Monday, October 3, 2011

Downtown & Oliver Real Estate Market Update

Downtown & Oliver condo prices, inventory and number of sales are down in September!

43 condos have sold through the MLS® System in Oliver and Downtown in September of 2011, 25 percent less than last month and 7% more than in September of 2010. The selling price ranged from $110,000, one bedroom 520 square feet unit in the Solarium, Oliver, to $473,000 also one bedroom 1,565 sq.ft. loft in the Morris Lofts, Downtown.

The average selling price was down by 4% from last month and 3.1% lower compared to September of 2010, whereas the price per square foot was down by $2.00. The inventory has decreased from 280 to 254 condos available. The average selling price was $267,539 and $288 per square foot and average list price $277,515 and 297 per sq ft. Current days-on-market have decreased to 50 from 59 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 5.9 months.

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