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Holladay,
Utah Condo
Real
Estate Trends
August 1, 2007
Condos prices for 2007 are climbing in Utah. These higher prices make
it harder for many condo buyers to find a condo in
their price range. For example, in Holladay, Utah
the average price for a condo listed on the market
was $478,949 for the first seven months of 2007.
During the same time period, the average sold price
for a condo in Holladay was only $196,477. Comparing
the average listing price with the average sold
price produces a huge gap of $282,472.
Another stark
contrast can be made between the numbers of
condos newly listed on the market with those that actually
sold, especially above $260,000 price mark. Only 5%
of the condos priced above $260,000 sold during the
first seven months of 2007. That translates into
only 18 sold condos out of 346 newly listed condos.
There was more than twice the number of new listings
above the $260,000 mark than below. Condo buyers can
expect a large selection of condos in the higher
price ranges and some very anxious sellers.
Extraordinary marketing strategies can be
anticipated to sell condos above the $500,000 price
range where only 5 condos sold so far this year and
where 85 have been newly listed.
For condos selling
under $260,000; the probability of selling moves to
60%. One hundred condos in Holladay sold against 166
new listings. Sellers in this price range can expect
a lot of buyer traffic and multiple offers. Since
this price range moves rather quickly, buyers can
expect to face many other buyers looking for any new
listing that meets their needs. Condo buyers in this
price range should see any new listings on the
market as soon as possible and submit their offer as
soon as they determine that the condo meets their
needs. Even though condo buyers in the lower price
ranges need to be in a hurry, they should not forget
to conduct a good home inspection to ensure the
property does not require any expensive repairs.
Condos priced correctly with the market can move rather quickly,
particularly in the lower price ranges. The average
number of days on market for condos that actually
get sold is only 33 days. A condo in the lower price
ranges that has very little buyer traffic and no
offers should consider a price correction.
(Source: Wasatch Front Regional Multiple Listing Service and Barry J.
Preusz of CondosUtah.com)
_____________________________________________
Salt Lake City Map
Barry J. Preusz,
REALTOR®, Downtown Salt Lake City Condo Specialist,
Equity Real Estate,
7090 Union Park Center, Midvale Utah, 84047
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