Saratoga Springs Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$155,175 |
| Average Condo Price
(Sold) |
$166,017 |
| Low Condo Price
(Sold) |
$129,900 |
| High Condo Price
(Sold) |
$259,000 |
| Number of Condos Sold |
71 |
| Average Days on Market Until Sold |
48 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
87% |
________________________________________________________
|
Demand
|
Saratoga Springs
real estate demand
is slightly increasing
by less than 2%,
comparing the first
six months of both
2008 and 2007.
It is the only
condo market in Utah
County with positive
demand for
residential
properties. The average
number of days a
condo stays on the
market until sold
in Saratoga Springs is
48,
nine days less than
the state average
and 17 days less
than Utah County's
average.
The 71 condos
sold over the
past 12
months represent
7% of the total
condominiums sold in
Utah County. |
|
Supply
|
Supply is
low
in Saratoga Springs.
There are
currently 28 condo
listings on the
market for a 4.7 month
supply. These condos
have an average of
68 days
on the market. Townhouses
account for 61% of
the current
listings.
|
|
Price
|
Residential
prices are
declining
in Saratoga Springs. The
average home price
(sold) in Saratoga Springs has
fallen by
$33,983 the first six
months of 2008
compared with the same
period in
2007. Saratoga Springs
condos and
townhouses have a
median price of $25,100
less than the
state median.
Current listing
prices range from
$138,999 to
$249,900.
|
|
Financing
|
Conventional loans
account for 62.4% of home
financing in
Saratoga Springs. FHA
loans are growing
and currently make
up 25.7%--the
highest of the Utah
County condo markets.
Cash purchases
represent 1.9% of
residential
purchases in Saratoga Springs |
|
Conclusion
|
The Saratoga Springs condo
market is
mixed. Real estate
demand is down yet
the number of
current condo
listings favors
sellers with an
expected 4.7 months
to sell off the
existing inventory.
Days on market for
sold condos are less
than the state
average by 9 days
and less than the
county average by 17
days. Currently there are
12 condo sales
pending.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Saratoga Springs 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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