SALES figures frora the Greater Vancouver Real Estate Board indicate that June wes another good month for the North Shore housing market. As a result of strong soles and relatively tight supply, we are seeing significant upward pressure im prices in certain markets, The hottest market on the North Skere right now is _ North Vancouver detached resile homes. As you can see ‘from the accompanying Bra total sales jumped 1g Erp month, this tine toa level 32% above last June. Van detached homes is starting to translate into increased Prices. Sales for North Vancouver attached resale homes were also strong with the total for June up an incredible 74% over ast June. This market has also bro- ken ont of its 1998 slump and has quickly returned to 1996. Total Sales North Vancouver Detached Jun-o7 . “This: market has exceeded almost everyone’s expectations, ~ as it has quickly climbed from _Sdast year’s depressed levels back . up:to the: psalthy volumes of +1996... Meanwhile | supply . ‘remains quite: tight, with only ” 375 active listings at the end of ‘June, down slightly.ffom last’ month and down 22% from last: June:! ‘It appears that this situa- “tion of strong demand and rel-° atively. ett supply. for North’ Bec-97 Jusi-68 Dec-98 Jun-99 itevels. However, the supply side is ite a different story. At the, of June: there were 136 ative listings as compared’ to the three year average of only about 100. The result of this is "thar the: stronger demand has: stabilized prices .after. the decreases of last’ year, bur the large number of units for sale is ‘keeping them from going up. (If-you.want to see graphs of. this, © or of any of the other North Shore markets go to or contact me). The situation for North Van apartments is similar, although the glut in supply is even more pronounced. Sales were up a very strong 45% over last June although they still have a way to go to get back to the levels we saw in 1996. However on the supply side, there were 330 resale units for sale at the end of June which is the highest we’ve seez in years. On top of that there are 224 new units on the market as compared to S2 at the end of June last year. As a result, prices rcrain weak in this market. Moving over to West Vancouver, it was another good month for sales of cletached resale homes, As you can see from the accompanying chart, four consecutive months of stronger sales has reversed the three year slide that this market went through. Sales are not back to 1996 levels as they are in North Van, but clearly there has been a sig- nificant recovery in demand. On the supply side, there were 451 active listings at the end of June — which is fiirly high by historical standards, stronger demand in this sector has helped stabilize prices but the plentifid supply has kept them from increasing. Finally we look at West Vancouver apartments = — which is kind ofa scary markct, at least if you are a buyer. Total: sacs came in at $6.3 million which is the strongest neonth we've seen since August 1997. On the supply side there were only 78 active listings of resale apartments at the end of June, _well below the historical’ aver- age. To make things even The - worse, there were only 14 new units for sale at the end of June as conipared to 18 fast year. The scary part is that this stronger demand is reacting with the ight supply to pro- duce significant upward pres- sure on prices. If this situation persists we could sce donble digit increases in apartment prices over the next year. — Trent Appelbe is an econ- omat and a real estate agent with Sutton Group ~ West Coast Realty. Telephone: 988-4797. TOTAL SALES (541 8 8 8 oA f=) Friday, July 16, 1999 ~ North Shore News - 47 er monins Total Sales West Vancscuver Detached Jun-97 Dec-87 Jun-98 Dec-S8 wun-98 CHECK out the views from Deerfield b; yy the Sea—ths newest pha: ! Weods project in Doilarton —— at-its grand opening this weakend.-Visiters ‘ai invited to tour the new baliding from 12-5 p.m. duly 7 and AD RESS: 6033 Gleneagles Close CPO oe eee Tae ROee Deere eseEeRDEEoeeTISETaO® LOT SIZE: 9000 sq.ft. saceesecraosaes INTERIOR SIZE: 3915 SO. FT. appr NUMBER OF BEDROOMS. Poererenee a soesesarcceseesescoresesesenneee NUMBER OF FLOORS: 2 AUP OCO CHRO OSE EOE NEESER HOES HT HDOEEEDELOEOE® AGE: 3 years DOC N eee eee OE MENA RODE DOMES HE HELOEOSEES EIR ASKING PRICE: $918,000 STING AGENT: Dave Watt, 926-6011 rr errr rrr SPECIAL FEATURES: Media room (sound sac, the proof), surround sound 8.5° screen Knoii prcjector. Elegant Family Residence — Truly special, features 9.5’ main floor ceilings, 8’ doors, wood windows, French doors, 5 ~ zone radiant heated floors, 3 of “4 bedrooms ensuite, : home. theatre, ‘in an exclusive cul-de- this nearly new ‘house in- located just 2: blocks fram... beach. upper floor with multi- purpose bonus; quest- /play room. Very sunny property. Walk to Glen- eagles Golf Course. | Versatile.