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The Number of Condos For Sale in the Salt Lake Area

A detailed look at what is currently for sale and the average prices.

October 15, 2007

Four Utah counties were surveyed for this report—Salt Lake, Utah, Summit and Davis. Salt Lake County has posted the most condos sold year-to-date and has the most condos currently listed on the market for sale. Currently with 1,054 condos for sale, Salt Lake County is almost double the second highest county—Utah County with 642.

In the chart below, the number of condos listed on the market, the price ranges, average price sold, average price listed and the number of condos sold year-to-date are displayed:

	Salt Lake	Utah	Summit	Davis
# Currently Listed on the Market	1,054	642	414	127
Below $100,000	22	11	24	2
Between $100,001 - $200,000	431	407	46	52
Between $200,001 - $300,000	329	147	51	48
Between $300,001 - $400,000	155	38	61	18
Between $400,001 - $500,000	50	21	76	7
$500,001 and Above	67	18	156	0
# Sold YTD 2007	2,271	1,116	297	272
Ave Price Sold	$192,064	$172,508	$461,443	$165,522
Ave Listing Price	$349,074	$342,145	$804,292	$310,943
Ave Days on Market Until Sold	36	49	89	43

Summit County boasts the highest average sold price at $461,443 for year-to-date figures, more than double for Salt Lake County and nearly triple of Davis County. More stunning is Summit County’s very high average listing price of $804,292. No other county reaches even half of that figure. Condo sellers in Summit County can expect a very long wait to sell their condo with an average days on market of 89. The higher the price, the longer the wait for a buyer is likely to be.

Condo buyers can expect a large selection as market inventories continue to grow. Condos priced below $200,000 show a lot of buyer activity and often competing bids. Condos priced above $300,000 are moving much slower.

The chart below shows current market listings for townhouses:

	Salt Lake	Utah	Summit	Davis
# Currently Listed on the Market	478	340	83	77
Below $100,000	1	1	1	1
Between $100,001 - $200,000	166	190	1	42
Between $200,001 - $300,000	238	132	2	32
Between $300,001 - $400,000	56	15	8	2
Between $400,001 - $500,000	3	1	27	0
$500,001 and Above	12	1	44	0