Langley homes break away from pack

 

Langley was the odd city out in July, as the average price of a home spiked sharply here while staying relatively steady across the rest of the Fraser Valley.

The Fraser Valley Real Estate Board (FVREB) released sales statistics showing a strong month for sales of most types of housing.

“Our market has fully recovered from last year’s slump and has returned to what we typically see in the Fraser Valley, which is a steady, consistent market,” said FVREB president Ray Werger.

Home sales were slightly above average for the month in the FVREB area, which stretches from North Delta east through Abbotsford, and includes Mission.

Werger said for certain property types, there is actually a shortage of supply, including in White Rock, South Surrey, and parts of Langley. Single detached homes are the focus of the reduced supply.

In Langley, 131 detached houses changed hands in July, compared to 133 in July 2013. Prices rose substantially, however.

The average price was up to $620,000, from $525,000 a year ago, an 18.1 per cent rise. The median price also rose 18 per cent, while the price of a “benchmark” house, or typical home, rose by just three per cent.

Meanwhile sales of townhouses more than doubled to 89 this July from 42 in July 2013, and condo sales were also up, to 42 from 35.

Average prices of condos and townhouses also rose, while the benchmark prices rose for townhouses to $293,700 from $285,200, and the benchmark price for condos was essentially flat at $208,200.

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