My headline may have seemed obvious over the past few years, but today it’s important to know that despite soft trends, Langley real estate appears to have balanced out and has actually experienced increased demand and therefore rising prices across all housing types. It might be safe to say Spring has sprung in Langley – at least in the Township (read more below!).
Steady increases for single family homes in Langley in February
Demand for single family homes throughout Langley has shown to be a buyers market since last Summer, but February saw the sales to listing ratio bump up to 17.5%, flirting with a more balanced market range. Much of this demand was in Willoughby, where close to 29% of active homes sold in February. Willoughby sales accounted for 34% of detached homes sold in the Langleys (Township and City). Walnut Grove also had a strong early spring start with over 25% of homes available in the neighbourhood sold. East Langley areas such as Salmon River and Aldergrove, however, were weaker markets in February. Although, Aldergrove does tend to bounce from hot to cool on a monthly basis.
Pricing-wise, Langley single family homes had a slight bump from $980,300 to $983,900 which shows stability more than anything else (-4.3% compared to Feb 2018). Willoughby values increased from $1.005m to $1.015m and Aldergrove also had a large appreciation from $680k to $690k. Murrayville also saw healthy price gains from $1.007m to $1.015m. Brookswood and Walnut Grove remained steady around $936k and $888k, respectively.
Townhome sales continue strong in Langley Township, suffer in the City
With over 28% of townhomes listed selling in February, the Langley townhome market remains one of the strongest segments in the Fraser Valley. The two neighbourhoods with the majority of Langley’s townhomes – Willoughby and Walnut Grove – showed the strongest demand, both with over 30% sales to listing ratios. Townhome sales in Langley City, on the other hand, have been particularly weak, with only 4 sales and 31 active listings, placing the 12.9% ratio as among the weakest in the region.
With two months of elevated demand for Langley townhomes (spurred mostly by stronger Willoughby demand), the steady price decline has stalled around the $486,000 mark, which is about -4.4% compared to this time last year. Willoughby in particular, which has been hit hard since the May 2018 peak of $557,900, has also seen the benchmark price steady around $505,000. This may only be -6.0% since this time last year, but it is a -9.4% fall since the peak. The good news for homeowners, however, is that the outlook for spring and summer appears positive. Walnut Grove’s benchmark figure jumped the most from January to February to $487,900 (+$13,100). This is still -6.3% lower than last February, but the sharp increase is a healthy sign of a more balanced market. The lack of demand in Langley City, however, saw townhome prices fall further to $427,900. The City’s values peaked around June 2018 at $485,800, so although the year over year figure is only -2.4% lower than last February, the almost -12% drop since last June is one of the sharpest declines for townhomes in the region.
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Apartments bounce back
Langley didn’t really take a huge hit through the winter as far as demand goes, remaining balanced or even a sellers market throughout the colder months. Since prices did decline a bit, my interpretation is that sellers reacted quickly to a changing market and those who sold, did so with realistic pricing strategies. However, with the sales to listing ratio throughout Langley has been between 28-30% over the last two months, we are bound to see price gains, and so we have. After a steady decline from a May 2018 peak of $454,000 to a bottomed out price of $408,800 in January, the typical Langley apartment has rebounded to $415,200 in one winter month.
With 60% of sales in the Langleys being in Willoughby, the overall Township+City of Langley market tends to follow that neighbourhood. With the exception of a hot December, Willoughby apartments have struggled in a balanced market since last summer. However, 31% of listings sold in February and apparently for healthier prices since the benchmark value jumped from $369,5000 in January to $386,100 in February, which effectively regained any losses over the winter. Willoughby still presents a -3.3% loss since last February. The second largest apartment market in the combined Langley market is Langley City itself, which struggled with a 15.4% sales to listing ratio – the lowest demand for Langley City apartments since July of 2015. Benchmark prices for Langley City apartments fell slightly due to the lack of demand to $419,000 (the peak was $462,000 in April 2018). Overall, condos – both apartments and townhomes – don’t look positive for Langley City sellers, but pretty great in the Township.
If you have any questions about the market in general, your neighbourhood or you would like a free, no obligation, no pressure home evaluation, please contact us using the form below or call 604-245-3200!