Bountiful, Utah
residential home
demand is down the
first six months of
2008 compared with
the same period in
2007. The number of
residential
properties sold
decreased by 30%.
The condos sold in
Bountiful constitute
31% of the condos
sold in Davis
County. It takes an
average of 41 days
to market a condo
until it is sold.
This is an average
of 14 days less to
sell a condo in
Bountiful than for
the Davis County
average. There are
14 condo sales
currently pending.
Supply
Bountiful has 71
condos currently
listed on the
market. This
constitutes a 9.2
month supply of
condos on the
market. Townhouses
make up 70% of the
current condos
listed. The current
listings have spent
an average of 101
days on the market.
Price
Bountiful home
prices are falling.
The average
residential price
decreased by $14,081
the first half of
2008 compared with
the same period in
2007. That is a 5%
downturn. The
average condo sold
price is $150,000.
Current condo
listings range in
price from $83,900
to $454,449.
Financing
The majority of
financing is by
conventional loans,
constituting 59.4%.
Cash purchases 9.1%
while FHA makes up
26.2% of home
financing in
Bountiful.
Conclusion
The Bountiful, UT
real estate market
is showing falling
demand and prices.
The current supply
of condos on the
market will take
well over 6 months
to sell. Bountiful
is currently a
buyers market.
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
