Monday, October 1, 2012

Downtown & Oliver Real Estate Market Update

Downtown & Oliver condo prices, number of sales and inventory are down in September.

47 condos have sold on the MLS® in Oliver and Downtown in September of 2012, 5 less than last month and 4 more than in September of 2011. The selling price ranged from $121,000, 438 sq.ft., one bedroom condo in the Hargate, to $414,000 2 bedroom 1,122 sq.ft. condo in the Icon towers.

The average selling price was down by 5.4% from last month and 6% down from September of 2011. The price per square foot was also down by $34.00 to $269 per sq.ft. The inventory has decreased from 250 to 241 condos available. The average selling price was $242,137 and average list price $251,393 and 279 per sq ft. Current days-on-market have decreased to 50 from 51 days while sold-to-list price ratio has not changed at 96%.

The current absorption rate for Downtown and Oliver condos as of today stands at 5.9 months

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