ecoeoeoaoe 3a MARCH sales figures from the Real Estate Board confirm that the North Shore hous- ing market had its sec- ond strong month in a row. Sales were up in all hous- ing categories and quite dra- matically in some of them. For North Vancouver detached resale homes, March total safes came in at $41.9 million, up 11% over February and "23% above March 1998. In the North Vancouver graph below, showing monthly dollar sales for the last three years, the last two months appear to herald a turnaround ina market that has been declining for two years. Furthermore, while demand is up in this market, supply is quite tight. There were only 349 active listings at the end of March, 29% below last year at this time. There is already some evidence that prices are firming up under this com- bination of strong demand and relatively tight supply. The surge in sales has been even more dramatic for Tolal Sales ($M) Total Sates North Vancouver Detached Mar96 Sep-96 Mar$7 Sep96 Mar-98 Sep-34 Msr-99 North Vancouver resale attached homes. March sales were up 30% over February and were 35% higher than last March. However, active listings were up 9% in March to a eeeoeseeeer eos eooneeocaneeseeeesneeene level 6% over last March so there shouldn't be mach pressure on prices in this market. Demand for North Vancouver resale apartments is also up but not as dramat- ically. March sales were up 6% over February to a level 3% over last March. Totat Sal West Valicouver Butached 1 zt Mare Sen-96 Maer Sap 96 Mar98 Seo-98 war 99 However the number of active listings of apartments is near historic highs so it is stil basically a buyers’ mar- ket. As you ean see from the graph above, saies in West Vancouver have also taken a healthy jump with March sales for resale detached homes toral- ing $35.9 million tor the month, This was an increase of $7% over February, although the figure was still 2% below last March’s tig- ures, This market was partic- ularly weak at the end of last year, so for sell- ers (and agents) this is a welcome turnaround. Thers were 406 active listings of resale detached homes in West Vancouver at the end of March, which is around the historical While this across the board surge in sales will be welcomed by many, fF dan? think it is the start of a boom market. To a certain extent tt appears te be made up of postponed January purehas cs on top ot the jump in sales that we usually see int February and March. (As you can see from the graphs, January sales were particu- larly low this year.) In tact, coral first quarter sales (January, February, average, Vheretore we would expect prices to hold more or fess steady in this market. The demand for West Vancouver resale apartntents was even stronger in March. Total sales were $5.2 mil tion, up 53% over February and 27% higher than last Mareh. The number of apart- ments on the market was up slightly from February but still 2% below ast March’s level so we can expect prices to continue to be firm, Friday. April 16, 1999 — North Shore News - 63 i€S are Up but temper your opti Marebs were actuailiv lower in 1999 than in 1998 for both West Van detached homes ¢ 25% and North Van apartments (13%, First quarter sales were higher in 1999 for North Van detached homes (410%), attached homes (404%) and West Van apart: ments (46%) The other reason for restraining Our optimism is that the cconomic funda- mentals required tora boom in real estate are currently @eseesoeeceseeceneeoevsee coseustreoaeeeneeoceaneeescvsen sears ecevee mism natin phice in BC Despite all thas, there does appear to be some renewed life in the North shore real estate market and we will all be cagerly watch: ing tor signs as to which direction it will be taking NONE, o> Trent Appeibe isan rconemist and a real estate agent with Sniten Gronp- West Const Realty. He can be reached at 838-7822 or by e- mui via his Web site at emir damervancauver.cants, Artistic instruction NEWFOUNDLAND artist Anne Meredith Barry is one of the patrons supporting the North Shore's Artists for Kids Trust, a program designed to build a legacy for arts programs for North Shore. children. She recently helped 88 children from North and West Vancouver take part in a printmaking workshop. EEE DERE Pe nga ee a eT NEWS photo Mike Wakefisid CRE EEN Feature Listing 4619 Headland Dr. AT A GLANCE ... Peer eee rere rrr irr rr rirerrrre rity! ADDRESS: 4619 Headland Dr. eecteneee seeren LOT SIZE: 22,000 sq. ft. errr err errertrirerirry INTERIOR SIZE: 4386 sq. ft. 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