Highland Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$317,500 |
| Average Condo Price
(Sold) |
$310,774 |
| Low Condo Price
(Sold) |
$260,000 |
| High Condo Price
(Sold) |
$390,870 |
| Number of Condos Sold |
5 |
| Average Days on Market Until Sold |
127 |
| Dominate Price Range |
$200,000 - $299,999 |
| Dominate Price Range % of Total |
60% |
________________________________________________________
|
Demand
|
Highland
real estate demand
declined by 42%,
comparing the first
six months of both
2008 and 2007.
The average
number of days a
condo stays on the
market until sold
in Highland is
127,
well above the state
average. Sold condos
in Highland
reached 5 over the
past 12 months.
Currently there are
only 5 condo sales
pending. |
|
Supply
|
Supply in Highland
favors buyers. There
are 5
current listings for a
12 month
supply. These condos
have an average of
292 days
on the market--the
highest in Utah
County. Townhouses
constitute 100% of
the current
condo listings.
|
|
Price
|
Residential
prices are
falling
in Highland. The
average home price
(sold) in
the shared Highland
zip code of 84062 has
decreased by
$55,240 the first
six months of 2008
compared with the
same period in 2007.
Highland condos and
townhouses have a
median price of
$153,500
above the
state median.
Current listing prices range from
$289,900 to $379,900. |
|
Financing
|
Conventional loans
account for 61.7% of homes
financed in
Highland. FHA loans are
growing and
currently make up
11.4%. Cash
purchases represent
7.5% of residential
purchases. |
|
Conclusion
|
The Highland condo
market is
currently a buyer's
market. It
should take around
one year to sell all
the condos currently
listed on the
market. Home
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 Highland 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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