Home sales plummet in Langley

Sales were down last month, but prices haven’t budged.

Housing sales in Langley dropped off sharply in March compared to last year, while prices remained largely flat.

In Langley in March, 90 single family homes were sold, according to statistics from the Fraser Valley Real Estate Board. That’s down from 149 in March last year, a 39.6 per cent decline.

Langley saw 97 townhouses change hands, down 13.4 per cent, and 85 condos, down 21.3 per cent.

Although prices are still considerably higher than a year ago, there was little to no change for houses or townhouses from February.

In March, the benchmark, average, and median prices for detached homes in Langley were all slightly above $1 million. The benchmark price – the price of a “typical” unit – for a townhouse was $514,900, while the average price was $603,316. A benchmark condo was selling for $444,500, while an average condo sold for $409,901.

Year over year, the average price of a house was up 11.5 per cent, a townhouse saw a 19.1 per cent increase, and condos were up by 32.3 per cent.

Although sales have dropped, the inventory of houses on the market remains low compared to recent years.

There were 4,796 homes of all kinds on the market from North Delta to Abbotsford, including Maple Ridge and Pitt Meadows.

That’s roughly equal to the number last year at this time, but from 2010 to 2015, the inventory typically hovered between 6,000 to 10,000 homes. After that, inventories dropped sharply.

The increase in sales in townhouses and condos in Langley, and the decrease in single-family home sales, has been a trend seen across the region as average house prices skyrocketed in recent years.

In the past year, prices for condos began jumping sharply as demand increased.

Construction activity has been steadily rising in Langley, with hundreds of condo and townhouse units under construction in Langley City, Willoughby, and Murrayville.

There’s been an increasing trend in development permits being issued in the Township, according to community development manager Ramin Seifi.

“There has not been a drop, for sure,” Seifi said.

Just Posted

#GetHired at the Black Press Extreme Education and Career Fair today

‘We contact companies that we know are either looking to hire’

Letter: Langley Township could be truly innovative in Williams neighbourhood

A local letter writer calls on local government to plan for the future.

Looking Back: The potato club shuts down!

Our community’s history through the files of the Langley Advance

Our View: Shopping mix in Langley tough

As Langley grows, we need to consider what kind of commercial development we want.

VIDEO: Take a tour of the new $55.2-million Salish Secondary in North Clayton

Hundreds came out for the public open house on Wednesday night

Canadian musician duets with ancestral Indigenous voices on debut album

Toronto’s Jeremy Dutcher has mixed his operatic tenor with his Wolastoq First Nation roots

WATCH: Oldest longhouse in the Fraser Valley to be rebuilt in Chilliwack

Longhouse fundraising gala at Tzeachten Hall, May 5 puts spotlight on Indigenous art

COLUMN: Stanley Cup playoff second-round predictions

Sidney Crosby and the Penguins continue their quest for their third straight Stanley Cup

B.C. seeks court ruling on new pipeline regulations

Province wants to require permits for any new bitumen transport

LIVE: TSB findings on plane crash that killed former Alberta Premier Jim Prentice

The TSB will announce its findings and the Capital News will follow.

Former child watchdog to head UBC centre on residential schools

Mary Ellen Turpel-Lafond to lead university’s Indian Residential School History and Dialogue Centre

Man dead after possible attack near Vancouver casino

A 38-year-old man with ‘serious injures’ was rushed to hospital but died in surgery

5 to start your day

3-alarm fire guts East Vancouver print shop, prison escapee back in custody and more

Toronto sports fans come together in wake of van attack

Police probe Toronto van attack as details emerge

Most Read