Monday, February 4, 2013

Downtown & Oliver Real Estate Market Update

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

27 condos have sold on the MLS® in Oliver and Downtown in January of 2013, 5 more than last month and 3 more than in January of 2012. The selling price ranged from $87,000, 570 sq.ft. condo in the Marjorie Manor, to $639,000, two bedroom 1,579 sq.ft condo in the Serenity high rise.

The average selling price was up by 1.1% from last month and 8.4% up from January of 2012. The price per square foot was down by $22 to $280. The inventory has increased from 164 to 198 condos available. The average selling price was $272,773 and average list price $282,240 and $291 per sq ft. Current days-on-market have decreased to 56 from 82 days while sold-to-list price ratio has changed to 95% from %96.

The current absorption rate for Downtown and Oliver condos as of today stands at 7.3 months.


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