Fort Langley's single family homes hit an all time high in June, meanwhile the neighbourhoods attached home prices continue to climb.
Single Family Home Prices Break All Time Price Record
Fort Langley's single family homes had remained stable throughout 2019 despite the weakness of the the surrounding markets. December's benchmark price for a Fort Langley detached home was just under $1.115m. In March, this, however, started climb as the number of new listings fell but buyers still had demand for the historic neighbourhood. By June, prices had edged out the previous record set two years earlier with a benchmark price of $1.212m. However, that statistic has since corrected slightly to the $1.201-1.202m range, slightly under June 2018's peak of $1.204m.
With COVID, Fort Langley only saw 4 sales in 3 months during spring, but this jumped to 18 sales between June and August. Although there were obviously more listings to choose from, the sales to listing ratio spiked to a strong sellers market with 39% of listings selling, similar to the overall Langley market.
While the average days on market for a Fort Langley single family home floated around a month to a month and a half, this has been cut down significantly in the past few months, from 41 days in May to 20 days in July and finally 9 days in August! Keep in mind that the latest number is based on only 7 sales.
Notes on Fort Langley Attached Homes
So far there have only been 4 townhome sales in 2020 and 11 apartment sales. This really isn't enough data to make meaningful comments on this market segment. Still, this doesn't stop our board from releasing a statistical analysis of what a "typical" Fort Langley townhome and apartment sells for.
According to the records, the benchmark Fort Langley townhome is sitting at $621,600, which is up slightly from the end of spring's benchmark of $610,800, but down significantly from their May 20, 2018 record price of $690,500.
Fort Langley's typical apartment price is actually greater than it's townhome counterparts, according to the data, with a current benchmark price of $729,900 - easily the highest in Langley. However, this is down from this year's peak of $762,800 in April and July 2018's all time record benchmark price of $783,100.
Take these numbers with a grain of salt. A niche market like Fort Langley attached homes cannot easily be put into oversimplfied graphs.
Fort Langley Benchmark Sale Prices, All Housing Types, 5 Years
Fort Langley Sales to Listing Ratio, All Housing Types, 1 Year
Fort Langley Average Days on Market, All Housing Types, 1 Year