Langley housing saw fewer homes for sale but little slowdown in buyers in the last month of 2020, according to data released Wednesday, Jan. 5 by the Fraser Valley Real Estate Board (FVREB).
The benchmark price of a single-family home, townhouse, and condo all increased slightly in December compared to the month before, with a house selling for about $1.56 million, a townhouse for $771,00, and a condo for $520,700, up between 2.4 and 2.7 per cent.
The biggest change for the local real estate market in December was the collapse of the number of homes listed for sale.
Last month, there were just 75 single family homes listed for sale in Langley, down from 127 the month before, and from 114 in December of 2020.
Townhouses saw just 20 active listings, down from 71 the previous month, and 131 in the same month the previous year.
There were 57 condos on the market, down from 118 in November, and from 246 that had been for sale in the same month a year ago.
There were more sales recorded than there were listings by the end of the month.
For example, there were 90 townhouses that changed hands in Langley, more than four times more than the number listed for sale in the final data.
Likewise, 120 condos changed hands, more than twice as many as were still listed for sale.
Low interest rates and low inventory have been commonly cited by realtors and economists as the two factors driving higher prices over the last two years.
In part of its year end report, the FVREB noted that the median price of a detached home in the Fraser Valley region, from North Delta through to Abbotsford, has gone up 66.7 per cent in the past five years. Over that time, there have been two rapid increases in property prices – one that began in 2015 and continued through 2016, and another that started a few months after the COVID-19 pandemic began, and which is still going on almost two years later.
Langley’s increase over five years was slightly less, at 59.8 per cent in median price.
Over five years, the median price of a detached home in Langley has gone from $845,000 to $1.35 million.
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