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.”