Fort Langley Market Update September 2014

Introduction:

This week at Mitten Real Estate Team we are pleased to bring you a market update on Fort Langley.  This article was created as part of our ongoing market research and we hope it will be informative to both our current and prospective clients.  If you have any questions please feel free to ask!

Community Description:

Fort Langley is Langley's oldest community and is the Birth Place of British Columbia were the original decloration creating british columbia as a british colony was signed.  For a short Time it was also the capital of the new territory.  The Current Fort is about 4km up stream from the orriginal location.

Fort Langley National Historic Site

Present Day Fort Langley is a unique community that maintains its 'small town' feel and combines it with beautiful scenery and views of the Fraser river.  Building codes have also encouraged the area to have a unique heritage look.  In addition Fort Langley is host to several interesting festivals each year as well as weekly farmers markets for most of the year making it a truly unique place to live.

Fort Langley Hall 

Acreages:

During September 2014 Ther were 2 sales of acreages which was up from 1 sale in september 2013. The prices increased 8.4% for acreages in Fort Langle which is strong increase however the average days on the market required to sell saw a notable increase.  Thus is would seem that although prices have risen that they may level off somewhat near term based on this data.

Single Family Detached Homes:

In september there were 2 sales of single family detached homes in Fort Langley, which was down compared to 4 sales in September 2013.  However prices increased 6.33% from one year ago, additionally the days on the market required to sell also saw a notable decrease.  This data would suggest to us that although prices saw a solid increase over the last year if other factors stay the same prices mat continue to increase in ths segment as demand for this type of homes is strong and supply continues to be limited leading to price increases.

Townhomes:

Townhomes are still a fairly small market segment in Fort Langley, most of the townhomes are part of the 'New'  'Bedford Landing' area of the fort.  Unfortunatly there were no sales of townhomes in september 2013 which meant we could not analyze current market compared to one year ago.  However in the chart below is a summary of the market activity in the segment for Seotember 2014:

Apartments:

Apartments are still a fairly small market segment in Fort Langley, most of the Apartments are part of the 'New'  'Bedford Landing' area of the fort.  Unfortunatly there were no sales of townhomes in September 2013 which meant we could not analyze current market compared to one year ago.  However in the chart below is a summary of the market activity in the segment for Seotember 2014: