Strong demand and low inventory for Murrayville's single family homes see prices rise, hold steady, whereas townhome value fall and apartments experience a late summer recovery.
Murrayville Detached Homes Begin Slow Climb, Show Strong Demand
After weather the storm of 2019 fairly unscathed, Murrayville experienced massive price increases in Spring, jumping from a benchmark value of $1.051m in February to $1.101m in March. This may have been a statistical correction, as prices remained flat throughout the spring, despite high demand and low supply. In June, the benchmark price was just under $1.1m and rounded out summer at a benchmark value of $1.111m, +8.3% since this time last year. July's 2020 peak of $1.114m is actually the highest benchmark value we've seen since the all time record of $1.375m in August 2018.
Murrayville found 25 sales over the 3 summer months, which is significantly more than the 11 sales during the same time last year, but under the 32 sales of summer 2017. However, my hunch is that there may have been significantly more sales if there was more inventory available for buyers. Although June and August showed 16-18 properties for sale, July only had 13 active listings, with only 6 of those being new listings.
Obviously with such low inventory and strong demand, the sales to listing ratios will provide proof of a sellers market, ranging from 43% to 69% of available listings selling each month.
Murrayville Townhomes Flatten Out
Although COVID-19 led to a pause in the spring market, with only 13 sales in 3 months back in March-May, the number of townhome sales came back in a storm with 32 sales between June and August. Although the number of listings available didn't really change, floating from 18-19 available at any given month, prices did not rise. In fact, they fell. Not hard, mind you.
June had the second strongest benchmark value in 2020 at $632,600 for your typical Murrayville townhome, but prices have fallen slightly twice since then, resting at $628,800 in August. This is an increase of +2.3% since this time last year and still a significant devaluation from the 2018 peak of $680,400. While the trend is not positive during a time that the market has been hot, there is still the likelihood that fallout from single family home increases will seap down to townhomes in the coming months and more buyers are pushed out of the single family home market.
The sales to listing ratio for Murrayville's townhomes suggest that prices should be increasing, not decreasing. However, they did fall from 62-68% in early summer to 33% in August. Although the average days on market has decreased from 28 in June to 19 in August, this does suggest that sellers need to stay realistically competitive with their pricing or else buyers are simply going elsewhere.
Apartment Prices Dip in Early Summer, Recover in August
After 3 months of falling apartment prices in Murrayville, there was some good news in August. Winter and spring had been very good for this market segment, seeing prices rise from $420,100 in November 2019 to a peak of $451,900 in April - the highest it's been since September 2018. However, prices trended cautiously downward through summer, to $443,800 in July before rebouding to $449,100 in August.
Murrayville only at 11 sales in spring, including the 0 sales in the month of April - the same month it recorded 2020's annual high. How does that work? Honestly, don't ask me. Benchmark figures are based on an algorithm that breaks down without enough data and I certainly believe this to be the case here. Either way, Murrayville apartments accomplished 20 sales in the 3 summer months, meanwhile the number of active listing fell, which equated to a strong supple/demand ratio in July (56%) and August (35%).
However, the average days on market for sold properties is among the highest in Langley, at 57 days, which has been increasing with each month.
Murrayville Benchmark Sale Prices, All Housing Types, 5 Years
Murrayville Sales to Listing Ratio, All Housing Types, 1 Year
Murrayville Average Days on Market, All Housing Types, 1 Year