Leading?

Dunbar Average Up

The Dunbar neighbourhood average prices jumped in this last period.

Total Listings Steady

Jan/Feb’s 72 total listings were matched in Feb/Mar.

Sales

The number of homes sold in Jan/Feb dropped by one in Feb/Mar to settle at 24.

Reductions, Increases, Expired, Days on Market

Price reductions were on the rise in Feb/Mar ending up at 8 from Jan/Feb’s 4. Increases stayed level at 4 while expired mandates increase from 1 to 2.

On average, it took a little longer to sell a home in Dunbar rising from 18 to 23 days in the Feb/Mar period.

Prices

Subject to skewing, the average Ask prices in Jan/Feb were lower at $1,691,200, then climbed to Feb/Mar’s $1,823,041. The Average Sell prices followed the same path with Jan/Feb’s $1,682,292 climbing to Feb/Mar’s $1,820,429.

Median Ask prices in Jan/Feb were higher at $1,698,000 dropping to Feb/Mar’s $1,693,000. Median Sold prices matched this pattern dropping from Jan/Feb’s $1,739,800 to Feb/Mar’s $1,655,000.

Thoughts

Feb/Mar’s Median Sold prices dropped 0.95% in the past 60 day period.

Though a small sample of the entire market, the question asked is – with price reductions on the rise, fewer sales, and a longer period to sell accompanied by downward leaning median sale prices, can one assume that Dunbar and other possibly other west side neighbourhoods are leading the expected change in the Vancouver real estate market?

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

1 Says:
March 30th, 2010 at 6:09 pm

you nailed it Larry

market characteristics are gradually shifting

your keen eye is catching it well before the masses – you are likely 2-4 months ahead of the visible curve my friend

MSM is turning increasingly bearish

1 Says:
March 30th, 2010 at 6:27 pm

Larry

sales are hot

listings are (much) hotter

sales should stay hot for another month – then what?

you know exactly what happens. i look forward to the look of your most excellent graphs in a few months time

March 30th, 2010 at 6:49 pm

@1
let’s hope i’m watching the right movie. 🙂

Other Mike Says:
April 1st, 2010 at 7:30 am

Dunbar boggles my mind. I grew up in Dunbar. I love Dunbar. I want to like, one day, live in or around Dunbar.
We are a 2 income family with total family income of about $275k. We could slap down a down payment of about $400k ($500k if we really had to) without getting near the RRSP’s.

Yet to buy a decent house in the old neighboorhood it would mean borrowing well over $1million.

Who are these people (aside from the asian story) who are doing this? Are they really borrowing $1mil?

April 1st, 2010 at 8:22 am

@other Mike
yes – I’ve seen a number of mortgages in the $1 mil range.
Kind of rattles your chain when all this time you thought you were well off.
$400K down scratches Main street. Check out Fraser between 26 and 39th on the hill. it’s starting to morph.
you’ll still be carrying $600K if you want something new. Look in the homes for sale to confirm.

Other Mike Says:
April 5th, 2010 at 1:20 pm

The $1mil mortgage is where a see the disconnect in the numbers. Even at 4% fixed, that’s $40,000 in interest, + another $6k (?) in taxes. Minimum another $2k in maintenance.
So that’s $4k/month “sunk” cost, all after-tax money.
It’s not that hard to rent something around there for $4k/month. You can rent something nice just about anywhere for $4k a month.
The difference with the $1mil mortgage is that you still owe $1mil…………

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