Monday, July 4, 2011

Downtown & Oliver Real Estate Market Update

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

63 condos have sold through the MLS® System in Oliver and Downtown in June of 2011, same as last month and 12.5% more than in June of 2010. The selling price ranged from $108,000, one bedroom 420 square feet unit in the Cambridge Lofts, to $445,000 2 bedroom 1,518 sq.fteet townhouse in Railtown.

The average selling price was down by 6.5% compared to last month and 4% lower compared to June of 2010, whereas the price per square foot was up by 4.2%. The inventory has increased from 326 to 334 condos available. The average selling price was $259,680 and $287 per square foot and average list price $268,531 and 297 per sq ft. Current days-on-market have increased to 43 from 57 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 5.3 months.

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