Monday, January 2, 2012

Downtown & Oliver Real Estate Market Update

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

38 condos have sold through the MLS® System in Oliver and Downtown in December of 2011, 26 percent more than last month and 19% more than in December of 2010. The selling price ranged from $117,000, 478 sq.ft. studio in Glenora Manor, to $800,000 two bedroom 2,283 sq.ft. condo in the Carlisle high rise.

The average selling price was down by 2.8% from last month and 5.2% up from December of 2010, whereas the price per square foot was down by $20.00 to $273 per sq.ft. The inventory has decreased from 227 to 169 condos available, lowest level in the last 3 years. The average selling price was $273,454 and $273 per square foot and average list price $285,365 and 285 per sq ft. Current days-on-market have increased to 65 from 63 days while sold-to-list price ratio has was same at 95%.

Average selling prices for Downtown & Oliver condos:

2011 - $275,823   2010 - $278,789   2009 - $260,169   2008 – 261,511

The current absorption rate for Downtown and Oliver condos as of today stands at 4.8 months.


Anonymous said...

Great info, keep on blogging!


David Abraham said...

Nice informative blog, thanks for sharing.

Anonymous said...

Love your blog. So much good information.