Langley Single Family Homes: MODERATE SELLERS MARKET
Although the number of detached home transactions fell between October and November, Langley saw a 30.2% increase over last November’s sales numbers. With the number of active listings plummeting while demand is increasing, prices have not only steadied, but we witnessed price increases for the third month in a row, but this time relatively significant, crossing the $990,000 mark for the first time since falling under $1m this past January – which yes, means prices were more expensive in November than any other time in 2019.
Prices in all of Langley Township’s neighbourhood centres, in addition to Langley City, rose in November. Some real estate areas such as Salmon River, however, did see benchmark prices fall.
Langley Townhomes: STRONG SELLERS MARKET
Townhome sales numbers continue to climb for the third straight month, which is very abnormal for this time of year. Meanwhile, the number of listings are rapidly falling. With supply again becoming an issue despite the increased demand, prices finally broke the 4 month fall and have perked up, with the benchmark price up to $490,400, recovering all losses experienced since July.
Langley’s townhome sales are led by the Willoughby neigbhourhood (Willoughby accounted for 55% of townhome sales in the Langley, 68% of Langley Township’s sales), but didn’t see a large increase in prices. However, prior to November, Willoughby had experienced 5 straight months of price decreases. Langley City recovered all losses since July, but the big story is Walnut Grove. Walnut Grove went into a free since June, falling from $493,700 to $463,400 in just 2 months. However, the last 3 months has seen prices skyrocket back to $492,700.
Langley Apartments: MODERATE SELLERS MARKET
After 3 months of a strengthening market, the apartment segment saw some weakened demand in November. Prices dropped slightly again for the second month, which is a different trend than what we are seeing in the detached and townhomes market.
Looking for some explanation in this, the neighbourhood statistics show that Langley City sales have maintained their strength, whereas Willoughby demand has dramatically decreased in the last month. Despite some small declines, prices appear to have stabilized in all neighbourhoods, although there isn’t a strong indication that we will this improve through winter.
The December market will heavily benefit first time home buyers or buyers looking to get back into the market. Also, if you’re upsizing from an apartment to a townhome/detached or a townhome to detached home, NOW is the time to do it, especially if you feel you might be pushing your approval funds. An increase of a few percentage points in the New Year, as expected, could price you out of the market. However, if you’re looking to downsize, waiting on the Spring market will likely be more favourable.