Eagle Mountain Condo Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$138,900 |
| Average Condo Price
(Sold) |
$140,342 |
| Low Condo Price
(Sold) |
$122,000 |
| High Condo Price
(Sold) |
$183,900 |
| Number of Condos Sold |
59 |
| Average Days on Market Until Sold |
50 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
100% |
________________________________________________________
|
Demand
|
Eagle Mountain
demand for condos
appears to be better
than the most of
Utah County.
Eagle Mountain has the
second lowest
average number of
days a condo stays
on the market until
sold within the
county. Saratoga
Springs has the
lowest number of
days on market at 48
while Eagle Mountain
is at 50 days. It takes
15 days
less to sell a condo
in Eagle Mountain than the
county average of 65
days. The 59 condos
sold over the past
year represent 6% of the total
condominiums sold in
Utah County.
Although the
statistics
look good in these
areas, only 17
condos have sold in
the past six months
in Eagle Mountain
indicating a
significant curb in
demand recently.
|
|
Supply
|
Supply is high
in Eagle Mountain.
There is a large selection of
condos on the market with a
current listing count of 61
condominiums. All of
the condos currently
listed are below the
$200,000 price mark.
Only six condos are
listed above
$160,000. Most of
these condos are
priced in the range
of first-time home
buyers which
currently dominate
the market. Of the 61
condos, 24 are townhouses.
Thirteen of the
townhouses are the
more desirable
"end-row" townhouse
style. Current
listing prices range from $115,900
to $189,900.
|
|
Price
|
Condominium
prices are
slightly lower so
far this year. The
average sold condo price in
Eagle Mountain is
$140,342 determined
from figures over
the past year. Eagle Mountain
condos and
townhouses have a
median price of $4,825
lower than the
county and $8,825
lower than the
state.
|
|
Financing
|
Conventional
loans account for
over 66% of home
financing in
Eagle Mountain. FHA
loans are growing
and currently make
up 18.8%.
|
|
Conclusion
|
The Eagle
Mountain condo market
currently favors
buyers. Prices are
slightly less than
they were last year.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Eagle Mountain 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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