Orem Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$143,000 |
| Average Condo Price
(Sold) |
$155,574 |
| Low Condo Price
(Sold) |
$101,000 |
| High Condo Price
(Sold) |
$293,000 |
| Number of Condos Sold |
192 |
| Average Days on Market Until Sold |
53 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
90% |
________________________________________________________
|
Demand
|
Orem
real estate demand
has declined by 31%,
comparing the first
half of 2007 with
the same period in
2008.
However, Orem has
one of the
lowest average
number of days a
condo stays on the
market until sold
within the county.
It takes 12 days
less to sell a
condominium in Orem than the
state average of 65
days. The 192 condos
sold over the past
year represent
20% of the total
condominiums sold in
Utah County. The
designation of UVSC
now as Utah Valley
University should
slowly increase the
student market for
condos, both sales
and rentals.
We expect more condo
developments near
the I-15 corridor to
accommodate the
growing student
population. |
|
Supply
|
Supply is
average
in Orem.
There is a good selection of
condos on the market with a
current listing count of
94
and an average of
96 days
on the market. Of the
94
condos, 67% are townhouses.
Prices range from $109,900
to $325,000.
|
|
Price
|
Residential
prices are
declining. The
average home price
(sold) in Orem has dropped
$6,023 the first six
months of 2008
compared with the same
period in
2007. Orem
condos and
townhouses have a
median price of $21,000
lower than the
state median.
|
|
Financing
|
Conventional loans
account for 64.1% of home
financing in
Orem. FHA
loans are growing
and currently make
up 22.1%.
Cash purchases
represent 4.5% of
residential
purchases in Orem |
|
Conclusion
|
The
Orem condo market is
average considering
the state of the
national economy and
real estate market.
Currently there are
40 sales pending,
prices are slightly
declining, inventory
levels are at 5.9
months and days on
market are well
below the state
average.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Orem 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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|
