IE you are buying or
selling a home, it is
important to know the
demand and supply situ-
ation for the type of
home you are dealing
with,

if you are a buyer and you
know that the market is tight
with few houses for sale, you
are going to have to be ready
to move fast if you sce a house

‘ou like and you will probably

ave to pay close to asking

price for it.
.. On the other hand if there
are a lor of houses on the mar-
ket and they aren’t moving
very fast then you can take
your time and you have a bet-
“ter chance of getting-a house
for a lower price,

Converseiy if you are seller
‘in a tight market you can usu-
ally ask a good price and hold
out until you get an offer very
close to it.
‘+. But if there are a lor of
other listings out: there chen
you are going to have to be
more flexible in your dealings.
“In fact if the market is sarurat-
éd with homes that aren’t
‘moving, you may not want to
Hist at all, but rather hold off
“until it becomes a better mar-
ket for sellers.
“In this column two weeks
- Migo'we talked about the
“demand and supply situation.
‘in the different markets on the
North Shore. For example we
saw thar the demand for apart-
‘ments was Up across the North
‘Shore but there was at ae of.
spartments on the market in -

North Van and a shortage in
West Van. As a result prices
were weak in North Van but
on their way up ta West Van
is useful information

vers and sellers and it
would even be more useful if
we knew what the situation
was for sub-markets.

The awe obvious ways to
break these markets down is

by price and by area. So this
week we are going to look at
the demand and supply of
North Shore homes and apart-
ments in different price ranges
and next week we will look at
the different neighbourhoods
within West Van and North
Van.

We will measure demand in
each market by the average
number of homes sold per
month this year. The supply of
homes will be measured by the
number of active listings as of
the 20th of July. The accom-
panying table shews the results
of our research.

Let’s look at apartments
first. For North Vancouver you
can see that there were 528
active lisdngs in total and chac
the average number of units
sold per month was 58. The
figure of 9.1 shown on the
right is simply the listings
divided by the average sales
per month. ff is a basically a
measure of how many months
of sales it would take to clear
the inventory of listings, or to
put it another way, how many
months supply of listings there
are. Clearly the higher this
number, the softer the market.

You can see that the market
is particularly soft for apart-
ments over $175,000 in price.
For example in the $175,000
to $250,900 market the num-
ber of active listings is almost
13 times the average imonthly
saies.

This means that bayers in
this market have alot of |...

choice and are in a good bar-

gaining position when i it
comes to negotiating price.

Sellers, on the other hand, are
going to find that itis a tough
market and will have be fiexi-
ble in their negotiations.

The situation is quite dif-
ferent for West Vancouver.

Overall che market is
tighter, especially for apart-
ments under $250,000.
However once you get over
$450,060, where rhere ate 17
active listings and only an aver-

age of nwo sales a month, it
becomes a buyer's marker
much like the higher priced
markets in North Van.
Turning to the North
Vancouser detached market,
we sce how little supply chere
is as compared to the fevel of
monthly sales. The numbers
suggest that this is a very dght
market all the way up to the
$500,006 mark. Beyond that

range the market is quite
with active listings numbering
10 times the average monthly
sales.

Looking at West Vancouver
detached homes you can see
that overall demand/supply
conditions are quite soft.

Bur what is most noticcabie
is the variation in conditions
over the different pricing
ranges. In the under $450,000

category, there are only +) list-
ings representing less than
three months of sales. At the
other end of the specerum,
sellers of homes over
$806,000 are facing 2 situation
where there are 196 “stings _
while only eight homes in this
price range have been selling
¢ach month.

See Listings page &@

#22

1 21-3629 a | ma

AT A GLANCE

aevcnwecee tovece

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| PCRCNO OHO OCDE ONDE OETORSHTOUIOONORESTOR SEY

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NUMBER OF BEDROORES: 2

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RUMBER OF FLOORS: 1

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