Lehi Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$180,450 |
| Average Condo Price
(Sold) |
$188,879 |
| Low Condo Price
(Sold) |
$139,900 |
| High Condo Price
(Sold) |
$329,076 |
| Number of Condos Sold |
59 |
| Average Days on Market Until Sold |
72 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
63% |
________________________________________________________
|
Demand
|
Lehi
real estate demand
declined by 39%,
comparing the first
six months of both
2008 and 2007.
The average
number of days a
condo stays on the
market until sold
in Lehi is 72,
fifteen days more than
the state average.
The 59 condos
sold over the
past 12
months represent
6% of the total
condominiums sold in
Utah County. |
|
Supply
|
Supply is
up
in Lehi.
There is a good selection of
condos on the market with a
current listing count of
69 for a 14 month
supply. These condos
have an average of
135 days
on the market. Townhouses
account for 93% of
the current listings.
Prices range from $138,999
to $2,268,000.
|
|
Price
|
Residential
prices are
still increasing
in Lehi. The
average home price
(sold) in Lehi has
increased by
$1,835 the first six
months of 2008
compared with the same
period in
2007. Lehi
condos and
townhouses have a
median price of
$16,450
higher than the
state median.
|
|
Financing
|
Conventional loans
account for 66.4% of homes
financed in
Lehi. FHA loans are
growing and
currently make up
18.8%. Cash
purchases represent
4.3% of residential
purchases. |
|
Conclusion
|
The Lehi condo
market is
maintaining a
positive price
direction even
though real estate
demand has decreased.
Currently there are
6 condo sales
pending. The condo
listing count highly favors buyers
with more than a
year required to
sell off the
existing inventory.
Days on
market for sold
condos are higher
than the state
average by 15 days.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Lehi 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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