Springville Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$166,000 |
| Average Condo Price
(Sold) |
$164,148 |
| Low Condo Price
(Sold) |
$82,900 |
| High Condo Price
(Sold) |
$272,500 |
| Number of Condos Sold |
74 |
| Average Days on Market Until Sold |
55 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
81% |
________________________________________________________
|
Demand
|
Springville
real estate demand
declined by 47%,
comparing the first
six months of both
2008 and 2007.
This is the
second highest
decline in the condo
markets of Utah
County. The average
number of days a
condo stays on the
market until sold
in Springville is 55,
two days less than
the state average.
The 74 condos
sold over the
past 12
months represent
8% of the total
condominiums sold in
Utah County. |
|
Supply
|
Supply is
average
in Springville.
There is a
sufficient selection of
condos on the
Springville market with a
current listing count of
38 for a 6.2 month
supply. These condos
have an average of
143 days
on the market. Townhouses
account for 63% of
the current
listings.
|
|
Price
|
Residential
prices are
decreasing
in Springville. The
average home price
(sold) in Springville has
fallen by
$15,886 the first six
months of 2008
compared with the same
period in
2007. Springville
condos and
townhouses have a
median price of $2,000
higher than the
state median.
Current listing prices range from
$79,900 to $729,900. |
|
Financing
|
Conventional loans
account for 64.7% of homes
financed in
Springville. FHA loans are
growing and
currently make up
25.1%. Cash
purchases represent
2.7% of residential
purchases. |
|
Conclusion
|
The Springville condo
market is
currently a buyers
market. Supply
is slightly higher
than 6 months,
prices are falling
and demand for
residential
properties is down.
Currently there are
9 condo sales
pending.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Springville 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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