Langley Single Family Homes: BALANCED MARKET
The Langley detached home market has inched from a buyers market early in the year to a balanced market since July. While 1 in 5 homes are selling each month throughout most of the Langleys, the largest and busiest Township neighbourhood of Willoughby sold 25.8% of its inventory in September, placing that community in a moderate sellers market. Furthermore, Walnut Grove saw a 30% sales to listing ratio, solidifying the strength of the two North Langley neighbourhoods.
The Langleys have maintained a steady benchmark price throughout the year after a slight late 2018 correction. In January the benchmark price was $980,300. 8 months later and the typical Langley home is $982,300. However, this steady market has seen a bit of variance among the different neighbourhoods. Walnut Grove has had quite a bit of variance over the year, including a strong peak throughout March to May, but saw those gains dissipate in June and is still -5.9% lower than its September 2018 values. Langley City has also seen year over year losses (-4.9%), but had the opposite trend compared to Walnut Grove, with a correction of around -10% in four month between December and April.
Aldergrove (-1.5%) and Willoughby (0.0%) market values have held strongest over 2019. However, Aldergrove lost $-12,500 (-1.7%) of value between August and September, whereas Willoughby has held steady the past couple months and sits with a benchmark price of $1,026,600.
Langley Townhomes: STRONG SELLERS MARKET
Langley townhomes had the strongest buyers demand we’ve seen since May of 2018. Over 35% of Langley’s townhomes sold, obviously driven by a strong Willoughby market (Willoughby accounted for 61% of the Township of Langley’s townhome sales) with a 37.4% sales to listing ratio.
However, a sellers market doesn’t necessarily turn into higher prices overnight. Despite waining inventory levels, Willoughby prices fell for the fourth month in a row. If your townhome was worth $522,400 in May, it’s now down to $508,900 (-4.1% vs Sept 2018). My interpretation of this is that sellers are anticipating the market with lower prices and buyers are reacting. Meanwhile, the Township’s second largest neighbourhood of Walnut Grove is likely hoping that the pain has stopped. While prices jumped from $467,000 to $493,700 between March and June this year, all that was lost just two months later when August values hit $463,400. September ticked upward slightly to $464,600 (-6.2% vs Sept 2018). Overall Langley townhome values currently rest at $486,300 (-4.5% compared to Sept 2018), its third consecutive lost.
Langley Apartments: MODERATE SELLERS MARKET
Sales numbers of Langley’s apartments have spiked suddenly in the past two months. With new development still holding back on a lot of inventory, this has put a lot of pressure on the resale units still for sale, as the number of listings diminish. 1 in 4 units sold in the Langleys, but not neighbourhoods were equal. Langley City saw 36 sales in September, with a balanced market of 22.5%. 63% of the Township’s 38 sales were mostly in Willoughby, which held a sales to listing ratio of 28.2%.
Possible anomaly: according to the Fraser Valley Real Estate Board’s data software, Murrayville saw a sudden spike of sales with 9 of its 18 listings selling in September, following an apparent 7 deals in August. 16 apartment sales in Murrayville over 2 months is rare so I looked into the records to see if a new development I missed had some big sale (which is often the reason for a spike in sales in a small neighbourhood). However, our records show only 3 apartment sales in Murrayville for September and 11 over the past 60 days (none this month). While there are often discrepancies due to processing dates, this one stands out as a bit peculiar. I will be investigating this with our real estate board.
Moving on… prices. The typical apartment condo prices fell month over month in Langley and each of the larger inventory neighbourhoods. Overall, the typical Langley apartment loss $10,200 of equity in one month, now at $400,200 (-7.3% vs Sept 2018). The trend has been in decline since an April peak of $419,800.