
📅https://calendly.com/andyschildhorn
📞 778.835.8957
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🌐 www.AndytheRealtor.com
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🏡 Thanks for watching, and see you next week! 👋
