Sandy Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$184,000 |
| Average Condo Price
(Sold) |
$222,885 |
| Low Condo Price
(Sold) |
$133,000 |
| High Condo Price
(Sold) |
$1,004,557 |
| Number of Condos Sold |
121 |
| Average Days on Market Until Sold |
45 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
53% |
________________________________________________________
|
Demand
|
Sandy
demand is good.
The
average number of
days a condo stays
on the market in
Sandy until
sold is 45
days--the same
number of days for
Salt Lake County
average and 12 days
less than the
state average. The
121 condos sold over
the past year
represent 5% of the total
condominiums sold in
Salt Lake County.
|
|
Supply
|
Supply is high
in Sandy.
There is a very good selection of
condos on the market with a
current listing count of
120, just one condo
shy of the total
number of condos
sold the previous 12
months. It will take
approximately 11.9
months to sell the
current inventory.
The current condo
listings have an average of 108 days
on the market. Of the
120
condos, 55 are townhouses.
Prices range from $147,000
to $1,450,000.
|
|
Price
|
Residential prices
show a slight
increase in Sandy of
$282 comparing
year-to-dates
figures of 2007 and
2008. The
average home price
(sold) in Sandy,
UT has increased to
$290,999 so far this
year compared with
an average price
sold of $290,717 for
the first six
months of 2007. Sandy
condos and
townhouses have a
median price $12,000
higher than the
county and $20,000
higher than the
state.
|
|
Financing
|
Conventional
loans account for
nearly 66.4% of home
financing in
Sandy. FHA
loans are growing
and currently make
up 16.4%.
|
|
Conclusion
|
The
Sandy condo market
currently favors
buyers. Current
sellers should be
highly motivated to
negotiate with
buyers due to the
long average market
time of 108 days and
high supply.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Sandy 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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