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Utah Valley University Condominium Sales Trends

 

UVU CampusThe condo market near the Utah Valley University (UVU) currently favors buyers. The report below examines three key market factors--demand, supply and prices in the Orem and Provo areas of Utah.

Demand:  The demand for condos and townhouses near the UVU is in a downturn, decreasing by 35.84% from year-to-date (YTD) comparisons of 2007 and 2008. The past four years of YTD comparisons show this year with the lowest number sold. Over the past 12 months 398 condos have sold in the area.

Supply:  Currently there are 237 condos listed on the market near the University. Comparing YTD figures for 2008 and 2007 the supply of residential property for sale in the area has decreased slightly by 2.67%.

Prices:  The median condo price near the UVU is $186,950 while the average condo price is at $189,912. The highest price condo currently on the market in the area is listed at $375,000. Prices for condos that have actually sold show a median price of $151,625 and an average price of $160,201. Prices are slipping slightly showing a modest drop of less than 1% YTD 2008 over YTD 2007.

Conclusion:  Current market conditions favor condo buyers in Orem and Provo due to good supply and relatively low demand. Prices show a only slight decrease so far this year but are likely to end the year on the up-side as forecasted by many economists. Even with a slight decrease this year condo buyer's can still anticipate that their investment will increase in value over the long run. Current low interest rates favor buyers who are ready to purchase now. Many condo sellers are willing to negotiate prices with buyers.

 

UVU Condos Near Utah Valley University - Student Condominium Investing and the Orem Condo Market.

Condo Search Near UVU - Search near Utah Valley University Campus for condos for sale.

Condos for Sale in Orem & Provo - Extended student condo search in Provo and Orem.

UVU Campus and Orem, Utah Map - Area map of Utah Valley University Campus.

 

Source: WFRMLS (WFRMLS and condosUtah.com deem the information above reliable but not guaranteed.)






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Barry J. Preusz
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