Langford Real Estate Market Stats: August 2023 Update

Located just a short drive from Victoria, Langford is a Vancouver Island community that offers a blend of urban amenities and natural wonders. As a fast-growing city in British Columbia, Langford presents a dynamic real estate market that appeals to both homebuyers and investors. To help you navigate this ever-evolving landscape, let's delve into the most recent MLS data for single-family homes in August 2023.

Key Statistics for Langford's Single-Family Home Market in August 2023

• Number of Active Listings: 132
• Number of Sales: 38
• Median Sale Price: $993,500
• Average Days on Market: 27

Number of Active Listings

The number of active listings in Langford for August 2023 was 132, a slight decrease from 136 listings in July 2023. This is similar to the 129 active listings in August 2022, suggesting a fairly stable inventory year-over-year.

Number of Sales

There were 38 single-family homes sold in August 2023, a modest increase from 37 in July 2023 and a noticeable rise from 32 in August 2022. The gradual increase in sales may reflect a growing demand for homes in the Langford area.

Median Sale Price

Interestingly, the median sale price for August 2023 was $993,500. This figure appears to be significantly lower than both the $1,110,000 recorded in August 2022 and the $1,225,000 recorded in July 2023. Indicating opportunities may be available for Buyers in Langford. 

Average Days on Market

The average number of days a single-family home spent on the market in Langford was 27 in August 2023. This is a slight increase from 21 days in July 2023 and 18 days in August 2022, indicating that the market pace may be slightly slowing.

What Do These Trends Indicate?

For Buyers

• More Choices: A fairly stable number of active listings means a reasonable variety of options to consider.
• Price Opportunity: The decrease in the median sale price could offer potential negotiating power for better terms.
• Slightly Slower Pace: An increase in the average days on market suggests that you may have a bit more time to make informed decisions.

For Sellers

• Consistent Demand: A slight month-over-month and year-over-year increase in the number of sales indicates a steady demand for homes.
• Market Slowing: With homes staying on the market a bit longer, pricing and marketing strategies should be revisited for effectiveness.
• Stable Inventory: The number of active listings has remained relatively stable, suggesting you're not competing against a flood of new listings.

In Summary

Langford's real estate market for single-family homes remains fairly active, with a slight increase in sales and a generally stable number of listings. However, the recent data also suggests that market conditions are evolving, with homes staying on the market a bit longer and median sale prices showing some fluctuation.

“Holding stead,” is the word Vittoria Solda PREC would use to describe the Langford real estate market, “we’re not seeing the frenetic pace from the past few years, but things feel like they’re holding steady.”  

Whether you're interested in buying or selling a home in Langford, understanding these market trends can offer valuable insights into your real estate journey. For personalized advice and further information, don't hesitate to reach out to our team of seasoned real estate experts.

Note: All statistics are sourced from national MLS data for August 2023 and are subject to change.