Provo Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$160,105 |
| Average Condo Price
(Sold) |
$176,021 |
| Low Condo Price
(Sold) |
$68,000 |
| High Condo Price
(Sold) |
$729,900 |
| Number of Condos Sold |
293 |
| Average Days on Market Until Sold |
73 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
70% |
________________________________________________________
|
Demand
|
Provo
real estate demand
declined by 40%,
comparing the first
six months of both
2008 and 2007.
The average
number of days a
condo stays on the
market until sold
in Provo is 73,
eight days more than
the state average.
More condos sold in
Provo than in any
other city in Utah
County. The 293 condos
sold over the
past 12
months represent
30% of the total
condominiums sold in
Utah County.
Provo and Orem
account for half of
all the condos sold
in the county. The
expected increase in
student population
for UVU will likely
spill over into the
Provo market for
both condo sales and
rentals. |
|
Supply
|
Supply is
up
in Provo.
There is a good selection of
condos on the market with a
current listing count of
225 for a 9.2 month
supply. These condos
have an average of
96 days
on the market. Townhouses
account for 41% of
the current listings.
Prices range from $79,900
to $729,900.
|
|
Price
|
Residential
prices are
still increasing
in Provo. The
average home price
(sold) in Provo has
increased by
$11,400 the first six
months of 2008
compared with the same
period in
2007. Provo
condos and
townhouses have a
median price of
nearly $4,000
less than the
state median.
|
|
Financing
|
Conventional loans
account for 66.4% of home
financing in
Provo. FHA
loans are growing
and currently make
up 16%.
Cash purchases
represent 8.8% of
residential
purchases in Provo |
|
Conclusion
|
The Provo condo
market is
maintaining a
positive price
direction even
though real estate
demand has decreased.
This positive
direction for Provo
was achieved while
remaining below the
state median condo
price. Currently there are
44 condo sales pending.
The condo inventory
level favors buyers.
Days on
market are higher
than the state
average.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Provo Condos
Barry J. Preusz,
REALTOR®, Downtown Salt Lake City Condo Specialist,
Equity Real Estate,
7090 Union Park Center, Midvale Utah, 84047
© 2007 - 2008 CondosUtah
.com
All Rights Reserved
|
