Average house price in Langley below $1 million for first time in two years

Sales are picking up after prices have dropped significantly from 2018 peaks

The average price of a detached home in Langley dropped below $1 million last month for the first time in more than two years, even as sales picked up a bit after a slowdown.

The average price of a detached home in Langley was $972,909, down 2.9 per cent from a year ago and 3.4 per cent from the July price.

The average price of a home has been hovering just above $1 million for months, after a slide from heights of more than $1.14 million in mid-2018.

Yet despite a market in which prices for houses, townhouses, and condos all slid, sales were on an upswing for the second month in a row, said Fraser Valley Real Estate Board (FVREB) president Darin Germyn.

“Compared to last year, this August has been quite robust,” Germyn said. “All property types are selling and we’re seeing a resurgence in the single-family detached market. Across North Delta, Surrey and Langley, sales are up over 25 per cent.”

Sales, new listings, and the number of houses listed for sale were all slightly below the 10-year average.

The benchmark price – the price the FVREB calculates is what it costs to a buy a “typical” home in Langley – is almost exactly the same as the average currently, sitting at $981,500. That’s down 6.6 per cent from more than a million a year ago.

Average and benchmark prices for townhouses and condos are also down from last summer.

The average condo price is $563,270, down 2.1 per cent from a year ago, while condos are averaging $395,014, down 6.3 per cent from last year and a sharp 14.3 per cent from July of this year.

Meanwhile, sales of all housing types were from a year ago.

The sales of single family homes rose to 88 from last year’s 65 in August, a 35.4 per cent jump.

Townhouse sales of 79 units meant a 41.1 per cent increase, and condo sales of 65 homes were a 4.8 per cent increase.

Those numbers are still markedly below the heights of 2016 and 2017.

In August, 2017, Langley saw the sales of 117 singe family homes, 91 townhouses, and 88 condos.

Prices have been sliding for some months, after the market suddenly saw a massive drop in sales in the early spring of 2018. Single family homes were hit the worst.

It took months after sales dropped for prices to begin reducing. Sales have begun picking up across the region now that prices are off their 2018 peaks.

The average price of a single family home in Langley spiked above $1 million for the first time in May, 2017.

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