People have lined up at the Yorkson Creek development for the sale of the last phase of condos.

People lined up just to find out about Langley condos

  • Apr. 29, 2016 12:00 p.m.

The condos don’t even go on sale until May 7 but people are lined up April 29 at the Yorkson Creek development just to find out about the homes.

“Without even having a sales date, some potential buyers have begun lining up,” the Yorkson website says.

The people are lined up to find out prices and specifications on the condos in the last phase of the development in Willoughby.

Fraser Valley real estate hit a historical high in March, setting the record for sales processed in one month since the Fraser Valley Real Estate Board’s (FVREB) inception in 1921.

In March, the FVREB processed 3,006 sales on its Multiple Listing Service® (MLS®), an increase of 62 per cent compared to March 2015 and 26 per cent more then was processed in February.

“This market is uncharted territory for Fraser Valley real estate. It’s typical for spring to see a jump in activity; however, March came and went at a break-neck, record-setting pace. I’ve never seen anything like it,” said board president Charles Wiebe.

The Board received 4,057 new listings in March, an increase of 31 per cent compared to March of last year, and a 24 per cent increase from February. The total active inventory for March was 5,485, down 33 per cent from last year’s 8,193 active listings.

Across Fraser Valley, the average number of days to sell a single family detached home in March 2016 was 17 days, compared to 43 days in March 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in March was $741,000, an increase of 26 per cent compared to March 2015 when it was $588,500.

In March, the benchmark price of townhouses was $344,300, an increase of 14.9 per cent compared to $299,700 in March 2015. The benchmark price of apartments also increased year-over-year by 13.8 per cent, going from $190,800 in March 2015 to $217,200 in March 2016.

The Lower Mainland’s record-setting real estate market has fostered FOMO – fear of missing out – prompting some to buy whatever they can snap up.

Langley had 163 detached home sell in March 2015 and 260 in March 2016. For townhouses, the numbers are 96 last March and 101 this March. Last March 57 condos sold while the March 2016 figure is 85.

Price wise, the market went up 37 per cent for detached home (March 2015 compared to March 2016), 17.1 per cent for townhouses and 8.4 per cent for condos.

Langley saw the highest increases of any communities in the Fraser Valley Real Estate Board area.

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