Tuesday, February 1, 2011

Downtown & Oliver Condos Market Update

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

24 condos have sold through the MLS® System in Oliver and Downtown in January of 2011, 14 percent less than last month and 20% less than in January of 2010. The selling price ranged from $125,900, 448 square foot bachelor in Glenora Manor, to $383,300 two bedroom 1,095 square foot unit in Alta Vista high rise.

The average selling price was down by 3.6 percent from last month while inventory has increased from 188 to 208 condos available, identical as to last year’s. The average selling price was $249,945 and $290 per square foot and average list price $261,274 / 302. Current days-on-market have decreased to 66 from 77 days while sold-to-list price ratio was identical at 95%. The current absorption rate for Downtown and Oliver condos as of today stands at 11.5 months.

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