West Valley City Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$150,000 |
| Average Condo Price
(Sold) |
$142,283 |
| Low Condo Price
(Sold) |
$79,000 |
| High Condo Price
(Sold) |
$310,000 |
| Number of Condos Sold |
213 |
| Average Days on Market Until Sold |
52 |
| Dominate Price Range |
$100,000 - $199,999 |
| Dominate Price Range % of Total |
71% |
________________________________________________________
|
Demand
|
West Valley City
condo demand is
high.
The
average number of
days a condo stays
on the market in
West Valley until
sold is 43
days--14 days less than
the state average.
During the past 12
months, West Valley City
sold 150 condos, 7%
of Salt Lake
County's total.
|
|
Supply
|
Supply in West
Valley is at a 4 month supply.
There are
currently 50 condos
listed on the
market. The current condo
listings have an average of
85 days
on the market.
Townhouses
constitute 70% of
the current
listings.
|
|
Price
|
West Valley City is
one of the few condo
markets where the
average sold price
is lower than the
median sold price.
The median price is
$150,000 and the
average price is
$142,238.
Residential prices
in
West Valley City
are trending
downward. Home
prices are lower on
average by $9,076
from the same
year-to-date period
of a year ago.
Current listing
prices range from
$63,500 to
$274,900. |
|
Financing
|
Conventional
loans in
West Valley City account for
59.3% of homes
purchased. FHA
loans are
popular in West Valley City,
currently at 26.7%. Cash
purchases are at 5.1%. |
|
Conclusion
|
The
West Valley condo market
favors sellers. Current inventory
is below six months
and there is a short
marketing period.
Falling prices
should also attract
more buyers to West
Valley from
neighboring markets. |
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for West Valley City 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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