Wednesday, September 4, 2013

Downtown & Oliver Real Estate Market Update

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

78 condos have sold on the MLS® in Oliver and Downtown area in August of 2013, 6 more than last month and 16 more than in August of 2012. The selling price ranged from $82,000, 344 sq.ft. studio in Oliver Ridge, to $845,250, three bedroom, 1,604 sq.ft penthouse in the Quest.

The average selling price was down by 6.2% from last month and 4.7% up from August of 2012. The price per square foot was also down by $15 to $297. The inventory has decreased from 309 to 253 condos available. The average selling price was $277,383 and average list price $286,393 and $306 per sq ft. Current days-on-market are down to 53 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 3.2 months, a decrease from last month of 4.3.


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