Aldergrove Real Estate Market Update August 2014

Introduction:

At Mitten Real Estate Team we are pleased to bring you our latest blog article: an update on the Aldergrove real estate market perfomance in August 2014 v.s August 2013.  This article was complied as part of our ongoing market research as a service to our clients and potential clients.

Community Information.

Aldergrove is located in the south east side of Langley (see the map below).

 

 

Aldergrove is one of the older communities in Langley.  In the 1870’s Gold Miners and farmers began to settle in the area, it was named Aldergrove because of all the Alder trees in the area.  In 1914 the Aldergrove post office opened, in the 1920’s the first store opened and in the 1930’s the community was connected to electricity.Aldergrove saw a fair bit of growth in the 1950-1970’s and continues to see growth to the present.  Today Aldergrove has a population of 12,778 people.

 

Aldergrove 1958 cira

 

Aldergrove has a number of shops and amenities along and near Fraser Highway that runs through it.  Some of the recreation facilities include various Althletic parks and an ice arena.

 

Aldergrove Ice Arena

 

In Addition to the parks and the ice arena Aldergrove also has the Greater Vancouver Zoo nearby.

 

The Greater Vancouver Zoo.

 

Aldergrove has a number of housing options, single family detached homes make up the largest portion but there are also a number of apartments and townhomes in the area and even a few acreages.

 

Single family Detached Homes.

During August 2014 there were 11 sales of single family detached homes in Aldergrove compared to 7 sales in August 2013.  Single family detached homes in Aldergrove saw a 3.5% increase in prices while the average days on the market required to sell dropped 18.9% to 36.27 days.

 

From this Data it would seem to suggest that the market for Single Detached Homes in Aldergrove is Strengthening with a modest increase in prices, increased sales activity and a reduction in the average time required to sell.

Townhomes

During August 2014 there were 3 sales of townhomes in Aldergrove, this was up from 2 sales that took place in August 2013.  Townhomes saw a 2.18% decrease in price however the average time required to sell dropped from 97.5 days to only 48 days. 

 

 

 

This data suggests that while prices of Aldergrove townhomes dropped slightly during the last year the market is moving toward equilibrium with a reduction of the days required to sell and an increase in sales activity.

Apartments

During August 2014 there were no sales of Apartments in Aldergrove, additionally there were no sales of Aldergrove apartments in August 2013 either.  In total there have been only 10 sales of Apartments in Aldergrove in the last 13+ months.  Although we have not enough data to say much about the market it would seem this segment of the Aldergrove market is in tough shape, with the likely cause of the very low sales volume being a sort of ‘stand-off’ between buyers and sellers over price.

Active Listings:

As of August 28, 2014 there were a total of 77 Active listings for sale in Aldergrove, with 26 being new listings.  There was one acreage listed.  There were 43 single family detached homes listed with 18 being new listings.  The average asking price of single family detached homes was $484,150 and the price range was from $249,900 to 1,049,000 with the listings having spent an average of 49 days on the market.  There were 23 Townhomes for sale in Aldergrove with 5 being new listings.  The average asking price was $244,880, they ranged in price from $157,000 to $349,000 and have spent an average of 81 days on the market.  There were 10 apartments for sale in Aldergrove with 3 being new listings.  The average asking price was $164,700 and the price range was $145,000 to $189,900 with the average time spent on the market being 93 days.

 

Conclusion

As we have seen in other areas, the market is in Aldergrove varies quite a bit based on the market segment.  The Market for Single family detached homes is strengthening with modest price gains, increased sales and a reduction in the time required to sell compared to a year ago.  The market for Aldergrove townhomes has seen a small deduction in prices, however there has also been an increase in sales volume and a reduction in the time required to sell suggesting that this market segment is moving towards equilibrium if all other factors stay the same.  The market for apartments in Aldergrove could not be analyzed due to a lack of sales.  However, this suggests that buyers and sellers are not coming to terms on prices meaning the market may need to see some price reductions before sales volumes start to increase.