Demolition and reconstruction work is underway at the former Murrayville Elementary, where the heritage school will be transformed into condos and townhomes built on the remainder of the site. (Matthew Claxton/Langley Advance Times)

Number of homes for sale in Langley swells as prices decline

The slow market continued into May, though single family home sales stabilized somewhat

Home sales were up across the Fraser Valley in May, though the market is still moving much slower than a few years ago.

Single family homes are still taking the brunt of the real estate slowdown that started in the spring of last year and continued through to this year.

However, there was an uptick in home sales in May compared to April across the region, noted Fraser Valley Real Estate Board president Darin Germyn.

“We’re seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection,” Germyn said. “It’s been four years since buyers had this much choice in the Fraser Valley.”

Detached home sales remain well down from the frantic buying spree that peaked in 2016 and continued into 2017.

In total across the region, there were 8,506 homes of all types available, a 26.3 per cent jump from May of 2018, and an 8.1 per cent increase from April.

There were 562 sales of single-family homes, down 14.6 per cent year-over-year.

The benchmark price for single family homes remained just below $1 million, at $964,200, down 5.9 per cent from May 2018.

Townhouse sales were closer to last year’s total, at 407 this May compared to 417 in 2018, down just 2.4 per cent, and 396 condos sold compared to 516 in 2018, down 23.3 per cent.

Benchmark prices for townhouses dropped 5.9 per cent, to $522,500, while condos dropped farther, to $416,800, an eight per cent decline.

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