Thursday, July 4, 2013

Downtown & Oliver Real Estate Market Update

Downtown & Oliver condo prices and number of sales are up slightly, while inventory and average days on the market are down in June of 2013!

66 condos have sold on the MLS® in Oliver and Downtown in June of 2013, 2 more than last month and 3 more than in June of 2012. The selling price ranged from $104,000, 447 sq.ft. one bedroom condo in the Glenora Manor, to $965,800, three bedroom, 2,369 sq.ft condo in the Illuminada II.

The average selling price was up by 9% from last month and 6% up from June of 2012. The price per square foot was also up by $10 to $315. The inventory has decreased from 304 to 302 condos available. The average selling price was $305,460 and average list price $314,575 and $322 per sq ft. Current days-on-market are down to 47 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 4.6 months, almost the same as last month.

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