Sunday, August 3, 2014

Downtown Edmonton Real Estate Market Update

Downtown and Oliver condo prices and inventory are down in July of 2014, while number of sales and average selling price per square foot are up.

77 condos have sold on the MLS® in Oliver and Downtown area in July of 2014, 2 more than last month and 5 more than in July of 2013. The selling price ranged from $134,000, 532 sq.ft. one bedroom unit in the Top of the Valley, to $575,000, 1,625 sq.ft. penthouse in Central Park. The average selling price was down by 5% from last month and down by 2.5% from July of 2013 (mostly due to lower sales this month in higher priced condos). The price per square foot was up at $328 from $322. The inventory has decreased from 244 to 221 condos available. The average selling price was $288,210 and average list price $295,474 and $336 per sq ft. Current days-on-market are 48 days while sold-to-list price ratio is up at 97%.

The current absorption rate for Downtown and Oliver condos as of today stands at 2.8 months compared to 3.2 last month.

All the information in this article has been provided by Realtors® Association of Edmonton!

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