Salt Lake City Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$170,000 |
| Average Condo Price
(Sold) |
$204,491 |
| Low Condo Price
(Sold) |
$54,000 |
| High Condo Price
(Sold) |
$1,250,000 |
| Number of Condos Sold |
841 |
| Average Days on Market Until Sold |
45 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
54% |
________________________________________________________
|
Demand
|
Salt Lake City, UT
has the highest
condo sales in the
state. Salt Lake
City condo sales
represent 37% of the
total in Salt Lake
County. In the past
twelve months, 841
condos sold. Condos in Salt Lake City
average 45 days
listed on the market
until sold. It takes
12 days less on
average to sell a
condo in Salt Lake
City than in the
rest of the state.
Condo demand is
strong. |
|
Supply
|
There
are currently 733 condos
on the market in
Salt Lake City for a
10.5
month supply. Only
15% of the condos
are townhouse
style. The average
number of days on
market for current
listings is 91 days.
Currently there are
121 condo sales
pending. |
|
Price
|
The
average residential
sold price
in Salt Lake City has
increased by $6,378 so far this
year compared with
the average price
sold for the
first half of
2007. The Salt Lake City
median condo
sold price of $170,000
is $6,000 above the
state median.
|
|
Financing
|
Conventional
loans account for
over 70.5% of home
financing in
Salt Lake City.
Cash purchases
represent 2.9% of the
transactions. FHA
loans are a
whopping 17.2%.
|
|
Conclusion
|
Salt Lake City condo
prices are
increasing. Supply
is great, giving
buyers plenty of
choices. Current condo
listings range in
price from a low of $75,000
to a high of $2,790,000.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Salt Lake City Condos
Barry J. Preusz,
REALTOR®, Downtown South Jordan Condo Specialist,
Equity Real Estate,
7090 Union Park Center, Midvale Utah, 84047
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.com
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|
