Wednesday, February 1, 2012

Downtown & Oliver Real Estate Market Update

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

26 condos have sold through the MLS® System in Oliver and Downtown in January of 2012, 28 percent less last month and 7% more than in January of 2011. The selling price ranged from $140,000, 603 sq.ft. one bedroom in Dorchester House, to $460,000 one bedroom 1,367 sq.ft. penthouse in the Galeria.

The average selling price was down by 6.2% from last month and 2.5% up from January of 2011, whereas the price per square foot was down by $2.00 to $271 per sq.ft. The inventory has increased from 169 to 184 condos available. The average selling price was $256,521 and $271 per square foot and average list price $264,439 and 280 per sq ft. Current days-on-market have increased to 67 from 65 days while sold-to-list price ratio has also increased to 96%.

The current absorption rate for Downtown and Oliver condos as of today stands at 7 months.

1 comment:

Anonymous said...

Derek do you think the prices are going up this year?