Spanish Fork Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$157,000 |
| Average Condo Price
(Sold) |
$161,033 |
| Low Condo Price
(Sold) |
$129,900 |
| High Condo Price
(Sold) |
$250,000 |
| Number of Condos Sold |
24 |
| Average Days on Market Until Sold |
54 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
96% |
________________________________________________________
|
Demand
|
Spanish Fork
real estate demand
declined by nearly
31%,
comparing the first
six months of both
2008 and 2007.
The average
number of days a
condo stays on the
market until sold
in Spanish Fork is
54,
three days less than
the state average.
The 24 condos
sold over the
past 12
months represent
2% of the total
condominiums sold in
Utah County.
Currently there are
only 2 condo sales
pending. |
|
Supply
|
Supply in Spanish Fork
favors buyers. There
are 15
current listings for a
7.5 month
supply. These condos
have an average of
56 days
on the market--the
lowest in Utah
County. Townhouses
make up most of
the current
condo listings.
|
|
Price
|
Residential
prices are
increasing
in Spanish Fork. The
average home price
(sold) in
Spanish Fork has
increased by
$7,231 the first six
months of 2008
compared with the same
period in
2007. Spanish Fork
condos and
townhouses have a
median price of $7,000
below the
state median.
Current listing prices range from
$154,900 to $279,000. |
|
Financing
|
Conventional loans
account for 64.3% of homes
financed in
Spanish Fork. FHA loans are
growing and
currently make up
19.8%. Cash
purchases represent
5.4% of residential
purchases. |
|
Conclusion
|
The Spanish Fork condo
market is
currently a buyer's
market. Supply
is above 6 months,
prices are
increasing slightly
and demand for
residential
properties is down.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Spanish Fork 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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