Sunday, June 3, 2012
Downtown & Oliver Real Estate Market Update
Downtown & Oliver condo prices, inventory and days-on-market are up in May!
56 condos have sold on the MLS® in Oliver and Downtown in May of 2012, same as last month and 3% less than in May of 2011. The selling price ranged from $133,000, 520 sq.ft., one bedroom in the Hargate, to $1,450,000 two bedroom penthouse in the Carlisle.
The average selling price was up by 15% from last month and 5% up from May of 2011. Mostly due to higher-price range condos sold compared in May to April. The price per square foot was also up by $11.00 to $292 per sq.ft. The inventory has increased from 248 to 262 condos available. The average selling price was $292,000 and average list price $298,940 and 295 per sq ft. Current days-on-market have decreased to 56 from 57 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 4.7 months.
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