Buyers snap up Langley homes

House and condo prices continue to diverge in Langley.

House prices in Langley and the Fraser Valley kept rising in June, while condo prices remained flat.

According to the Fraser Valley Real Estate Board, sales of houses, townhouses, and condos were all up sharply in June.

Across the region, from North Delta to Abbotsford, 2,413 homes changed hands in June this year. That’s up from 1,668 sales in the same month in 2014, a 44.7 per cent increase. Sales were also up 22.5 per cent over June.

This was the most sales seen here since 2005, and the fourth busiest month ever for sales in the Fraser Valley, said FVREB president Jorda Maisey.

“Our informal market research shows that the majority of homebuyers in the Fraser Valley are families with children moving within their same community or moving within the Fraser Valley region,” Maisey said.

The hot sales also contributed to the ever-widening gap between detached houses and any other type of real estate.

The average price of a detached house in the region rose to $710,086, up 11.6 per cent while the benchmark price (the price of a “typical” home) hit $609,900, up 7.3 per cent year over year.

Meanwhile, 1,199 townhouses sold this June, a 26.6 per cent decline from the same month in 2014, and a 9.2 per cent decline from May. Prices, whether average, median, or benchmark, were up by 1.5 to 1.6 per cent, with the average at $302,600 and benchmark at $365,723.

Condo apartments were in much the same position, with sales down 6.7 per cent, with 1,726 condos changing hands in June this year compared to last.

The average price for a condo fell to $191,900, 2.6 per cent down from a year earlier, while the benchmark price rose just 0.7 per cent to $235,837.

When it came to houses, Langley in particular appeared to be a sellers market in June.

There were 212 sales, out of 274 actively listed houses in June. Active listings actually declined sharply even as sales for houses shot up. The benchmark price for a Langley house hit $612,300 and the average price was $712,150.

Meanwhile, townhouse sales were up at 112 sales out of 167 active listings, but prices barely budged, with benchmark rising to $298,300, up 2.4 per cent, while the average price declined 2.2 per cent to $340,147.

Langley condos saw 51 sales in June, and median and average prices have risen, hitting $255,252 on average and $218,000 median. However the benchmark price dipped 7.8 per cent to $197,100, still below $200,000.

The FVREB shows that based on the ratio of sales to active listing, ever since 2008 the Lower Mainland has been in a balanced or buyers market condition.

With declining listings and sales shooting up, it’s a sellers market again, and has been for the last few months.

 

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