The real-estate market is still wack in Chilliwack, but things have gotten crazier elsewhere.
Langley is now the “hot spot of insanity”, Adam Major, managing broker of Holywell Properties, told the Straight.
A recently sale in Langley placed the municipality to the east of Surrey at the top spot in terms of sold-to-asking-price ratio.
The transaction involved a strata property, a townhouse to be precise.
The deal was tracked by Holywell Properties’ real-estate site Zealty.ca.
Major noted that Unit 29 at 8555 209 Street in Langley was listed on March 15 for $820,000.
The one-storey townhouse with two bedrooms and two baths sold four days later on March 19.
It went for $1,320,000.
That’s exactly $500,000 over the asking price.
As Major noted, the sold price was 61 percent over the listed price, setting a new high.
Major added that the deal beats the previous record so far in 2021 for the combined markets served by the real estate boards of Greater Vancouver, Fraser Valley, and Chilliwack.
The previous record was set in Chilliwack in February this year.
The said Chilliwack deal involved a one-and-a-half-storey rancher at 46920 Second Avenue.
The two-bedroom home was listed for $425,000 on February 9.
The property sold for $650,000, or $225,000 above the list price, on February 17.
That was 53 percent above asking price, the highest in all of the Lower Mainland for the month of February.
After Langley and Chilliwack, a deal in Vancouver takes number three spot in terms of sold-to-asking-price ratio so far in 2021.
That would be 3285 Victoria Drive, a detached home near Trout Lake.
The East Vancouver property sold on February 24 for $2.6 million or 50.5 percent above the asking price of $1,728,000.
In money terms, that was $872,134 over the listed price.
Major of Holywell Properties had more to say about the Langley property, which is part of the Autumnwood townhouse complex.
“What’s crazy about this sale is that a similar townhome in the same complex sold for $712,000 only six months ago,” Major noted.
Major pointed to Unit 17, also at 8555 209 Street, which changed hands on September 23, 2020.
It is also a two-storey townhouse, with two beds and two baths.
Doing the math, Major said Unit 29 sold for a $608,000 premium or 85 percent more that Unit 17.
Although Unit 29 had some upgrades, these improvements were “nowhere near $608,000”, the realtor said.
Across Langley, 403 home sales have been recorded so far in March 2021.
Of these sales, 297 have been at full price or above asking price.
That’s 74 percent of all sales so far this month going for full price or above.
Also, it is slightly higher than the 73 percent record set by Chilliwack in February, Major said.
“It is hard to say when this roller coaster ends,” Major said about the molten-hot market in the Lower Mainland.