experts: real estate column Friday, January 09, 2004

The Year That Was - The Future That Will Be

Inventory continues to be slow in building (shortage of new listings); Demand remains strong in our market area and, yes you guessed it; Prices continue to rise in both North and West Van.

By Alan  Skinner

An article in the Jan 2nd Globe and Mail quoted a psychic, Madame Miki (as she is referred to by a virtual directory on the Internet) who expects that for 2004 "the housing market will continue to be hot, particularly in cities such as Toronto, Vancouver and Montreal, and said shes very good with real estate". I guess even without a crystal ball, I must say that I agree with Madame Miki.

Ah, yes... that oft wished for orb of future enlightenment! Last month I made some jokes at the expense of economists and here I am now attempting predictions! [a friend responded with this cute visual comment http://www.foulds2000.freeserve.co.uk/economists.htm try it!].

Here goes - Inventory continues to be slow in building (shortage of new listings); Demand remains strong in our market area and, yes you guessed it; Prices continue to rise in both North and West Van. Im even going to go further out on a limb and suggest that fewer units will change hands in 2004 than 2003, a repeat of the 02/03 reduction.

Now to our past year... Overall, in both segments (North and West) of our Northshore market we continue to stand at about of the inventory evident at the end of last year. A high demand prevailed and prices rose are we seeing a pattern? Are we highly desirable? You betcha!

Actual figures - North Van average prices are all up over last year at this time. Detached +17% , attached +13% and apartments +15%. Inventory is down detached -24%, attached -16% and apartments -24%. Number of sales for the year, mixed detached -1%, attached -10% and apartments +12% [2003 the year the condo apartment came back].

The West Van picture all average prices are up detached +17%, attached +2% and apartments +13%. Inventory generally down detached -25%, attached (virtually unchanged) and apartments -5%. Numbers of sales for the year slightly mixed detached (virtually unchanged, two more), attached -12% and apartments -5%.

Now, as we venture into the unknown of 2004, be confident, kind and courageous. Exude a positive attitude and reinforce the fact that we live in the most fantastic place on earth, with potential limited only by the inability of some to believe that the future is amazing in our neighbourhood! May it be all that you wish yourself.

Alan.

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; phone me at (604) 988-7368 or visit www.AlanSkinner.com.

Your questions regarding the market, your decisions, contemplations, opinions of my musings, are all welcomed via that medium (or by phone) hey, pop-in and say "Hi" to me at an open house I'd love to see you.




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Recent Articles by this columnist:

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Yes, it's official - demand is rising
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