American Fork Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$175,000 |
| Average Condo Price
(Sold) |
$169,678 |
| Low Condo Price
(Sold) |
$114,000 |
| High Condo Price
(Sold) |
$259,900 |
| Number of Condos Sold |
44 |
| Average Days on Market Until Sold |
127 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
89% |
________________________________________________________
|
Demand
|
American Fork
residential real
estate demand has
declined by 42% from
the first six months
of 2007 compared
with the first six
months of 2008.
Additionally, American Fork has
one of the highest
average number of
days a condo stays
on the market until
sold within the
county. It takes an
additional 62 days
to sell than the
county average of 65
days. The 44 condos
sold over the past
year represent only
4% of the total
condominiums sold in
Utah County.
|
|
Supply
|
Supply is high
in American Fork.
There is a good selection of
condos on the market with a
current listing count of 41
and an average of 132 days
on the market. Of the 41
condos, 21 are townhouses.
Prices range from $104,900
to $375,000.
|
|
Price
|
Residential
prices are
declining. The
average home price
(sold) in American
Fork has dropped $37,758 so far this
year compared with
an average price
sold for
2007. A
significant
contribution for
this decline is the
fact that higher
priced homes
currently are not
selling as well this
year. American Fork
condos and
townhouses have a
median price $15,000
higher than the
county and $11,000
higher than the
state.
|
|
Financing
|
Conventional
loans account for
nearly 62% of home
financing in
American Fork. FHA
loans are growing
and currently make
up 11.4%.
|
|
Conclusion
|
The American
Fork Condo market
currently favors
Buyers. Most current
Sellers are highly
motivated due to
high supply and long
selling period.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for American Fork Condos
Barry J. Preusz,
REALTOR®, Downtown Salt Lake City Condo Specialist,
Equity Real Estate,
7090 Union Park Center, Midvale Utah, 84047
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.com
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|
