30 Days in Dunbar
Posted March 21st, 2009 in Buying or Selling, Dunbar, Neighbourhood SnapShot, Real Estate, Statistics | 
Dunbar 30 Days
Dunbar Detached real estate during the past 30 day period of February 19, 2009 to March 21,2009 experienced a slight decrease in the number of active listings. The anticipated spring blush of sales has in this market snapshot not materialized. Of interest is that the average and median prices increased a little however, the sales decreased by one. Sellers are still trying to find that magic price that will entice buyers to choose their home as the one to buy. Sellers are still searching for the price floor as is evidenced by 30 price reductions taking place during this period.
Those sellers who have sold appear to have been willing to adjust their selling price further as both median and average sale prices when comparison to the before sale asking price have dropped, giving way to substantial savings to aggressive buyers.
Numbers
FOR SALE
| FOR SALE |
This Month |
Last Month |
| Active Listings |
67 |
77 |
| Active Listing Price |
$1,753,440 |
$1,498,000 |
| Median Listing Price |
$1,680,000 |
$1,643,000 |
EXPIRED
| Expired Listings |
3 |
4 |
| Average Expired Price |
$1,752,666 |
$1,666,000 |
| Median Expired Price |
$1,990,000 |
$1,643,000 |
SOLD
| SOLD |
11 |
12 |
| Average Sold ASKING Price |
$1,161,363 |
$1,653,566 |
| Average Sold Price |
$1,063,816 |
$1,524,650 |
| Median Sold ASK Price |
$939,000 |
$1,653,566 |
| Median Sold Price |
$908,000 |
$1,430,000 |
HIGH/LOW
| Highest List Price |
$3,200,000 |
$3,750,000 |
| Lowest List Price |
$825,000 |
$788,000
|
|
Lowest Price In Dunbar @ $825,000 |
Highest Price In Dunbar @ $3,200,000 |
Outlook
Buyers are finding new confidence in lower interest rates being offered by the banks. While they are realizing interest savings they continue to seek sellers who are prepared to negotiate prices much lower than asking. Looking forward it is expected that this type of activity will continue.
*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed. MLS pictures courtesy of REBGV
**Numbers provided may vary as they are dynamically posted by the REBGV.
Larry, as I watch these numbers for the different communities and as I continue to go through the MLS I wondered if there were general guidelines about what would constitute an agressive (though realistic) offer price. It looks, if I understand the various numbers, as if some buyers are are making successful offers at as much as 20% under the list price……….am I reading this right or is it a case by case thing?
On a different though slightly realted issue do you ever run the weekely numbers for communities in West Vancouver?
Its a great blog which I find really useful and helpful – thanks!
20% is pretty warm.
The old Casio I’m using says that take the median ask of 939K minus median sell of 908 gives you about 31K. Figure that to be about a 3% difference from ask to sell.
There is some confusion out there. I think a few people are forgetting that a greater number of the list prices asked today are reflective of near current value- in other words the drop has already been taken into account. Doesn’t make a lot of sense to list a home at a March 2008 price in today’s market?
The continued price reductions evident are those still trying to find a floor price and they will in time. In the greater scheme they aren’t that far off. Look at the difference between the average ask and sold price and the median ask and sold, there you will find the percent you are looking for. I wouldn’t chart my course to the moon on those numbers, but it’s close enough to the ballpark.
As for West Van. I do them up if needed for a particular buyer I am working with, but as a general note I haven’t considered it for general consumption.
Re great blog: thanks, it can be a lot of work some days. Glad you find it worthy. Need some detailed help – give me a call. I’m around.