Thursday, June 2, 2011

Downtown & Oliver Real Estate Market Update

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

64 condos have sold through the MLS® System in Oliver and Downtown in May of 2011, 15 percent more than last month and 1.5% less than in May of 2010. The selling price ranged from $90,000, one bedroom 365 square feet unit in the Hargate, to $715,000 2 bedroom 2,084 sq.ft condo in the Carlisle high rise.

The average selling price was down by 3.9% compared to last month and 8.3% lower compared to May of 2010, whereas the price per square foot was also down by 3.5%. The inventory has increased from 309 to 326 condos available. The average selling price was $278,068 and $275 per square foot and average list price $289,440 and 287 per sq ft. Current days-on-market have increased to 57 from 50 days while sold-to-list price ratio has decreased to 95% from 96%..

The current absorption rate for Downtown and Oliver condos as of today stands at 5.1 months.

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