Interest in buying a single-family home in Langley dried up compared to a year ago, according to statistics released Thursday by the Fraser Valley Real Estate Board.
This February, 84 detached houses were sold in the Langleys, down from 204 in the same month in 2016.
More townhouses sold than single family homes – 87 in February, a slight rise from 84 in the same month a year ago.
Condo sales were up, to 71 from 61.
Despite the slowdown in sales, the benchmark price – the price paid for an “average” home in the Langleys – is still sharply up from last year, according to the FVREB.
A benchmark house sold for $866,900 in February, 19.9 per cent more than the $722,800 it sold for in February, 2016.
However, the average price dipped to $864,712, compared to $913,821 a year earlier. That can be a sign that buyers are staying away from higher-priced homes that can drive averages up.
Prices continued to rise for multi-family housing, with a benchmark townhouse selling for $430,500, a benchmark condo for $283,100 in February.
New FVREB president Gopal Sahota was upbeat about the numbers, which were broadly similar across the region.
“Last year at this time, the incredible demand created a market that was difficult for consumers,” Sahota said. “Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it.”
Although numbers are returning to historical averages, new listings were down sharply year-to-date, with 4,349 home listings across the Fraser Valley in 2017, compared to 5,792 in 2017, a 24.9 per cent decline.
Sales are down 36.3 per cent, to 2,369 from 3,718.
The real estate slowdown began in mid-2016 after a series of sharp spikes in price and sales that began in 2015.
Despite the slowdown, sales remain well above the 10-year average for February.