Construction is underway of condos in Langley City next to the fire hall, and a statue of a firefighter there. (Matthew Claxton/Langley Advance)

Sales plummet continues in Langley real estate

Home sales of all types continued their downward trend.

Home sales continued and deepened their slump in Langley in June, according to data released by the Fraser Valley Real Estate Board (FVREB) on Wednesday.

There were 255 homes of all types sold in the Langleys in June, 102 houses, 74 townhouses, and 79 apartments, according to FVREB statistics.

That’s down from 428 homes sold in June of 2017. Sales of detached houses were down 40.4 per cent, townhouses down 45.6 per cent, and condo sales down 34.7 per cent.

“One thing that isn’t changing quickly is pricing; prices are still increasing but we continue to see a gradual slowdown in upwards movement,” said John Barbisan, president of the FVREB.

Prices barely budged from May, with slight declines for houses and townhouses and a small increase for condos, but they remain considerably higher than they were a year ago.

The average price for a detached house in Langley was $1.14 million last month, up 10 per cent from a year ago. Townhouses, at $592,000 average, were up 11.3 per cent annually, and condos at $418,568 were up 28.1 per cent.

The situation was the same across much of Metro Vancouver.

The FVREB compiles stats based on an area from North Delta through to Abbotsford, including Mission. Over the whole region, sales ware down 43.5 per cent year-over year, and down 17.4 per cent from May. Meanwhile, the number of homes listed for sale continues to rise, with 7,141 on the market in the region, up 30.1 per cent from a year ago.

After three years in which the region was considered a sellers market, with a sales-to-listings ratio of above 20 per cent, the ratio hit 20 per cent again in June. If it slips any lower, the market will be considered “balanced.”

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