Downtown Salt Lake City Condos

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%

 

 

 

 

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