Downtown Salt Lake City Condo Trends
May 31, 2008
The Downtown Salt Lake City Condo market
activity is slowing. Data for the past four
years, comparing
year-to-date (YTD) figures, show
that the condo market
demand is down, supply is up
and prices are up.
The study examines four key zip codes constituting the downtown area of Salt Lake City, Utah.
Demand:
The demand for Downtown Condos is slowing. The number of downtown
condos sold over the past
four years (YTD comparison)
show a significant drop from
the 201 sold condos in 2005 to only 117
sold condos so
far this year. Last year 140
condos sold by the end of
May. That represents a
16.43% drop from last year.
Supply:
The supply of downtown
condos is not tracked well
in the data; however, the supply of residential
property listed on the
market in downtown SLC has
increased by 6.77% over 2007 YTD figures. This surplus is
slowing significantly from
the 31.82% increase in
supply experienced between
the 2006 and 2007 figures.
Prices: The Downtown SLC Condo prices are
increasing each year. Last
year's increase was in
double digits at 16.94%.
This year the increase is
slowing to 5.01%. The average
condo sales price is
$227,886, more than $10,800
from last year.
Conclusion:
Current market conditions
favor condo buyers due to
good supply and relatively
low demand. Prices continue
to chart upward, ensuring
the condo buyer's investment
will increase in value.
Current low interest rates
favor buyers who are ready
to purchase now. Condo
sellers are willing to
negotiate prices with
buyers.
Downtown Salt Lake City
Condominium Market Trends by
Zip Code
Current
Condo Market Listings - May
31, 2008
Downtown Zip Code |
Current Listings |
Median Current
Listing Price |
Average Current
Listing Price |
Lowest Current
Listing Price |
Highest Current
Listing Price |
Average Days on
Market Current
Listings |
84101 |
47 |
$342,500 |
$344,836 |
$124,900 |
$625,000 |
63 |
84102 |
86 |
$379,900 |
$401,460 |
$130,000 |
$1,299,000 |
52 |
84103 |
59 |
$252,450 |
$296,369 |
$119,000 |
$1,100,000 |
74 |
84111 |
56 |
$216,235 |
$216,677 |
$79,000 |
$695,000 |
48 |
|
|
|
|
|
|
|
Average |
62 |
$297,771 |
$314,836 |
$113,225 |
$929,750 |
59.25 |
Sold
Condominiums - Past 180 days
Downtown Zip Code |
Sold Past 180 Days |
Median Sold Price |
Average Sold Price |
Lowest Sold Price |
Highest Sold Price |
Average Days on
Market Sold Condos |
84101 |
43 |
$300,795 |
$311,052 |
$156,000 |
$625,000 |
39 |
84102 |
60 |
$174,900 |
$194,216 |
$105,000 |
$425,000 |
50 |
84103 |
34 |
$257,000 |
$273,959 |
$112,900 |
$1,045,000 |
37 |
84111 |
21 |
$164,450 |
$157,814 |
$66,000 |
$330,000 |
54 |
|
|
|
|
|
|
|
Average |
39.5 |
$224,286 |
$234,260 |
$109,975 |
$606,250 |
45 |
Year-to-Date Comparisons
January 1 to May 31, 2005,
2006, 2007, 2008
Downtown Salt Lake
City Condos |
2005 |
|
2006 |
% Change |
|
2007 |
% Change |
|
2008 |
% Change |
Number of
Condos Sold |
201 |
|
163 |
-18.91% |
|
140 |
-14.11% |
|
117 |
-16.43% |
Condo Avg Sales
Price |
$169,161 |
|
$185,586 |
9.71% |
|
$217,017 |
16.94% |
|
$227,886 |
5.01% |
Downtown Salt Lake
City Residential
Property |
2005 |
|
2006 |
% Change |
|
2007 |
% Change |
|
2008 |
% Change |
New Listings |
579 |
|
616 |
6.39% |
|
812 |
31.82% |
|
867 |
6.77% |
New Avg Asking
Price |
$254,844 |
|
$336,308 |
31.97% |
|
$414,366 |
23.21% |
|
$389,818 |
-5.92% |

Salt Lake City Map

Barry J. Preusz,
REALTORŪ, Downtown Salt Lake City Condo Specialist,
Equity Real Estate,
1218 East 7800 South, Salt Lake City, Utah 84094
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