Utah Condos - Real Estate, High Rise Condos, Downtown Salt Lake City Condominiums, Townhouses, Condo Towers, Condo REALTOR

The downtown Salt Lake City condo market activity is slowing. Data for the past four years, comparing year-to-date (YTD) figures, show that the condo market demand is down, supply is up and prices are up. The study examines four key zip codes constituting the downtown area of Salt Lake City, Utah.

Conclusion:  Current market conditions favor condo buyers due to good supply and relatively low demand. Prices continue to chart upward, ensuring the condo buyer's investment will increase in value. Current low interest rates favor buyers who are ready to purchase now. Condo sellers are willing to negotiate prices with buyers.

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The condo market near the University of Utah is slowing in sales activity but continues to grow in higher prices. Using year-to-date (YTD) figures for the past four years, the condo market adjacent to the U of U shows that demand is down the past two years, supply is up for each of the four years and prices are up for each of the four years. Five adjacent zip code sales figures were used in the market study for condominiums in the vicinity of the U in Salt Lake City, Utah.

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The student condominium market at BYU is in good supply. Currently there are 78 properties listed on the market as "BYU approved" by student off-campus housing. Parents who contemplate investing in their students housing while at the same time in the real estate market have a good selection.

Prices for currently listed properties on the market start at $124,900 for a one bedroom, one bath condo with 695 sf and built in 1997. This condo is BYU approved for couples. At the other end of the price spectrum is a $229,000 priced, 5 bedroom, 4 bath home with 2,488 square feet built in 1970.

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Condo prices in Utah are increasing in two key cities - Bountiful and Ogden while falling in Park City. Heber City, Provo, Saint George, Salt Lake City and Tooele saw condominium prices remaining flat. This study examined figures collected the past 365 days from May 31, 2008. Eight key cities where examined, each city located in separate counties.

Tooele has the lowest median condo price at $134,900 and Park City with the highest at $325,000. Bountiful has the shortest selling time with an average of only 37 days. Heber City has the longest selling time at 150 days but also has the fewest selling condos at only 6 condominiums for the past year.

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Buying your Utah condo this Fall carries incentives that will not last for long.  Many of these incentives affect first-time home buyers or any home buyer who has not owned a home the past three years. Below is a summary of the current incentives:

1.  Interest rates fell this week below 6% with the government bailout of Freddie and Fannie. See the current rate below.

2.  The Federal Housing Administration's (FHA) boost to loan limits will decline in January 2009. For example, the current jumbo loan limit of $729,750 in Salt Lake County will fall by $104,250 to $625,500.

3. Current FHA down payments as low as 3 percent will increase to 3.5 percent beginning October 1. Closing on your new $200,000 condo in September can save $1,000 on your down payment.

4. The Housing Stimulus Bill provides for a tax credit of $7,500 come tax season in 2009. Condo buyers who do not owe any taxes will get the $7,500 as a refund.

5. Many economist are predicting that the market will likely stabilize now that the government has acted to stimulate the housing market as well as take-over control of Freddie and Fannie. As the market stabilizes, condo prices will likely increase. Condominiums will cost more next year!

Downtown Salt Lake City Condo Market

January 14, 2009

South Jordan Condo Market

June 30, 2009

Downtown Salt Lake City Condos - Residential properties in high rise towers, condominiums & townhouses in Salt Lake City, Utah. 

Serving Alpine, Alta, American Fork, Bluffdale, Bountiful, Cedar Hills, Centerville, Cottonwood Heights, Daybreak, Deer Valley, Draper, Eagle Mountain, Emigration Canyon, Farmington, Fruit Heights, Heber City, Herriman, Highland, Holladay, Kamas, Kaysville, Kearns, Layton, Lehi, Lindon, Magna, Manti, Mapleton, Midvale, Midway, Murray, North Ogden, North Salt Lake, Ogden, Oakley, Orem, Park City, Payson, Pleasant Grove, Provo, Riverton, Salt Lake City, Salt Lake County, Sandy, Saratoga Springs, Snowbird, South Jordan, South Ogden, South Salt Lake, Spanish Fork, Springville, St. George, Sundance, Summit County, Taylorsville, Tooele, Washington, West Bountiful, West Jordan, West Valley, Woods Cross, and Utah County.