Sales of homes and townhouses in Langley plunged in May, as overall home sales across the Fraser Valley dropped by more than 35 per cent.
The Fraser Valley Real Estate Board’s (FVREB) monthly statistics show that 1,758 homes were sold across the region, from North Delta to Abbotsford and Mission last month.
That’s a 35.1 per cent drop compared to May of last year, and just a 2.9 per cent increase over this April’s sales numbers.
Meanwhile, more people put their homes on the market, with an increase in homes listed for sale of 18.9 per cent from April, and 29.5 per cent higher than in May of 2017.
In Langley, prices were still up from last year though sales were down sharply.
This May, 103 single family homes sold in the Langleys, down 43.7 per cent from a year previously.
Just 84 townhouses sold, a 43.2 per cent drop.
Even condo sales flagged, at 96 sales, down 17.2 per cent from the same month last year.
Although prices are still up compared to last year, the average price for a single family home in Langley actually declined from April, down 4.2 per cent. The average townhouse price also dropped slightly month-over-month, down 1.5 per cent, and condo prices slide 9.2 per cent from April.
The average price for a single family home in the Langleys last month was $1.149 million, $611,464 for a townhouse, and $404,995 for a condo.
“This is the most inventory we’ve had in over two years,” said John Barbisan, president of the FVREB. “Now that the pace of our market has begun to settle, we’re seeing more opportunities for buyers and less pressure to make fast decisions.”
The FVREB still considers the real estate situation in the area to be a “sellers” market, however, with the market not having been balanced since 2015 and not in “buyers market” territory since 2014.