Saturday, November 3, 2012

Downtown & Oliver Real Estate Market Update

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

44 condos have sold on the MLS® in Oliver and Downtown in October of 2012, 3 less than last month and 6 more than in October of 2011. The selling price ranged from $102,000, 573 sq.ft. one bedroom condo in Seasons on the Park, to $565,000 one bedroom 1,850 sq.ft unit in Morris Lofts on 103 street.

The average selling price was up by 5.2% from last month and 1.2% up from October of 2011. The price per square foot was also up by $16.00 to $285 per sq.ft. The inventory has decreased from 241 to 234 condos available. The average selling price was $265,269 and average list price $280,715 and 300 per sq ft. Current days-on-market have increased to 57 from 50 days while sold-to-list price ratio has decreased to 94%.

The current absorption rate for Downtown and Oliver condos as of today stands at 5.3 months