The Real Estate Board of Greater Vancouver has just released the latest Housing Price Index for the month of February, 2011:

DETACHED home sales are up 80.6% over January's sales.  The number of new listings to market increased by 21.2% over the previous month, but there are still not enough homes for sale to meet the current demand.  Just yesterday, I showed a new listing to a client, at the first designated showing.  We were informed that 2 offers were already made on the property, sight unseen, and both were "clean" and well over the list price.  Bidding wars are not unusual in today's market, and some homes are selling for several hundred thousand dollars over the list price.  Just last week, a 33' x 122' building lot in Point Grey sold for an astounding $1,768,000.  The hottest neighborhoods are Point Grey, Dunbar, Shaughnessy, and Cambie (Douglas Park).  I keep saying that Main Street is the new Westside, as young families who are priced out of the Westside are flocking to the gentrified Main Street area.

TOWNHOUSE sales are up by 113.9% over January's sales..  The number of new listings declined by 6.5% over the previous month, and this will put pressure on prices, unless we see more inventory this spring.

CONDOMINIUM sales have increased by 78.8% over January, and the number of new listings has risen by 14.3% over January.  The Condominium market is the most stable at the moment, with prices fairly flat, and a reasonable selection for buyers to choose from. 

If selling your home is on the radar, the time is right now.  For an accurate evaluation of your home, and a thorough understanding of the market influences in your neighborhood, give me a buzz....604-261-9311.