Saturday, April 2, 2011

Downtown & Oliver Real Estate Market Update

Downtown & Oliver condo prices, number of sales and inventory are slightly up.

46 condos have sold through the MLS® System in Oliver and Downtown in March of 2011, 26 percent more than last month and 15% less than in March of 2010. The selling price ranged from $100,000, one bedroom 365 square feet unit in the Hardgate, to $626,000 1,739 square foot half duplex in Grandin Court.

The average selling price was near identical to last month and 2.7% higher compared to March of 2010, whereas the price per square foot was up by 7.7%. The inventory has increased from 245 to 274 condos available. The average selling price was $293,671 and $300 per square foot and average list price $305,916 and 312 per sq ft. Current days-on-market have decreased to 50 from 55 days while sold-to-list price ratio moved up by one percent to 96%, another good indicator of market recovery.

The current absorption rate for Downtown and Oliver condos as of today stands at 6 months.

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