The price of housing in Langley continued to climb last month, with townhouses seeing the largest percentage increase month over month.
There were 82 houses, 71 townhouses, and 72 condo apartments sold in the Langleys in February, according to statistics from the Fraser Valley Real Estate Board (FVREB).
The price for a typical house in Langley continues to hover above $1 million, with the average a $1.113 million, and the benchmark price – the price for a “typical” home at $1.028 million. The price of an average detached home is up 28.8 per cent from a year ago.
Townhouse prices are up to $616,000 for an average home, with the benchmark price at $508,500. Average prices have increased 24.6 per cent in the last year, and jumped 8.1 per cent month-over-month from January.
Condo prices have seen the largest annual increase in value, with a benchmark condo now selling for $424,300 and the average price at $390,574. The average price has risen 31 per cent year over year, and is up 3.3 per cent in the last month.
The number of homes listed for sale continues to be lower than in recent yeras, and lack of supply is affecting the local market, according to FVREB president John Barbisan.
“Attached apartment inventory in particular has struggled to keep up with the shift in demand we saw prominently throughout last year,” said Barbisan. “Without sufficient supply, it has become increasingly challenging for buyers looking to enter the market at that level.”
A building boom of condos and townhouses in Langley has not satisfied demand. “Sold Out” signs have been appearing at construction sites in Langley long before condo projects are finished.