(Black Press file)

Number of homes for sale in Langley swells in September

Inventory levels are swinging back to normal, said a longtime realtor.

Langley homebuyers looking for a house, condo, or townhouse have a huge increase in their options compared to a year ago, according to statistics released by the Fraser Valley Real Estate Board (FVREB) Wednesday.

The stats show that sales are still down, and that median prices for single family homes are still down slightly year over year.

But the biggest changes are the increases in the number of homes up for sale.

In September, there were 428 single family homes for sale in the Langleys. That’s up 7.5 per cent from August, and a 45.1 per cent increase from the 295 that were on the market in September 2017.

The increase was much steeper for townhouses and condos.

There were 263 townhouses on the market in September this year, up 15.9 per cent from August, and up 189 per cent from the 91 townhouses that were for sale in September 2017.

Condo buyers could choose from 261 listed dwellings in Langley, up 13.5 per cent from August, and 230.4 per cent from the 79 on sale in September last year.

The increase in housing inventory has been building up for months, as sales dropped off sharply.

Just 71 houses sold in September, 40 townouses, and 61 condo units.

Despite the big swings in sales and inventory, Langley realtor Deanna Horn said this isn’t a housing correction, just a return to normal.

“We had for the last 18 months or two years, we had a very, very exceptional market,” Horn said.

That gave rise to the sharp price increases of 2016 and 2017, Horn said.

“We’re moving into a normal inventory level,” she said.

She expects that it will now take a longer time – 50 to 60 days – to sell a home in the region, compared to the last couple of years.

Across the region served by FVREB realtors – North Delta, Surrey, White Rock, Abbotsford, and Mission – 1,035 houses sold last September.

The last few years have seen a supercharged sellers market in the region starting in 2015, with up to 55 per cent of homes listed for sale selling in some months. In the last few months, sales have declined sharply, with the numbers sliding into what the FVREB considers a “balanced” market and still trending downward.

A market is considered “balanced” when between 12 and 20 per cent of listed homes sell in a month. The current ratio is 14 per cent.

• READ MORE: Supply high, sales low, but still no impact on high Fraser Valley housing prices

Just Posted

VIDEO: G-Men seek revenge Saturday night in rematch at Langley Events Centre

Portland’s Winterhawks downed the Vancouver Giants 5-3 during a road trip down south.

UPDATE: Abbotsford murder victim was brother of slain gang leader

Mandeep Grewal gunned down Thursday, brother Gavin killed in North Van in 2017

LETTER: Retired firefighter defends union’s election involvement

In rebuttal to another letter writer’s stance on firefighter involvement in municipal politics.

Painful Truth: Homelessness is the only issue on Langley ballots

Reporter Matthew Claxton said reducing homelessness should be a focus for those elected.

Langley Advance What’s On: Oct. 18, 2018 edition

Submit Langley events: LangleyAdvance.com/add-event or news@langleyadvance.com (subject: What’s On).

Tommy Chong says cannabis legalization makes him proud to be a Canadian

Legendary marijuana advocate and comedian celebrates cultural milestone at Kelowna event

Team Canada gold medal winners for first time in world curling championship

Team Canada earned gold in Kelowna at the 2018 Winn Rentals World Mixed Curling Championship

3 in serious condition after altercation on Granville strip: police

Patrol officers came upon the fight just after 3 a.m. on Granville Street near Helmcken Street

B.C. passenger caught smoking weed in a car issued $230 fine

Saanich police did a field sobriety test on the driver and deemed it safe for him to drive

Pedestrian rushed to Lower Mainland hospital after being hit by car

Friday night crash is latest in rash of collisions involving pedestrians in Surrey

Payette invites critics to ‘come and spend a few days’ with her

Governor General Julie Payette made her first official to B.C. back in March

More pot stores expected in B.C. in coming ‘weeks and months’: attorney general

Attorney General David Eby and Public Safety Minister Mike Farnworth visited the new BC Cannabis Store in the province’s Interior

Telus launches charitable foundation to help vulnerable youth

The Telus Friendly Future Foundation complements other social initiatives by the company, including Mobility for Good

Police say suspicious death of B.C. artist ruled a homicide

Patrick Zube Aylward’s body was found in a residence on a rural road outside of Seton Portage, west of Lillooet, B.C.

Most Read