Wednesday, March 2, 2011

Downtown & Oliver Condos Market Update

Downtown & Oliver condo prices and number of sales are up in February!

34 condos have sold through the MLS® System in Oliver and Downtown in February of 2011, 29 percent more than last month and 21% less than in February of 2010. The selling price ranged from $132,500, one bedroom 500 square feet unit in the Residence, to $860,000 2,056 square foot penthouse in the Merchand Tower.

The average selling price was up by 15 percent ( note: more higher end condos have sold in February), however, the price per square foot was down by 4.5 percent. The inventory has increased from 208 to 245 condos available. The average selling price was $293,702 and $277 per square foot and average list price $305,847 / 289. Current days-on-market have decreased to 55 from 66 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 7.2 months.

Derek Hulewicz, REALTOR®, 780-220-4224
All data in this article has been provided by REALTORS® Association of Edmonton

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