Langley City Market Trends February 2013

Positive signs Fraser Valley housing market is starting to move.


SURREY, BC – Sales on Fraser Valley’s Multiple Listing Service® (MLS®) in February experienced a typical ‘early
spring’ surge, increasing by 48 per cent in one month going from 617 sales in January to 913 last month. However year‐over‐year, they reflect a decrease of 28 per cent compared to the 1,269 sales processed in February 2012. Since last September, home sales have idled at levels last seen in the early 2000s.
Based on February’s increase in activity, Ron Todson, President of the Board, is guardedly optimistic, “We’re seeing signals that the stand‐off between buyers and sellers over the last six months is coming to an end.
“Business has picked up in the last month with increased traffic at open houses, sellers quicker to accept offers and homes selling on average two weeks faster than they did in January.”
Todson adds that tightening inventory has also had an effect, “When buyers see that their selection is diminishing
they’re more motivated to act.” The Board posted 2,582 new listings last month, a decrease of 9 per cent
compared to the 2,846 posted during February last year pushing the total number of active listings down by 1.6
per cent compared to 2012.
“As your REALTOR® will explain, each market is different. Right now, the market for detached homes is balanced in North Delta and Langley. The condo market is brisk in Abbotsford and Central Surrey and townhome sales are
steady in North and Central Surrey as well as Cloverdale.
“One commonality amongst these areas and property types is greater affordability. What’s not doing well
generally anywhere in the Fraser Valley is sales of higher‐end homes unless they are priced competitively.”
In February, the benchmark price of single family detached homes in the Fraser Valley was $540,900, an increase
of 0.7 per cent compared to $537,200 during the same month last year. For townhouses, the benchmark price was $296,700, a decrease of 1.3 per cent compared to $300,500 in February 2012 and the benchmark price of
apartments was $202,500, an increase of 1.5 per cent compared to $199,500 in February 2012.
In February, it took on average 49 days to sell a detached home compared to 64 days in January. Townhomes took 60 days on average to sell compared to 72 days the month before and apartments spent an average of 66 days on the market in February compared to 83 days in January.

 

Langley City

 

Townhouses:

 

The Benchmark price for a typical townhouse was $257,400. Down $15,000 from last month.

There were2 reported sale compared to 7 in the previous month. Average selling time was74 days on market.

This months sale prices reflect a drop of 1.77% compared to 6 months ago, up 5.03% from 3 years ago and up 2.64% from 5 years ago.

 

Apartments:

 

The Benchmark price for a typical Apartment was $219,600. Up $9,900 from last month.

There were 19 reported sales compared to 26 the previous month. Average selling time was 74 days on market.

This months sale prices reflect a .27% drop compared to 6 months ago but up4.99% from 3 years ago and down .41% from 5 years ago.

 

One Storey Detached:


The Benchmark price for a typical one storey home was $438,100. Down $2,700 from last month.

There were 8 reported sales compared to11 the previous month. Average selling time was 35 days on market.

This months sale prices reflect a 2.34% drop compared to 6 months ago, a .14% increase from 3 years ago and a .85% increase from 5 years ago

 

Two Storey Detached:

 

The Benchmark price for a typical 2 storey home was $474,400.  Down $1,700 from last month.

There were 3reported sales compared to 5 the previous month. Average selling time was 54 days on market.

This months sale prices reflect a 5.42% drop compared to 6 months ago, a 1.38% drop from 3 years ago and a 3.34% drop from 5 years ago.

 

The Benchmark price represents the price of a typical property within each market.

 

 


 

 

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