Tuesday, May 3, 2011

Downtown & Oliver Real Estate Market Update

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

54 condos have sold through the MLS® System in Oliver and Downtown in April of 2011, 15 percent more than last month and 23% less than in April of 2010. The selling price ranged from $105,100, one bedroom 542 square feet unit in the Sidhu Manor, to $745,000 3 bedroom two storey 2,228 sq.ft condo in the Arcadia high rise.

The average selling price was down by 1.5% compared to last month and 2.9% lower compared to April of 2010, whereas the price per square foot was also down by 5.0%. The inventory has increased from 274 to 309 condos available. The average selling price was $289,352 and $285 per square foot and average list price $300,284 and 295 per sq ft. Current days-on-market have decreased to 48 from 50 days while sold-to-list price ratio has not changed at 96%..

The current absorption rate for Downtown and Oliver condos as of today stands at 5.7 months.

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