Langley Summer Real Estate Review

Following one of the craziest first quarters in history as well as a hot Spring, summer found a relative cooling period among single family homes in Langley, pushing demand down to townhomes, which escalated in pricing. Although sales fell in July, they bounced right back up in August, meanwhile active listings on the market continue to fall, frustrating many buyers in not just Langley, but the region.

Single Family Prices Stabilize in Summer

While the benchmark Langley single family homes sharply rose from $1.136m in January 2021 to $1.379m by May, the prices have since stabilized. June reached a historical peak of $1.383m, before dipping slightly in July but coming back to $1.382 million in August (+29.6% compared to August 2020). March and April had combined for a total of 423 detached home sales March and April, yet July and August, traditionally busy months in Langley, witnessed only 247 sales in those two months. This is a likely result of the lack of listings available for buyers, as there were 321-323 active detached listings in those Spring months, but only 181 by the time August hit. By comparison, there were 334 listings available in August 2020 and 443 in August 2019. These are all a far cry from back in 2008, when August would offer over 700 single family home listings. But hey, lack of inventory isn’t an issue, right?

Buyers Flock to Townhomes, Forcing Prices Up

Back in July of 2018, townhomes had previously peaked with a benchmark price of $596,200 before falling to a low of $551,600 in February 2019. It wouldn’t be until this February that Langley’s typical townhome would not just overtake the 2018 record, but blast through the $600k threshold. Townhomes started off the year at $593,200 but by August had reached a historic high of $723,100. This follows a similar pattern as in 2016: when the single family market reaches plateaus at a peak, it pushes those priced out of that market to fight for townhomes, which in turn pushes those prices up. This is what happened throughout Langley’s wild summer. August recorded 138 townhome sales despite fighting record low inventory - there were only 117 available units at the end of the month.

Apartment Prices Creep Upward, Fall Behind Townhomes

Apartments in Langley saw prices increase between January and May, but have since slowed. The typical Langley apartment was $406,100 in January, $459,100 in May, and $470,600 in June, which is the start of the summer market. By August, the typical apartment had “only” increased to $473,700. While this is the highest record benchmark price for Langley apartments, it does show the growing disparity between apartments and the other housing types. Apartment sales jumped from 127 in July to 161 in August, yet listings continued to fall from a high of 358 in April and May, to 202 in August.

Sales By Neighbourhood (All Housing Types: June-August 2021)

  1. Willoughby (544)

  2. Walnut Grove (152)

  3. Aldergrove (86)

  4. Murrayville (62)

  5. Brookswood (60)

  6. Salmon River (44)

  7. Campbell Valley (24)

  8. Fort Langley (24)

  9. Otter District (11)

  10. Glen Valley (9)

DETACHED | Hottest Neighbourhoods By Price Growth* || August 2021

  1. Otter District - $2,203,900 (+37.7%)

  2. Brookswood - $1,391,100 (+35.8%)

  3. Salmon River - $1,815,500 (+35.6%)

  4. Aldergrove - $1,002,000 (+31.1%)

  5. Campbell Valley - $2,228,800 (+30.2%)

  6. ALL LANGLEY - $1,381,800 (+29.6%)

  7. Fort Langley - $1,543,200 (+28.4%)

  8. Glen Valley - $2,009,300 (+27.7%)

  9. Willoughby - $1,407,300 (+26.9%)

  10. Walnut Grove - $1,200,600 (+22.0%)

TOWNHOMES | Hottest Neighbourhoods By Price Growth* || August 2021

  1. Aldergrove - $586,100 (+32.3%)

  2. Willoughby - $726,700 (+26.1%)

  3. ALL LANGLEY - $723,100 (+25.5%)

  4. Walnut Grove - $760,800 (+21.3%)

  5. Fort Langley - $752,000 (+21.0%)

APARTMENTS | Hottest Neighbourhoods By Price Growth* || August 2021

  1. Aldergrove - $439,400 (+29.4%)

  2. ALL LANGLEY - $473,700 (+18.2%)

  3. Willoughby - $476,000 (+18.0%)

  4. Salmon River - $453,500 (+17.6%)

  5. Walnut Grove - $529,800 (+17.3%)

  6. Fort Langley - $801,300 (+9.8%)

*All figures are HPI Benchmark Values. Benchmark values represent a “typical home” in the neighbourhood, so not all figures equate to an apples to apples comparison. The HPI Benchmark detached Brookswood home will be different than the Benchmark detached home for Willoughby.

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