Friday, May 4, 2012

Downtown & Oliver Real Estate Market Update

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

56 condos have sold on the MLS® in Oliver and Downtown in April of 2012, 14 percent more than last month and 3% more than in April of 2011. The selling price ranged from $104,500, 452 sq.ft. studio in the Glenora Manor, to $490,000 two bedroom condo in the Illuminada.

The average selling price was down by 6.5% from last month and 14.5% down from April of 2011, mostly because more lower end condos sold in April.  The price per square foot, on the other hand, was up by $6.00 to $281 per sq.ft.  The inventory has increased from 237 to 248 condos available. The average selling price was $249,056 and $281 per square foot and average list price $257,114 and 289 per sq ft. Current days-on-market have increased to 58 from 57 days while sold-to-list price ratio has also increased at 96%.

The current absorption rate for Downtown and Oliver condos as of today stands at 4.4 months.

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