South Salt Lake Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$161,000 |
| Average Condo Price
(Sold) |
$172,233 |
| Low Condo Price
(Sold) |
$79,600 |
| High Condo Price
(Sold) |
$287,484 |
| Number of Condos Sold |
26 |
| Average Days on Market Until Sold |
52 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
48% |
________________________________________________________
|
Demand
|
South Salt Lake
condo demand is
low.
The
average number of
days a condo stays
on the market in
West Valley until
sold is 58
days.
During the past 12
months, South Salt Lake
sold 26 condos.
|
|
Supply
|
Supply in South Salt
Lake is very high. There are
currently 32 condos
listed on the
market which should
take over 14 months
to sell. The current condo
listings have an average of
79days
on the market.
Townhouses
constitute 25% of
the current
listings.
|
|
Price
|
South Salt Lake
residential prices
are decreasing
slightly. There is a
$975 average decline
in residential
prices between the
first half of 2007
and the first half
of 2008.
The median price is
$161,000 and the
average price is
$172,233.
Current listing
prices range from
$89,000 to
$276,900. |
|
Financing
|
Conventional
loans in
South Salt Lake account for
61.9% of homes
purchased. FHA
loans are
popular in South Salt Lake,
currently at 25.9%. Cash
purchases are at 7.3%. |
|
Conclusion
|
The
South Salt Lake condo market
favors buyers.
Current inventories
will take more than
a year to sell off. |
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for South Salt Lake 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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