Sundance Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$609,750 |
| Average Condo Price
(Sold) |
$539,833 |
| Low Condo Price
(Sold) |
$400,000 |
| High Condo Price
(Sold) |
$819,500 |
| Number of Condos Sold |
3 |
| Average Days on Market Until Sold |
119 |
________________________________________________________
|
Demand
|
Sundance
real estate demand
declined by nearly
26%,
comparing the first
six months of both
2008 and 2007.
The average
number of days a
condo stays on the
market until sold
in Sundance is 119,
sixty-two days above
the state average.
There were 3 condos
sold over the
past 12
months. |
|
Supply
|
Supply is
high
in Sundance.
There are 4
condos
currently listed
on the Sundance
market for a 16 month
supply. These condos
have an average of
195 days
on the market.
None of the condos
currently listed are
townhouse style.
|
|
Price
|
Residential
prices are
still increasing
in Sundance. The
average home price
(sold) in Sundance has
increased by
over $2,000 the first six
months of 2008
compared with the same
period in
2007. Sundance
condos and
townhouses have a
median price of
$445,750
higher than the
state median.
Current listing prices range from $459,900
to $850,000.
|
|
Financing
|
Conventional loans
account for 67.2% of homes
financed in the Sundance
zip code of 84604. FHA loans are
growing and
currently make up
12.6%. Cash
purchases represent
10.5% of residential
purchases. |
|
Conclusion
|
The Sundance condo
market is
maintaining a
positive price
direction even
though real estate
demand has decreased.
Currently there are
3 condo sales
pending. The number
of condos currently
listed highly favors buyers
with more than a
year required to
sell off the
existing inventory.
Time on
market for sold
condos is higher
than the state
average by more than
two months.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Sundance 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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