Houses are getting cheaper, and there are a lot of condos on the market in Langley. (Matthew Claxton/Langley Advance)

Langley house prices drop below $1 million again

A slow month in real estate gives price relief to buyers.

The price of detached homes in Langley headed downward in January, flirting with levels not seen in almost two years.

The benchmark price of a detached home in Langley hit $980,300, down 4.3 per cent from a little more than $1 million a year ago, according to statistics released by the Fraser Valley Real Estate Board (FVREB).

The average price was just slightly higher, at $1,021,932, down 9.6 per cent year over year.

The average price of a detached home in Langley passed $1 million back in May of 2017, in the midst of a multi-year real estate boom.

That boom is now fading, as sales are down and the number of homes listed for sale are up.

In January of 2019, there were 298 detached houses listed for sale in Langley, up 63.7 per cent compared to a year ago. Yet just 52 houses sold, down 34.2 per cent from the 79 that sold in January of 2018.

Townhouse sales edged up to 58 this January, 16 per cent more than a year previously. But inventory was climbing faster, with 163 active listings, a 136.2 per cent increase year over year.

Prices were also down slightly for townhouses, with the benchmark rate of $485,000 down 2.8 per cent and the average down 3.5 per cent.

Condo prices were still stable or ticking up slightly – the benchmark was $408,800, up 0.5 per cent from a year ago – but inventory was rising faster there than in any other category. There were 234 condos listed for sale in January in Langley, up 271.4 per cent from a year ago.

READ MORE: January home sales in Metro Vancouver lowest since 2009

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