Friday, December 2, 2011

Downtown & Oliver Real Estate Market Update

Downtown & Oliver condo prices are up, while inventory, days-on-market and number of sales are down in November!

28 condos have sold through the MLS® System in Oliver and Downtown in November of 2011, 26 percent less than last month and 30% less than in November of 2010. The selling price ranged from $165,000, 441 sq.ft. one bedroom condo in McLeod building, to $540,000 two bedroom 2,055 sq.ft. condo in the Le Marchand Tower.

The average selling price was up by 4.6% from last month and 2.9% higher compared to November of 2010, whereas the price per square foot was up by $16.00 to $293 per sq.ft.. The inventory has decreased from 243 to 227 condos available. The average selling price was $281,438 and $293 per square foot and average list price $293,228 and 305 per sq ft. Current days-on-market have decreased to 63 from 75 days while sold-to-list price ratio has also decreased by 1% to 95%.

The current absorption rate for Downtown and Oliver condos as of today stands at 8.1 months.