Downtown & Oliver Real Estate Market Update

Downtown & Oliver real estate condo market has slowed down in August while number of sales is near half of last year's and inventory 20 percent higher.  The buyers are taking their time when shopping for properties and we have seen plenty of price decreases in the last couple of months.

53 condos have sold through the MLS® System in Oliver and Downtown in August of 2010, that is 10% less than last month and 20% less than in August of 2009.  The selling ranged from 109,000, one bedroom 349 sq.foot studio in the Hartgage, to 580,000, 2 bedroom 1,585 sq.foot penthouse in the Alta Vista building.
The price per square foot was down by 4.8 percent and near identical to August of last year. The average selling price was 263,573 per sq.foot and list price 277,704. The inventory was down from 353 condos to 342, with 314 condos available under 500K. Current days on market have increased to 70 from 52 days and sold to list price ratio decreased by one percent to 95%.

Blue: average list price   Red: average selling price

Average selling price per square foot

Inventory: Red-Total Inventory

Blue-Downtown & Oliver condos under 500K

Blue: Average Days-On-Market

Red: Number of sales Downtown & Oliver