TOWNSHIP & CITY OF LANGLEY MARKET UPDATE

The Langley market experienced a bit of a statistical departure in July from the rest of the Fraser Valley, with two housing types - detached and apartments - holding steady, and one - townhomes - actually seeing an increase in value midway through summer.

Detached Homes

Based on 298 July sales in the Langleys (down slightly from 301 in June), the benchmark detached home value fell slightly from $1,637,500 to $1,635,100. July’s benchmark figure is an increase of +1.0% over this time last year. Detached home and homes with acreages represented 29.2% of sales in July. The sales to listing ratio fell from 21% in June to 16.1%, the lowest its been since December 2023. This represents 4.6 months worth of inventory and is considered buy most thresholds as a “buyers market”. The number of active detached home listings reached 477 at the end of the month, which is the highest we’ve seen since June 2019 (487).

Townhomes

After two months of declining sales for Langley’s townhomes, July actually saw a sharp spike to 106 sales (up from 86 in June). This helped boost the benchmark price from $872,600 to $878,900, which represents an increase of +2.9% vs last July. Unlike the detached home market, the sales to listing ratio rose solidly in sellers’ favour, from 32.1% in June to 41.9% in July (or 2.4 months of inventory). The average sales price jumped to $907,165 in July, which when compared with the benchmark price, suggests that townhomes on the higher end of the market is what is selling. This is likely due to larger townhomes being the natural replacement for detached homes. Townhomes represent almost 36% of all Langley sales, which is the largest market segment.

Apartment

Langley’s apartment market has been stagnant since around March, when the benchmark price jumped from around $610,000 to $620,000. Since then, the benchmark value as floated between $618,000 and $620,000. July’s $618,300 value is +1.2% more than 12 months earlier. The number of sales declined from 104 in June to 95 in July, while the number of total listings remained steady at 397. This caused the sales to listing ratio to fall from 26.1% to 23.9%, or 4.2 months of inventory, which is considered a weak sellers market. The average price per square foot for Langley apartments remains stable at $687. Broken down into Langley’s two largest apartment markets, the average price per square foot in Willoughby is $728 (-1.5% vs 2023) and $629 in Langley City (+9.0% v 2023). Apartments represent almost 32% of all sales in Langley.