Sunday, March 4, 2012

Downtown & Oliver Real Estate Market Update

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

42 condos have sold on the MLS® in Oliver and Downtown in February of 2012, 38 percent less than last month and 19% more than in February of 2011. The selling price ranged from $117,000, 646 sq.ft.,one bedroom in Oliver Village, to $538,900 two bedroom 1,250 sq.ft. condo in the Meridian Plaza.

The average selling price was up by 11% from last month and 2.5% down from February of 2011, whereas the price per square foot was down by $1.00 to $270 per sq.ft. The inventory has increased from 184 to 214 condos available. The average selling price was $286,692 and $270 per square foot and average list price $298,186 and 282 per sq ft. Current days-on-market have decreased to 58 from 67 days while sold-to-list price ratio has also decreased to 95%.

The current absorption rate for Downtown and Oliver condos as of today stands at 5 months.

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