Tooele Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$134,900 |
| Average Condo Price
(Sold) |
$135,932 |
| Low Condo Price
(Sold) |
$94,000 |
| High Condo Price
(Sold) |
$245,000 |
| Number of Condos Sold |
24 |
| Average Days on Market Until Sold |
53 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
79% |
________________________________________________________
|
Demand
|
Tooele
sold 53 condos
the past 12 months
ending June 30!
Only
six condos sold
outside of the city within
Tooele County
over the past year,
making Tooele the
dominate condo
market in the county.
Tooele condos sell
relative quickly on
average, taking an
average of 53
days on the market
until sold. It takes
4 days
less on average to sell
a condo in Tooele than the
state average.
|
|
Supply
|
The current supply
of condos on the
market in Tooele
County is 22
months. There are
nearly twice as many condos
currently listed on
the market compared
to what has sold the
past 12 months. This
condition creates a great selection of
condos for
buyers on the
Tooele market.
Currently there are
52 active listings
on the market.
Tooele has 95% of the current
active condo
listings within
Tooele
County. Of the 52
condos, 14 are townhouses
or 27 percent of
the condos on the
market.
Prices range from $104,900
for a 2 bedroom,
2 bath, 1,000 square
foot condo to $398,000
for a 2 bedroom, 2
bath 1,190 square
foot retirement
condo with elevator
and security gates.
|
|
Price
|
Prices for
residential property
in Tooele are
declining
slightly. The
average
listing price in
Tooele has dropped $4,508 so far this
year compared with
an average
listing price
during the first
six months of 2007. Tooele
condos and
townhouses have a
sold median price of $29,100
less than the
state median of
$164,000.
|
|
Financing
|
Tooele's
conventional loans
account for 55% of homes
financed while FHA
loans account
for 29.1%. Cash
purchases account
for only 5.1% of
residential
purchases.
|
|
Conclusion
|
Due to high supply
and declining
prices, the Tooele condo market
currently
favors
Buyers.
|
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Tooele 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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