Doug, Bonnie & David Mitten
The Mitten Real Estate Team
(604) 533-3231 // dbmitten@mitten-realty-services.com

Committed to going the extra mile and ensuring that all of your needs are successfully met in a professional and honest manner. For Service and Commitment, let me help guide you with your next purchase or sale.

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

Historic Fort Langley


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 

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.



Fort Langley Acreages


Single Family Detached Homes:


Fort Langley Home Sales Sept 2014


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:


Fort Langley Townhome Sales September 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:


Apartment sales Sept 2014 Fort Langley

 

Active Listings:

There are currently 62 Homes of all types for sale in Fort Langley, with 26 being new listings that have been on thae market 30 days or less. detached Homes and acreages make up the majority of the listing.  The chart below summarizes the homes for sale in Fort Langley by type:

Fort Langley Homes for Sale 2014

Conclusion:

To Conclude both the songle family homes and the market for acreages has seen strong gains in the last year.  In the single family segment the price increases have been accompanied by a decrease in the time required to sell which suggests that strong demand may lead to some increase in prices if all other factor stay the same.  In the acreages the price increase seen in the last year have resulted in the time to sell incresing suggesting that prices may stay even near term if all other factors stay the same.  Due to a lack of market history we can not fully analyze the apartment sales in Fort Langley however due to thier limited supply in the area and the fact that they are selling fairly quickly it would seem that this market segment is also healthly.  Townhomes have not sold quite as quickly however those in desirable locations seem to have a strong demand. The attached residential market is an area we will continue to monior and try to bring you an update in a future article.
 
As alway if you have any questions about this article or any other real estate realted question we would be happy to assist you.  We can be contacted through this website or you can call us directly at 604-882-8384 we would love to hear from you.
 
Sincerely,
 
Doug, Bonnie and David Mitten
(Mitten Real Estate Team)



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