Magna Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$114,000 |
| Average Condo Price
(Sold) |
$113,772 |
| Low Condo Price
(Sold) |
$90,000 |
| High Condo Price
(Sold) |
$148,789 |
| Number of Condos Sold |
28 |
| Average Days on Market Until Sold |
35 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
96% |
________________________________________________________
|
Demand
|
Magna
condo demand is
very high.
The
average number of
days a condo stays
on the market in
Magna until
sold is only 35
days--the second
lowest in
Salt Lake County and
22 days less than
the state average.
During the past 12
months, Magna
sold 28 condos.
|
|
Supply
|
Supply is low
in Magna with
only 5 current listings
on the
market, representing
a 2.1 month supply.
The current condo
listings have an average of
88 days
on the market. Of the
currently listed
condos, none are townhouses.
|
|
Price
|
Magna
condos and
townhouses have a
median sold price $114,000
and an average sold
price of $113,772--the
lowest in Salt Lake
County.
The median sold
price is $50,000
lower than the
state median. Current
listing prices range
from $115,900 to
$148,900.
Magna residential
prices are higher
than year-to-date a
year ago, but only
slightly--$238 on
average. |
|
Financing
|
Conventional
loans account for
51% of home
financing in
Magna. FHA
loans very
popular in Magna,
currently at 36.1%. Cash
purchases are at 3.5%. |
|
Conclusion
|
The
Magna condo market
currently favors
sellers. The
low
inventory
and low prices should
attract buyers,
particularly
first-time buyers,
from more expensive
markets. Commuting
time to work for
some would-be Magna
condo owners may be
a discouragement. |
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Magna 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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