Tuesday, June 4, 2013

Downtown & Oliver Real Estate Market Update


Downtown & Oliver condo prices and days on market are down, while inventory and number of sales are up in May of 2013

64 condos have sold on the MLS® in Oliver and Downtown in May of 2013, 7 more than last month and 8 more than in May of 2012. The selling price ranged from $118,000, 624 sq.ft. one bedroom condo in the Hargate, to $610,000, two bedroom, 2,130 sq.ft condo in the Arcadia.

The average selling price was down by 11% from last month and 5% down from May of 2012. The price per square foot was also down by $9 to $305. The inventory has increased from 267 to 304 condos available. The average selling price was $276,029 and average list price $286.277 and $317 per sq ft. Current days-on-market are down to 50 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 4.7 months, same as last month.