11
Sep, 19

Langley Housing Report: Neighbourhood Snapshots
By Brad Richert September 11, 2019

Neighbourhood Briefs:

Aldergrove: Prices | Sales to Listing Ratios

The number of single family home sales in Aldergrove rose from 15 in July to 16 in August and with active listings holding steady, stable prices have followed. After falling from the May peak of $726,500 in June, benchmark prices have held steady since, currently at $716,400 (-3.7% vs Aug 2018).

Aldergrove townhomes are now on a 3-month trend upward after faltering in June. In 3 months, the typical Aldergrove townhome has increased from $415,000 to $423,300 (+0.4% vs Aug 2018). While sales were extremely weak in August, the lack of inventory may keep prices steady.

Aldergrove apartment market has been non-existent since Spring, seeing only 1 sale per month since May. However, there also isn’t much available. That said, the benchmark value fell from $357,500 in July to $341,500 in August. Considering this is based on 1 sale, I wouldn’t be too worried about this statistic.

View Aldergrove Listings: Single Family | Townhome | Apartment

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Brookswood: Prices | Sales to Listing Ratios

Since Brookswood’s free fall from August 2018 to April 2019 that saw the typical homeowner lose over $125,000 of equity in 8 months, prices have slowly climbed out of the gutter. July’s $952,100 benchmark price was avast improvement from April’s low of $911,400. However, a sharp month-over-month decline in sales saw prices fall slightly to $945,500 (-8.9% vs August 2018), curbing the 3-month positive trend.

View Brookswood Listings: Single Family | Townhome | Apartment

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Fort Langley: Prices | Sales to Listing Ratios

Fort Langley single family homes continue to witness low turnover, with only 16 sales over the past 4 months. However, active listings have also tapered off, which has balanced the market a bit. That said, benchmark prices continue their slow descent since April, when the typical detached home was $1,120,900. The current value is resting at $1,084,900 (-7.6% vs August 2018).

Townhomes in the Fort don’t really have enough data for proper analysis. There have only been 3 sales this year so any statistics on this micro-market aren’t that important. The last sale was back in June.

The Fort Langley apartment market is also nominal, but there were 7 sales over July and August, which is relatively strong. However, with a market limited to just a handful of midrises, I caution using any statistics to gauge market value.

View Fort Langley Listings: Single Family | Townhome | Apartment

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Langley City: Prices | Sales to Listing Ratios

Langley City was one of the hardest hit areas during the 2018 market downturn but single family homes improved steadily over Spring and Summer. Bottoming out at $802,400 in April, benchmark prices reached $848,200 in July before a slide to $840,900 last month (-5.4% vs August 2018). Although inventory is diminishing month over month, weak sales counts has the City remaining in a strong buyers market.

Townhome sales in the City have tapered off since June, but so have listings, keeping the market segment in a balanced market. However, after 5 months of rising prices from $427,900 in February to $451,800 in July, August saw a dip to $442,500 (-8.3% vs August 2018).

Langley City apartments on the other hand held steady, seeing increased prices month over month to $411,600 (-6.1% vs Aug 2018). This is likely due to a slight uptick in sales activity and the rise in the sales to listing ratio, moving the apartment market from a buyers market to a balanced market.

View Langley City Listings: Single Family | Townhome | Apartment

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Murrayville: Prices | Sales to Listing Ratios

With only 11 single family home sales over the summer months (June-August), I can’t recall when it’s ever been quieter in historic Murrayville. Our Realtor-available statistics only go back to 2005, so I can say that we haven’t seen a slower summer in at least 14 years. However, prices had been creeping up regardless until this past month which saw the 3 month trend reverse with a slight loss. The typical Murrayville home is currently $1.026m, a -9.8% decrease since August 2018.

Murrayville’s premium single family home prices may be leading buyers to its townhomes which have been selling like hotcakes with a 46.7% sales to listing ratio – a solid sellers market. However, since a rapid jump in prices between February and May ($597k to $623k), the benchmark price has held steady and currently rests at $620,800.

It appears that a handful of buyers took advantage of sliding apartment prices in Murrayville during August, with sales spiking from 2 in July to 7 in August. Often when we see a jump like this it is because of a new development on the MLS, but this wasn’t the case. These were all resale units and the average days on market was 60 days. Combined with a drop in inventory, the sales to listing ratio went from under 8% in July to 37% in August. However, this blip hasn’t changed prices, which has seen a steady downward trend since April’s peak of $448,100. The current typical Murrayville apartment is valued at $429,700 (-8.0% vs August 2018).

View Murrayville Listings: Single Family | Townhome | Apartment

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Walnut Grove: Prices | Sales to Listing Ratios

For the second year in a row, single family home prices in Walnut Grove have peaked in May before declining. This year there was a sharp drop from May’s $908,300 high to $877,100 in June. Prices have held steady since then, currently sitting at $875,600. With healthy sales numbers and low inventory levels, I wouldn’t be surprised if this holds steady throughout the Fall.

Walnut Grove townhome prices continue to struggle since their peak of $523,300 in July 2018. August’s $463,400 (-6.3% since Aug 2018) benchmark price is the lowest its been since May 2017, effectively erasing the incline the market segment saw over that year. The good news for sellers is that sales are up and listings are down, putting some more pressure on buyers as the sales to listing ratio rockets up to 37.9%.

At the same time, apartment sales are basically non-existent: 1 in August. However, listings have also diminished, falling from 15 in April to now 8. Basically if you’re looking for apartments in North Langley, you’ll probably be shopping in Willoughby. The benchmark price is down to $432,500 (-7.5% vs Aug 2018), which is a $20,000 loss since April of this year.

View Walnut Grove Listings: Single Family | Townhome | Apartment

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Willoughby: Prices | Sales to Listing Ratios

Willoughby’s single family home sales have remained consistent this year, both in sales counts and prices. The current sales to listing ratio is 19.4%, representing a steady balanced market. Although prices rose from $1.005m to $1.038m from January to May, prices slid over the late Spring/early Summer to $1.022m in July. August witnessed a slight bump to $1.026m (-2.8% vs Aug 2018).

Townhome prices have more or less remained flat since early Spring, seeing a high of $522,400 in May before being hit with a 3 month downward trend. The current typical townhome is now at $513,000 (-5.7% vs Aug 2018) with sales counts falling from 46 units in July to 38 in August. A sales to listing ratio of 28.6% still suggests a sellers market, but based on the falling prices, these sales are going to sellers that are willing to get ahead of the market trend.

The Willoughby apartment market bucked a 3 month trend of diminishing sales in August, raising the sales to listing ratio from a balanced market to a sellers market of 27.8%. Benchmark prices have seen a seasonal rise and fall in 2019. After hitting a low point in January of $369,500, prices jumped to $398,800 by April. However, 4 consecutive months of small but consistent falling prices have the benchmark apartment price down at $384,900 (-6.7% vs Aug 2018).

View Willoughby Listings: Single Family | Townhome | Apartment

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Brad Richert RE/MAX Treeland Realty

Brad Richert

REALTOR | License ID: 160478

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