Langley’s real estate market shows signs of life

Langley may be doing better than some of its neighbours

Home sales in the Fraser Valley were down compared to last year, but sales in Langley are a bit healthier than in most neighbouring communities, according to statistics released Thursday by the Fraser Valley Real Estate Board (FVREB).

Across the region from North Delta to Abbotsford, sales of all types of housing in April were down 19 per cent from the same month in 2018.

The average price has slipped 11.6 per cent from last year, to $701,238, down from $792,975.

Most types of housing in Langley didn’t see quite as severe a decrease.

This April, 86 single family homes sold in Langley, down just 8.5 per cent from the exuberance of last year’s market.

A total of 78 townhouses sold, up four per cent from 75 last year, and 82 condo units sold, almost exactly even with last year’s tally of 81 for April.

Prices were down for all types of housing as the number of homes listed for sale increased, giving buyers the ability to shop around.

There were 396 detached homes listed for sale in Langley in April, up 26.9 per cent from a year before. The increase was sharper for multi-family homes, with 254 townhouses for sale, an 80.1 per cent increase, and 303 condos, a 118 per cent increase.

The benchmark price, median price, and average price were down across all housing types in Langley.

The average price for a single family house was hovering at just above $1 million, down 15.3 per cent. A “benchmark” home was down 5.9 per cent to $985,900.

Townhouses saw an average price of $587,019, down 5.4 per cent year over year, while condos were averaging $417,210, down 6.5 per cent.

The overall Fraser Valley market saw its second slowest April in a decade, according to FVREB president Darin Germyn.

But he said sales of certain property types remain solid.

“Detached homes under one million dollars and attached homes – ranging from $400,000 to $700,000 – continue to attract buyers in the Fraser Valley,” said Germyn.

Statistics show that from 2015 to 2018, the Fraser Valley was strongly tilted towards being a “buyers market,” a condition which ended abruptly mid-way through last year.

Based on sales and listings, the market is now considered balanced. However, even with low sales and more homes being placed up for sale, inventory of available homes is still considerably lower than it was between 2008 and 2015.

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