Pleasant Grove Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$174,000 |
| Average Condo Price
(Sold) |
$182,000 |
| Low Condo Price
(Sold) |
$118,000 |
| High Condo Price
(Sold) |
$245,000 |
| Number of Condos Sold |
108 |
| Average Days on Market Until Sold |
62 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
78% |
________________________________________________________
|
Demand
|
Pleasant Grove
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 Pleasant Grove is
62,
five days above
the state average.
The 108 condos
sold over the
past 12
months represent
11% of the total
condominiums sold in
Utah County.
Currently there are
8 condo sales
pending. |
|
Supply
|
Supply in Pleasant Grove
favors buyers. There
are 68
current listings for a
7.6 month
supply. These condos
have an average of
84 days
on the market. Townhouses
constitute half of
the current
condo listings.
|
|
Price
|
Residential
prices are
decreasing
in Pleasant Grove. The
average home price
(sold) in
Pleasant Grove has
decreased by
$38,466 the first six
months of 2008
compared with the same
period in
2007. Pleasant Grove
condos and
townhouses have a
median price of $10,000
above the
state median.
Current listing prices range from
$144,900 to $399,900. |
|
Financing
|
Conventional loans
account for 67.4% of homes
financed in
Pleasant Grove. FHA loans are
growing and
currently make up
19.2%. Cash
purchases represent
2.8% of residential
purchases. |
|
Conclusion
|
The Pleasant Grove condo
market is
currently a buyer's
market. Supply
is above 6 months,
prices are decreasing
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 Pleasant Grove 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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