It isn’t a secret that the single family home market is struggling out there, but if you may have noticed that this doesn’t seem true in Willoughby. While only 14.4% of single family homes in the Fraser Valley sold in February, and 17.7% in Langley, Willoughby had an astonishing 28.8% sales to listing ratio. The hot spots seem to be a number of Yorkson subdivisions, as well as Milner Heights & Routley on the slope. With supply & demand remaining relatively strong, benchmark prices continue to remain steady, but it should be noticed an increase from $1.005m to $1.015m, which shows confidence in the local market. Still, this benchmark price is -6.7% compared to February 2018.
Willoughby townhomes saw prices fall consistently since last May, but the trend appears to have steadied out, at least since January. The benchmark value is now at $505,000, which is a very slight increase since last month, but still almost a $9,000 reduction from December. Today’s evaluation is -6.0% compared to this time last year. The sales to listing ratio, however, has remained strong – 39% in January and 32% in February. One interpretation of this is that sellers are getting competitive with pricing and there are enough buyers out there to grab the product at fair prices. Another might be increased confidence in the market leading to stability and potentially higher prices come Summer.
Apartments in Willoughby have been fairly inconsistent over the last six months. So far, 2019 shows the same trend. In January, only 17.8% of apartments sold, but in Febrtuary, this went up to over 31%. While prices continued a downward trend from summer 2018 until last month, there was a significant positive uptick in February, Since reaching a peak benchmark price of $419,500 last May, the typical apartment fell to $369,500 by January, but bumped up to $386,100 in February, which is -3.3% compared to this time last year. However, we are still seeing some deep discounts at some new apartment developments in Yorkson, which could hurt resale values if it continues.