Monday, December 3, 2012

Downtown & Oliver Real Estate Market Update

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

38 condos have sold on the MLS® in Oliver and Downtown in October of 2012, 6 less than last month and 10 more than in December of 2011. The selling price ranged from $125,000, 664 sq.ft. one bedroom condo in Hillside Estates, to $600,000 two bedroom 1,656 sq.ft unit in the Glenora highrise.

The average selling price was up by 5% from last month and 0.8% down from November of 2011. The price per square foot was down by $5 to $280. The inventory has decreased from 234 to 200 condos available. The average selling price was $279,035 and average list price $289,028 and $290 per sq ft. Current days-on-market have increased to 58 from 57 days while sold-to-list price ratio has increased to 96%.

The current absorption rate for Downtown and Oliver condos as of today stands at 5.3 months, identical compare to last month.


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