Tuesday, August 2, 2011

Downtown & Oliver Real Estate Market Update

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

77 condos have sold through the MLS® System in Oliver and Downtown in July of 2011, 13 percent more than last month and 23% more than in July of 2010. The selling price ranged from $121,000, one bedroom 441 square feet unit in the Cambridge Lofts, to $925,000 three bedroom 2,365 sq.ft. penthouse in the Illuminade II.

The average selling price was up by 5.8% from last month and 4.2% higher compared to June of 2010, whereas the price per square foot was almost identical. The inventory has decreased from 334 to 303 condos available. The average selling price was $275,740 and $286 per square foot and average list price $284,200 and 295 per sq ft. Current days-on-market have increased to 50 from 43 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 3.9 months.

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