Dunbar a Vancouver Neighbourhood – Numbers
Posted July 30th, 2009 in Dunbar, Neighbourhood SnapShot | 
Dunbar 30 Days
We have experienced two flaming hot conditions recently in Vancouver Real Estate. First, was an exploding market that began with the announcement in March of historically low mortgage interest rates and second, this weeks excessively hot summer temperature.
With a certain irony this picture of Dunbar’s Memorial Park in the snowy portion of last winter, reflects what is occurring to the Dunbar neighbourhood real estate market and soon, according to the meteorologists, to our weather. In parallel both will are expected to cool.
Dunbar Detached real estate during the past 30 day period of July 30,2009 to June 30,2009 experienced a drop in Total Listings, and Sales. Notably May/June’s median selling price of $1,420,500 was lower than June/July’s median of $1,484,000. Yet during these periods, the number of sales dropped more than 50% from 32 in May/June to June/July’s 14 sales.
With total listings dropping from 91 to 72 this may be an indication that the market is tightening which from a simple point of view, would explain the median price increase – short supply, higher price. Because you can always be 50% right in this business, the reduced number of Dunbar homes for sale may also be a reflection of the lazy days of summer. Expect this to continue till the fall for unless sellers are truly motivated, it’s just a lot easier and more fun to BBQ at home.
Numbers
FOR SALE
| FOR SALE |
This Month |
Last Month |
| Active Listings |
72 |
91 |
| Active Listings – Average Price |
$1,928,538 |
$1,928,538 |
| Active Listings – Median Price |
$1,746,500 |
$1,746,500 |
EXPIRED
| Expired Listings |
6 |
7 |
| Average Expired Price |
$1,754,333 |
$2,188,714 |
| Median Expired Price |
$1,885,000 |
$2,480,000 |
SOLD
| SOLD |
14 |
32 |
| Average Sold ASKING Price |
$1,568,714 |
$1,506,531 |
| Average Sold Price |
$1,531,464 |
$1,420,500 |
| Median Sold ASK Price |
$1,508,000 |
$1,369,500 |
| Median Sold Price |
$1,484,000 |
$1,420,500 |
HIGH/LOW
| Highest List Price |
$3,288,000 |
| Lowest List Price |
$939,000 |
Outlook
A little trouble might be ahead if the listing total continues to drop. While this may be a driver to higher prices, at some point the perceived value and affordability will step up and grind sales. Somewhere in that mix the market will settle down. It’s unlikely that it will happen during the next month or two. Summer real estate projections are often heat-haze affected. Variables such as, holidays and children at home, play a part in sellers determining their futures.
Odds are that you can predict that it will snow next winter – how much is the question.
