Neighbourhood Snapshot – Dunbar

Near Pacific Spirit Park

During the past 30 day period, a snapshot of the detached market activity in Dunbar a Vancouver neighbourhood, saw ask/sold prices that seem to parallel a pattern seen in some west side communities.

In the period covering February 28 to April 28, the Dunbar experienced the following market activity.

Listings

Total Listings declined from February/March’s 92 to March/April’s 85.

Sales

Sales decreased from February/March’s 30 to 22 in March/April.

Expired, Reductions, Increases, Days on Market

  • March/April saw 3 listing mandates expire. There were 2 in February/March.
  • Price reductions in February/March were 16 while in March/April it was 11.
  • There were 6 price increases in February/March and only 4 in March/April.
  • It took 11 days to sell a home in March/April compared to 21 February/March.

Average and Median Prices

February/March’s Average Ask price dropped from $1,764,296 to March/April’s $1,499,409. The Median Ask price in February/March was $1,643,000 and also dropped to $1,518,500 March/April.

The Average Sold price in the March/April was $1,539,381. This was a healthy reduction from February/March’s price of $1,769,343. The Median Sold prices reacted similarly with February/March’s $1,617,500 reducing to March/April’s $1,525,500.

Reflections

It appears that all market variables on the west side and in particular Dunbar, have entrenched into a slowing pattern.

Perhaps Tsur Somerville says it best – “rich foreigners are not driving up the rest of the market. It doesn’t mean a whole hill of beans for the rest of us. Rich people are buying very expensive houses now, and are not driving up prices for the rest of us.”

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.

When Life Moves You - contact Larry:

*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:

asalvari Says:
April 28th, 2010 at 6:42 pm

What a MIGHTY drop!

Larry, thanks for sharing this data.

p.s. I almost missed due to logarithmic scale :-)…

CGD Says:
April 28th, 2010 at 7:57 pm

Seems like most regions you are previewing lately are slowing. I wonder what is going to happen a few months down the road.

Thanks for sharing this information on your website.

RavingBull Says:
April 28th, 2010 at 8:25 pm

Most interesting.

I still find the reduction in listings interesting, and do expect to see this change in the weeks ahead (just my guesstimate).

Most interesting times – Larry, yes or no, will prices be up or down for April? (based on the data I see, looks like price declines (despite robust sales)?)

Appreciate your perspective, as always.

April 29th, 2010 at 5:41 pm

@ravingbull
numbers suggest down

April 29th, 2010 at 5:43 pm

@aslvari
only reason for logarithmic’s – they are prettier on screen. had hoped the number in the columns would help keep it straight. nice test on visual referencing

fish10 Says:
April 29th, 2010 at 6:34 pm

Only a log scale could make a 15% drop look like a tiny blip

April 29th, 2010 at 8:07 pm

@FISH
ergo the numbers!

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