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

Third straight loss ends Langley’s Junior B Thunder season

The local squad could not snare a win against the Port Coquitlam Saints.

Giants bringing Point Roberts talent to Langley

The Vancouver Giants have announced a new signing.

VIDEO: New doctors, but fewer spaces for patients in Langley

Retirements have left some Langley residents without a family physician.

Throwback Thursday: July 19, 2018

Can you help us caption a photo from Langley’s past?

Langley Thunder stop Shamrocks

The local lacrosse season is close to wrapping up.

Here’s what you need to know about Day 2 at the BC Games

From equestrian to volleyball to swimming, all 18 events in full swing here in the Cowichan Valley

BC Wildfire update on 14 major Okanagan blazes

Watch the media briefing on the current fire situation in the Okanagan.

Combined 584g of cocaine, fentanyl and meth found in Abbotsford home

Charges pending against a man and a woman after police execute search warrant on Larch St. home

UPDATE: Abbotsford police seek info from public after man, 32, found dead

IHIT identifies victim as Sukhpreet Grewal, who they say was known to police

2017 wildfires give B.C. mom chance to say thank you to officer who saved her son

An unlikely encounter in the rural community of Likely, near Williams Lake

UPDATED: Kinder Morgan pipeline protesters defy eviction order

Demonstrators at Camp Cloud in Burnaby say they won’t leave, but will meet with city officials

B.C. tent city camper arrested for taking coins from fountain

The man, who built a shelter at a Saanich park, says homeless people are unfairly targeted

Ex-Raptor DeMar DeRozan says goodbye to Toronto on Instagram

The guard was traded to the San Antonio Spurs earlier this week for Kawhi Leonard and Danny Green

Okanagan wildfires have potential to become firestorms, says UBC expert

David Andison said to let smaller fires go, to create pockets in the landscape for new forests

Most Read