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BYU Student Condo Market Trends
March, 2008
Student condos at BYU promise to be an
attractive market over the next several months as parents contemplate investing
not only in their students but in the real estate market. Real estate has proven
itself as a good long-term investment. Coupled with the need to provide housing
for young people while attending college, condo investing can be a very wise
move.
The condo market
in Provo, Utah is warming up. On March 25, 2008
there were 58 condos listed on the market as "BYU
Approved". Prices started at $122,000 for a 1981
condo with 910 sf, 2 bedrooms, 1 bath and 1 parking
space. At the upper end is a $249,900 condo for sale
built in 2005 with 1,196 sf, 4 bedrooms, 2 baths, 4
carports and 4 parking spaces. The median
price is $197,000, the average price is $191,991.
The average market time for currently "active" BYU
approved condos is 93 days while "sold" condos spent
an average of 83 days on the market. Currently there
are seven condos under contract to be purchased.
In another BYU
condo market study conducted earlier in the month,
examining square foot trends; the
average square foot pricing ranged between $128.54
sf to $213.11 sf. The average sf price was $174.98
and the median sf price was $182.46. The average
condo has 1,179 square feet. (Click
here for updated BYU condo market report - June,
2008)
(Source: WFRMLS and condosUtah.com. Information is deemed reliable but not guaranteed.)
_____________________________________________
Salt Lake City Map
Barry J. Preusz,
REALTOR®, Downtown Salt Lake City Condo Specialist,
Equity Real Estate,
7090 Union Park Center, Midvale Utah, 84047
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