We've all heard the news - home prices are way up, available listings are way down. As is always the case, actual numbers vary greatly by area.
I'm not a real fan of averages, as they misleadingly skew results with the inclusion of higher-end or lower-end properties. However, a recent graphic, while working with averages, gives a good indication of where the market stands today.
(View these figures as general indicators. I'll be glad to provide specific data for your neighbourhood - just ask! And as I've stated before, the actual value of your home is based on a number of variables; and the actual selling price on the marketing, pricing and sales strategies we implement.)
Until recently single family home sales, in general, saw the highest percentage price gains. Now, however, we're seeing multiple offers and double digit gains in condo and townhouse sales. Good-quality Vancouver condos routinely receive four, five, six offers, with selling prices significantly over asking.
We're also seeing huge gains in single family homes in areas that were until recently under-the-radar, with a few specific neighbourhoods and many outlying areas seeing some of the largest gains - e.g., average sale price gains of close to 30% since September.
The high demand / low supply situation and resulting price increases continue to be strong in most areas. However, interestingly, prices in a few particular pockets are actually showing signs of leveling off.
No trend continues in an unbroken line forever. At some point something may change. No matter where values go in the future, a sale now could lock in significant gains for those who've owned for as little as a year. Will you miss future gains? Perhaps. Will the market take a breather? Perhaps. If your long term plans involve downsizing, or helping children to purchase homes, and the numbers pencil out now, well, perhaps we should talk.