48-NV - North Shore News — Friday, March 31, 2000 north shore news REAL ESTATE Supply determines prices | From page 3 price and one sold for more than asking price. So by this criteria, the Kitsilano /Point Grey market does appear to be a dite “tighter” than the Nortit Shore markets. But what in fact does it mean if homes are selling, at or above asking price in a partic- ular market? Well it suggests thar demand and supply are somewhat out of balance -- either because there has been particularly strong demand or because there is a shortage of listings. West Vancouver seems to have a reasonable balance -beoween demand and supply. North Vancouver appears to have more of an imbalance, probably as result of a chronic shortage of listings Another way to measure the balance betwzen demand and supply is to look at the differences between asking price and selling price in Be different markets. For a sam- ple of 20 hones that sold in the Kitsilano/Point Grey area, the average asking price was $550,000 and the average selling price was $538,090. This represents a difference of $12,000 or 2.2%. For West Vancouver, a sim- ilar sample had an av erage ask- ing price of $655,000 and an average selling price of $628,CO00. This is a difference of $27,000 or 4.1%. A sample of recent sales of North Vancouver homes had erage asking price of $417,000 and an average sell- ing price of $409,000, a dif- 000 of 1.9%. asure, the North Vancouver market has been tighter than che ane/Point Grev market, although in reality at 1.9% and 2 2% they are really veev close. : istics should be of interest to buyers and sell- ers, nor only because they provide a measure of the demand and supply situations 1S. s can be useful in negotiations for the sale of a home. Ifa buyer making an offer knows by how much selling prices have been deviat- ing from asking prices in the market then she will have ap idea of how much she migit have to pay for the home Simiiarly if the seller has shis information then he can also plan his negotiating strategy accordingly. In the sample of home sales that we looked at for the West Vancouver market, we saw that homes have been sell- ing, on, average, for 4% less than asking price. In terms of range, the heme at one end of the sample sold tor 6.8% below asking price and at the other end the home sold for exactly asking price. In North Vancouver, where on average the homes in the sample sold for 1.9% below asking price, at one end ofthe range the keine sold tor 2.9% below asking price and at the gthes the heine sald tor JON SURBESES a home wr obaty nto have to pay closer to asning price than vou iti ‘ancouver, {you are the sell- : : probably going, more flexible inne For March sales rpents and townhor orth Vancouver, the average asking price was $222,000 and the average selling price $204,000 for a difference of $18 600 (8%). In West Vancouver the average asking price was $313,600 and the average selling price was $306,400, a difference of $7,200 (2.3%). If you are interested in sta- tistics like these for more spe- cific areas and price ranges they are available from the Real Estate Board. You should be able to get them through your real estate agent or if you don’t have one you can send me an e-mail or give me a call and ! could get them for you. 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