North Salt Lake Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$195,000 |
| Average Condo Price
(Sold) |
$231,196 |
| Low Condo Price
(Sold) |
$151,886 |
| High Condo Price
(Sold) |
$463,928 |
| Number of Condos Sold |
56 |
| Average Days on Market Until Sold |
93 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
59% |
Search for North Salt Lake Condos
________________________________________________________
|
Demand
|
North Salt Lake, Utah
residential home demand is
down slightly the first
six months of 2008
compared with the
same period in 2007.
The number of
residential
properties sold
decreased by 8.3%.
The condos sold in
North Salt Lake constitute
19% of the condos
sold in Davis
County. It takes an
average of 93 days
to market a condo
until it is sold in
North Salt Lake.
This long market
period is 38 days
longer
than the Davis
County average.
There are 10 condo
sales currently
pending. |
|
Supply
|
North Salt Lake has
58 condos
currently listed on
the market, 29 of
the condos are
townhouse style
representing 50% of
the total condos for
sale. The condos
currently for sale
constitutes a 12.4
month
supply. The
current listings
have been on the
market an
average of 164 days. |
|
Price
|
North Salt Lake
residential prices are
falling.
The average
residential price
fell by
$26,112
the first half of
2008 compared with
the same period in
2007. That is a 7.7%
decrease. The average
condo sold price is
$231,196. Current
condo listings range
in price from $99,900 to $454,449 |
|
Financing
|
The majority of
financing is by
conventional loans,
constituting 60.9%.
Cash purchases 3%
while FHA makes up
31.6% of home
financing in North Salt Lake. |
|
Conclusion
|
The North Salt Lake, UT real
estate market is
currently declining. Demand
and prices are both
down.
The current supply
of condos on the
market will take
over one year
to sell. North Salt
Lake is currently a
buyers market. |
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for North Salt Lake 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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