experts: real estate column Friday, July 14, 2000

NORTH VAN NUMBERS DOWN, WEST VAN NUMBERS UP

West Van is ?flavour of the past six months?, with an amazing 30% increase in the number of detached homes sold over the same six months last year. Average prices of these homes have increased by 20% but may now be levelling off with inventory increasing slightly.

By Alan  Skinner

Townhome prices are slightly up but condo apartments are 27% higher. Numbers of sales within these two categories are somewhat static however.

The North Van situation is a different story. All categories of housing are showing lesser sales (especially townhomes down 32%, apartments down 22%, detached down 6%) however all categories evidence higher average prices on a year over year basis. Inventories of both detached and attached have climbed by 11% and 6 % respectively.

The Vancouver Sun (July 6th) ran a headline which stated ?Housing Sales Plunge 15 per cent in June? - a statement which confirms the overall drop in numbers for Greater Vancouver, but, on its own implies a ?falling? market - 'plunge' is such an evocative word. The article however then goes on to state that average prices are up 6% across the board. A Real Estate commentator is quoted as saying ?It is the healthiest market we can ask for? and then ?It is not investors or speculators driving the market, it?s [local] people with jobs buying a home to live in?. The only price declines recorded have been in South Burnaby, New Westminster, Maple Ridge, Port Coquitlam and Richmond. All in all, the North Shore is not faring badly (especially West Van of late). We are still a higher than average ?location of desirability?.

Putting all this together - a reasonable level of demand still exists but there is no guarantee that you will sell your home in the short term at what you may have paid for it in the past few years. The bottom seems to have been established and, now that we are in the second half of the year, I feel some confidence in predicting that early 2001 will see the beginning of a more solid, and, yes, more inflationary period price wise.

Please don?t hesitate to call/e-mail with any questions on local real estate, whether buying, selling or just looking at future options.

Alan is the host of ?The Real Estate Show? (a Media Mentors? production) heard every Sunday between 2 and 3 pm on CFUN AM 1410 (?Talk with Attitude?) - Listen in Phone in with your questions!




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Related Links:

http://www.alanskinner.com/

http://www.cfun.com/realestateshow.htm

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