Autumn home sales trending up in Langley

Autumn home sales trending up in Langley

Prices are still flat or down for homes compared to last year

The real estate recovery continued in November in Langley and around the region, according to statistics released by the Fraser Valley Real Estate Board.

Demand for housing is “unseasonably high” this fall after a slump that began in earnest in early 2018 and carried through this past spring and summer.

November saw 1,405 sales of all types of homes in the Fraser Valley region, up 36.7 per cent compared to the 1,028 home sales in the same month in 2018.

In Langley, sales of detached homes and townhouses were up compared to next years, while condo sales slipped slightly.

There were 82 sales of detached homes, up from 63 in the same month in 2018. Townhouse sales were up even more, with 94 sales, a 32.4 per cent increase. Condo sales slipped to 65, down 7.1 per cent.

Prices, as they have for the past several months, were stagnant or down slightly from last year.

The benchmark price for a detached house in Langley was $990300, barely changed from October and down 1.8 per cent from 2018.

The benchmark for a townhouse stood at $490,400, down 1.3 per cent from a year ago, and the price of a condo declined 3.9 per cent year-over-year, to $399,200.

The number of new homes listed for sale has been falling in Langley and its neighbours in recent months.

There were 6,733 active listings in the region at the end of November, down 8.5 per cent from a year ago.

Although prices are still going down or flat, they’ve bounced back a bit from deeper lows earlier this year.

“Buyers are seeing the effect tighter supply has on prices,” said David Germyn, president of the FVREB. “In early summer, the combined residential benchmark price was down six per cent compared to the same period last year; in November it was down by three per cent.”

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