experts: real estate column Wednesday, September 04, 2002

A beautiful summer breaking a billion

As summer wanes, August results continue to evidence increased average prices in all segments of each of the North Shore areas.

By Alan  Skinner

As summer wanes, August results continue to evidence increased average prices in all segments of each of the North Shore areas. This is the first time this year that all have come "on board"; W/Van detached being the last to do so.

Now that we have eight months under our belts, I thought it would be of interest to see just how much money has been spent on Real Estate on the North Shore and compare it to 2001. Well, the total to date is $1,246 billion versus $915 million or an increase of 36%, (an extra $331 million). Seems that 2002 may top 2001 by some Ĺ billion dollars (hope Iím not sounding too much like Austin Powers!), anyway, itís a fair "chunk of change". Depression/ recession? ..... not on our North Shore and certainly not in Real Estate.

We know by now that all segments are showing greater numbers of sales. The total has gone from 2216 ('01) to 2936 ('02) up approx 1/3, representing another 90 homes sold each month since the beginning of 2002. How many ways are there to say "active"? Are we now convinced of the faith property owners and wannabe property owners have in the North Shore? I guess we should be!

Specifics are: N/Van average prices for detached, townhomes and apartments up year over year by 8%, 8% and 10% respectively. The actual number of sales is still markedly up Aug 01/Aug 02 year to date ≠ viz. detached 15%, townhomes 25% and apartments 69%. Inventory remains down from last year ≠ detached 29%, townhomes 32% and apartments 39%.

West Van average prices up; in the case of detached by 1%, townhomes by 9% and apartments by 16%. Inventory, a similar downward trend to N/Van ≠ detached 10%, townhomes 6% and apartments 9%.

N.B. I always use "year to date" figures for average prices and not just the isolated month over month (e.g. Aug '01 vs Aug '02), as the accumulation of the year is a more meaningful comparison.

I remain currently available to represent select sellers and buyers. Please feel free to "interview" me by visiting my website (AlanSkinner.com) - then call for a face-to-face meeting at (604-988-7368). I look forward to meeting you.

Please join the group subscribing to the e-mail version of this "update" - send a request now to northshore@canada.com and you'll be assured receipt.




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