Thursday, September 1, 2011

Downtown & Oliver Real Estate Market Update

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

58 condos have sold through the MLS® System in Oliver and Downtown in August of 2011, 25 percent less than last month and 8.8% more than in August of 2010. The selling price ranged from $80,500, one bedroom 441 square feet unit in the Crown Royal, to $724,000 two bedroom 1,604 sq.ft. condo in the Grandin Green high rise.

The average selling price was up by 1.1% from last month and 5.5% higher compared to August of 2010, whereas the price per square foot was also up by $2.00. The inventory has decreased from 303 to 208 condos available. The average selling price was $278,837 and $288 per square foot and average list price $289,620 and 299 per sq ft. Current days-on-market have increased to 59 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 4.8 months.

Data provided by REALTORS® Association of Edmonton

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