Sunday, August 5, 2012

Downtown & Oliver Real Estate Market Update

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

65 condos have sold on the MLS® in Oliver and Downtown in July of 2012, 2 more than last month and 12 less than in July of 2011. The selling price ranged from $98,000, 538 sq.ft., one bedroom condo in the New Manor, to $625,000 3 bedroom 2,208 sq.ft. condo in Arcadia.

The average selling price was down by 9.4% from last month and 6% down from July of 2011. The price per square foot was also down by $18.00 to $279 per sq.ft. The inventory has decreased from 293 to 271 condos available. The average selling price was $259,152 and average list price $267,816 and 288 per sq ft. Current days-on-market have increased to 50 from 50 days while sold-to-list price ratio has also increased by one percent to 96%.

The current absorption rate for Downtown and Oliver condos as of today stands at 4.2 months.

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