Home sales in Langley saw an uptick in May compared to a month earlier, but sales here and across the region were still much lower than the 10-year average, and prices dipped slightly.
According to Fraser Valley Real Estate Board (FVREB) monthly data, sales across the region from North Delta to Abbotsford were up 13 per cent in May compared to April. But they were still 22 per cent below sales seen in May 2024, and a full 36 per cent below the 10-year sales average.
"High inventory in the Fraser Valley is giving buyers more choice, but it also means sellers are facing more competition," said Tore Jacobson, the FVREB chair.
Homes priced "appropriately" for the current buyers market are selling, while other sellers are choosing to stand firm on their price and wait.
Langley was fairly typical of its neighbours, with every home category seeing lower sales numbers year-over-year.
In May, 74 single-family homes changed hands in Langley, down 42.6 per cent from the same month a year ago, but up 10.4 per cent from April.
There were 75 townhouses sold, 13.8 per cent lower than in May 2024, and just 1.3 per cent lower than in April.
Condos saw the most sales, with 87 selling, down 11.2 per cent year-over-year, but up 14.5 per cent from April's numbers.
Prices across all three housing categories were slightly lower than last year.
The benchmark price of a detached home was $1,632,100, down 1.1 per cent year-over-year, townhouses were going for $863,600, a 1.2 per cent decline, and condos were selling for $605,300, a dip of 2.3 per cent.
The benchmark price is the average price of a "typical" home of its type. Notably, the median and average price of homes that actually sold in Langley in May were significantly lower than the benchmark price, suggesting that sales are healthier for smaller or lower-priced homes.
The average price of a detached home sold in May was $1,481,471, down 8.6 per cent year-over-year, average townhouse prices were $831,027, down six per cent, and average condo sale prices were $562,679, down 5.8 per cent.
While sales remained in a slump, more and more homeowners were looking to sell.
The number of single-family homes listed for sale in Langley in May hit 583, a 34.6 per cent increase over May 2024, there were 349 townhouses, a 43 per cent jump, and 487 condos, a 29.2 per cent increase.
