Cedar Hills Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$229,625 |
| Average Condo Price
(Sold) |
$226,092 |
| Low Condo Price
(Sold) |
$189,500 |
| High Condo Price
(Sold) |
$273,995 |
| Number of Condos Sold |
17 |
| Average Days on Market Until Sold |
78 |
| Dominate Price Range |
$200,000 - $299,999 |
| Dominate Price Range % of Total |
82% |
________________________________________________________
|
Demand
|
Cedar Hills
real estate demand
declined by nearly
40%,
comparing the first
six months of both
2008 and 2007.
The average
number of days a
condo stays on the
market until sold
in Cedar Hills is
78,
well above the state
average. Sold condos
in Cedar Hills
reached 17 over the
past 12 months.
Currently there are
only 6 condo sales
pending. |
|
Supply
|
Supply in Cedar Hills
is at equilibrium. There
are 8
current listings for a
5.6 month
supply. These condos
have an average of
66 days
on the market. Townhouses
make up most of
the current
condo listings.
|
|
Price
|
Residential
prices are
falling
in Cedar Hills. The
average home price
(sold) in
the shared Cedar Hills
zip code of 84062 has
decreased by
$38,446 the first six
months of 2008
compared with the same
period in
2007. Cedar Hills
condos and
townhouses have a
median price of $65,625
above the
state median.
Current listing prices range from
$194,900 to $279,000. |
|
Financing
|
Conventional loans
account for 67.4% of homes
financed in
Cedar Hills. FHA loans are
growing and
currently make up
19.2%. Cash
purchases represent
2.8% of residential
purchases. |
|
Conclusion
|
The Cedar Hills condo
market is
currently a buyer's
market. Supply
is near 6 months,
prices are
decreasing and demand for
residential
properties is down.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Cedar Hills 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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