Solitude Condominium Market
Semi-Annual Report: July 1, 2007 - June 30, 2008
| Median Condo Price
(Sold) |
$398,750 |
| Average Condo Price
(Sold) |
$468,885 |
| Low Condo Price
(Sold) |
$268,900 |
| High Condo Price
(Sold) |
$1,210,000 |
| Number of Condos Sold |
11 |
| Average Days on Market Until Sold |
198 |
| Dominate Price Range |
$400,000 - $499,999 |
| Dominate Price Range % of Total |
28% |
________________________________________________________
|
Demand
|
Solitude
demand is low.
The
average number of
days a condo stays
on the market in
Solitude until
sold is 198
days--the highest for
Salt Lake County
and the highest of
the top condo
markets in the
state. Only
11 condos sold in
Solitude over
the past 12 months.
|
|
Supply
|
Solitude is the
smallest condo
market that made the
top condo market
list. Inclusion of
Solitude is largely
due to its location
in Salt Lake County
and the fact that it
is one of the
largest ski
condominium markets
in the state. Supply is high
in Solitude with
18 listings
currently on the
market, representing
a 19.6 month supply.
The current condo
listings have an average of 141 days
on the market. Of the
currently listed
condos, 22% are
townhouses.
|
|
Price
|
Residential prices
are declining in Solitude.
Year-to-dates
figures of 2007 and
2008 show an $18,717
average price
decrease on sold
properties. The
average home price
(sold) in Solitude,
UT has fallen to
$369,959 so far this
year compared with
an average price
sold of $388,676 for
the first six
months of 2007. Solitude
condos and
townhouses have a
median price $226,750
higher than the
county and $234,750
higher than the
state. The
dominate price range
is the highest in
Salt Lake County at
$400,000 to
$499,999.
Twenty-eight percent
of the condos sold
were in this price
range. Current
listing prices range
from $298,000 to
$1,940,000.
|
|
Financing
|
Conventional
loans account for
66.4% of home
financing in
the shared zip
code for Solitude of
84121. FHA
loans are growing
and currently make
up 10.2%. Cash
purchases reached
11.3%. |
|
Conclusion
|
The
Solitude condo market
currently favors
buyers. The
extraordinary high
number of days on
market for both
listed and sold
properties and the
high inventory
should persuade
sellers to
compromise with
buyers. With
pressure on the real
estate market
expected to continue
through 2009,
sellers should be
anxious to get the
price they can now
before more price
erosion occurs. |
Source:
Wasatch Front Regional
Multiple Listing Service and
condosUtah.com.
Figures are deemed reliable
but not guaranteed.
________________________________________________________
Search for Solitude 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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.com
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