Saturday, August 3, 2013

Downtown & Oliver Real Estate Market Update

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

72 condos have sold on the MLS® in Oliver and Downtown area in July of 2013, 6 more than last month and 7 more than in July of 2012. The selling price ranged from $100,500, 448 sq.ft. one bedroom condo in the Glenora Manor, to $683,000, three bedroom, 2,500 sq.ft condo in Oliver Mews.

The average selling price was down by 3% from last month and 12% up from July of 2012. The price per square foot was also down by $2 to $313. The inventory has increased from 302 to 309 condos available. The average selling price was $295,437 and average list price $304,937 and $323 per sq ft. Current days-on-market are up to 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 4.3 months, almost the same as last month.


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