Langley home sales down, but stronger than neighbours

Prices and sales are down across the board for homes.

Sales are up from a dismal January, but prices are still down in several communities, according to home sale statistics released by the Fraser Valley Real Estate Board.

Across the region, which runs from North Delta through to Abbotsford, there were 982 sales of houses, townhouses, and condos in February, up 25.3 per cent from January, typically one of the slowest months of the year for home sales.

However, sales were still down 29.1 per cent compared to the 1,385 homes that sold in February of 2018.

The average price across the region dropped 9.6 per cent year over year.

“With inventory continuing to build, and prices softening across many of our areas and property types, buyers will be well positioned to make a move this spring,” said new FVREB president Darin Germyn.

In Langley, home sales were down across all types.

Just 59 single family homes sold in February, a 28 per cent drop from last year. There were 53 townhouse sales, down 24.5 per cent, and 63 condos sold, a drop of 12.5 per cent.

Both the benchmark and median prices for detached homes were down slightly from last February, and both were just below $1 million.

The benchmark price for a townhouse was $486,100, down 4.4 per cent, while the benchmark price for a condo only declined 2.1 per cent, to $415,200.

Langley outperformed most of its neighbours, including Surrey (sales down 31.9 per cent) North Delta (33.3 per cent) and White Rock (52.5 per cent).

All of Metro Vancouver has seen steep sales drops since last spring, when a slowdown hit after several years of high sales and rapid price increases.

Prices began to slip late last year.

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