Friday, January 4, 2013

Downtown & Oliver Real Estate Market Update

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

22 condos have sold on the MLS® in Oliver and Downtown in December of 2012, 16 less than last month and 14 less than in December of 2011. The selling price ranged from $108,000, 367 sq.ft. bachelor in the Hargate, to $789,000, three bedroom 1,964 sq.ft condo in the Illuminada.

The average selling price was down by 3.3% from last month and 1.3% down from December of 2011. The price per square foot was up by $22 to $302. The inventory has decreased from 200 to 164 condos available. The average selling price was $269,900 and average list price $274,900 and $310 per sq ft. Current days-on-market have increased to 82 from 58 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 7.4 months.

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