Tuesday, April 3, 2012

Downtown & Oliver Real Estate Market Update

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

46 condos have sold on the MLS® in Oliver and Downtown in March of 2012, 8 percent more than last month and same as in March of 2011. The selling price ranged from $100,000, 364 sq.ft. studio in the Hargate, to $908,000 two bedroom 2,282 sq.ft. condo in the Carlisle.

The average selling price was down by 7% from last month and 9% down from March of 2011, whereas the price per square foot was up by $5.00 to $275 per sq.ft. The inventory has increased from 214 to 237 condos available. The average selling price was $267,225 and $275 per square foot and average list price $278,040 and 286 per sq ft. Current days-on-market have decreased to 57 from 58 days while sold-to-list price ratio has not changed at 95%.

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

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