September home sales in Langley jumped sharply compared to a year ago, according to statistics released Oct. 3 by the Fraser Valley Real Estate Board.
The FVREB’s monthly report showed that 286 residential properties changed hands in September this year, compared to 215 in the same month in 2016.
There were 110 sales of detached houses, a 20.9 per cent increase year-over-year, 94 townhouses for a 42.4 per cent increase, and 82 condos, for a 41.4 per cent increase.
The prices of all three types of housing remain considerably higher than they were a year ago, though little changed from August.
The average price of a single family home in Langley remains just above $1 million. The benchmark price – the price the FVREB calculates is average for a “typical” home – is $999,800.
The average price for a townhouse is $558,309, and the benchmark is $465,200.
Condos are selling for an average price of $337,509, while the benchmark rate is actually higher, at $368,500.
The average home price is up 12.7 per cent year over year, the average townhouse price up 26.8 per cent, and the average condo price up 22.8 per cent.
Across the region, which runs from North Delta to Abbotsford and Mission, September sales were 24.1 per cent higher than in the same month in 2016.
“Often we see summer demand continue as far as October, so it’s not unusual to have another strong month before the seasonal cool down,” said FVREB board president Gopal Sahota. “What’s unusual this year is that attached inventory sales are still driving the market despite the increased competition we’re seeing there.”
He said that attached houses are returning to a “balanced” market, with prices remaining stable and listings staying on the market longer, for 29 days on average. But condos sell in an average of 19 days, and townhouses in 18 days.