Draper Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$211,000 |
| Average Condo Price
(Sold) |
$237,686 |
| Low Condo Price
(Sold) |
$169,900 |
| High Condo Price
(Sold) |
$654,991 |
| Number of Condos Sold |
119 |
| Average Days on Market Until Sold |
70 |
| Dominate Price Range |
$200,000 - $299,999 |
| Dominate Price Range % of Total |
45% |
________________________________________________________
|
Demand
|
Draper, UT sold 119
condos over the past
year. Many condo
buyers come to
Draper for the
spectacular Salt
Lake County valley
and mountain views.
Condos in Draper
average 70 days
listed on the market
until sold. Draper
condos take longer
to sell--an average
of 13 days more than
the state average to
sell.
|
|
Supply
|
There
are currently 105 condos
on the market in
Draper for a 10.6
month supply. Most
of the condos in
Draper are the more
desirable townhouse
style. There are 75
townhouses currently
listed, representing
71% of the current
condo listings. The average
number of days on
market for current
listings is 86 days.
|
|
Price
|
The dominate price
range for condos in
Draper is $200,000 to
299,999. Only three
cities in Salt Lake
County are in this
upper range. The
average residential
sold price
in Draper has
decreased by $18,848 so far this
year compared with
the average price
sold for the
first half of
2007. The Draper
median condo
sold price of $211,00
is the forth highest median price
in the county.
|
|
Financing
|
Conventional
loans account for
over 60% of home
financing in
Draper.
Cash purchases
represent 6.6% of the
transactions. FHA
loans are at 28.5%
and are currently
growing.
|
|
Conclusion
|
The
Draper condo
market is currently
struggling. The
financial woes and
negative news about
the Suncrest
development has not
helped. Prices are
significantly decreasing
and should thereby
increase demand. An
excellent selection
of townhouses with
great views make
Draper a great
market to shop for
condos. Current condo
listings range in
price from a low of $169,900
for a 1,074
square foot, 2
bedroom, 3 bath with
1 carport in South
Willow Creek to $514,900
for a 3,849 square
foot, 4 bedroom, 3
bath, 2 car garage
in Fairway Holloway.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Draper 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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