Payson Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$155,900 |
| Average Condo Price
(Sold) |
$157,073 |
| Low Condo Price
(Sold) |
$128,000 |
| High Condo Price
(Sold) |
$209,000 |
| Number of Condos Sold |
28 |
| Average Days on Market Until Sold |
55 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
96% |
________________________________________________________
|
Demand
|
Payson
real estate demand
declined almost by
half,
comparing the first
six months of both
2008 and 2007.
The average
number of days a
condo stays on the
market until sold
in Payson is
55. This is 10 days
below the Utah
County average.
The 28 condos
sold over the
past 12
months represent
only 3% of the total
condominiums sold in
Utah County.
Currently there are
5 condo sales
pending. |
|
Supply
|
Supply in Payson
favors buyers. There
are 25
current listings for a
10.7 month
supply. These condos
have an average of
105 days
on the market. Townhouses
constitute over 90% of
the current
condo listings.
|
|
Price
|
Residential
prices are
still increasing
in Payson. The
average home price
(sold) in
Payson has
increased by
$7,586 the first six
months of 2008
compared with the same
period in
2007. Payson
condos and
townhouses have a
median price of $8,100
below the
state median.
Current listing prices range from
$125,000 to $234,500. |
|
Financing
|
Conventional loans
account for 60.5% of
residential
finanicing in
Payson. FHA loans are
growing and
currently make up
19%. Cash
purchases represent
7.1% of residential
purchases. |
|
Conclusion
|
The Payson condo
market is
currently a buyer's
market. Supply
is above 6 months,
prices are slightly
increasing
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 Payson 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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