Monday, January 3, 2011

Downtown & Oliver Condos Market Update

Downtown & Oliver condo prices and number of sales are down in December!

29 condos have sold through the MLS® System in Oliver and Downtown in December of 2010, 31 percent less than last month and 25% less than in December of 2009. The selling price ranged from $105,000, one bedroom 540 square foot condo in Neu Manor, to $436,000, 3 bedroom 1,862 square foot unit in the Valley Towers high rise.

The average selling price was down by 5 percent from last month while inventory has decreased from 254 to 188 condos available, typical for this time of year. The average selling price was $259,284 / 277 per square foot and list price 269,930 / 289. Current days on market have increased to 77 from 59 days and sold to list price ratio was identical at 95%. The absorption rate for Downtown and Oliver condos as of today stands at 6.4 months.

Derek Hulewicz, REALTOR®, 780-220-4224
Data provided by REALTORS® Association of Edmonton

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