University of Utah Condo & Townhouse

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.

Demand:  The demand for condos near the U of U is in a downturn, but the downturn is decreasing. YTD in 2007 the demand fell 26.92% while so far this year the demand is down by only 11.18%. So far in 2008, 135 condos have sold near the University of Utah. A high of 208 condos sold was achieved in 2006. The current 135 condos sold is the lowest record of the four years examined.

Supply:  The supply of residential housing near the U is increasing, but is slowing down significantly this year. In 2007 the increase in housing for sale was 25.54%. This year it has dropped to a 4.82% increase.

Prices:  Condo prices near the University are increasing each year. Sold prices have increased by double-digits each year since 2004. This year's increase is at 13.27% so far. The pressure of high supply has motivated sellers to decrease their listing price as evidenced in a 2.96% listing price drop so far this year. In the two previous years the listing price was up by over 20% each year. The average condo sales price is $223,876, up more than $26,234 from last year at the same time.

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. Many condo sellers are willing to negotiate prices with buyers.

University of Utah Condominium Market Trends by Zip Code

Current Condo Market Listings - May 31, 2008

Downtown Zip Code	Current Listings	Median Current Listing Price	Average Current Listing Price	Lowest Current Listing Price	Highest Current Listing Price	Average Days on Market Current Listings
84010	64	$215,000	$229,005	$115,000	$379,000	79
84102	86	$379,900	$401,460	$130,000	$1,299,000	52
84103	59	$252,450	$296,369	$119,000	$1,100,000	74
84105	1	-	-	$127,900	$127,900	33
84108	45	$354,400	$352,974	$135,000	$659,900	82
Average	47.75	$328,917	$350,268	$127,975	$796,700	60.25

 

Sold Condominiums - Past 180 days

Downtown Zip Code	Sold Past 180 Days	Median Sold Price	Average Sold Price	Lowest Sold Price	Highest Sold Price	Average Days on Market Sold Condos
84010	45	$147,350	$168,084	$86,500	$375,000	51
84102	60	$174,900	$194,216	$105,000	$425,000	50
84103	34	$257,000	$273,959	$112,900	$1,045,000	37
84105	3	$249,950	$218,133	$154,500	$251,400	32
84108	32	$382,000	$353,080	$129,900	$595,816	81
Average	32.25	$265,963	$259,847	$125,575	$579,304	50

 

Year-to-Date Comparisons January 1 to May 31, 2005, 2006, 2007, 2008

Univeristy of Utah Area Condos	2005		2006	% Change		2007	% Change		2008	% Change
Condo # Sold	182		208	14.29%		152	-26.92%		135	-11.18%
Condo Avg Sales Price	$155,597		$ 177,074	13.80%		$ 197,642	11.62%		$223,876	13.27%

 

University of Utah Area  Residential Property	2005		2006	% Change		2007	% Change		2008	% Change
New Listings	1215		1288	6.01%		1617	25.54%		1695	4.82%
New Avg Asking Price	$290,345		$ 369,305	27.20%		$ 453,661	22.84%		$440,254	-2.96%

 

 

 

 

 

Other Utah Condo Reports:

The Number of Condos for Sale in the Salt Lake Area

2006 Utah Condo Report

Utah County Condo Report

Downtown Salt Lake City Condo Developments

Salt Lake Area New Condo and Townhouse Development

Utah Condo News & Trends

Clearfield, Utah Condo Development

Draper, Utah Condo Development

West Valley, Utah Condominiums

Holladay, Utah Condo Market Trends

Provo, Utah - BYU Condos

Utah Real Estate Pulse - June, 2008