Luxury Condo Sales in
Utah
Analyzing Residential Sales Trends
for Condos in Salt Lake City and Park City
November 6, 2007
The demand for condos continues to grow in Utah.
Not only do consumers choose condos because they allow for low
priced home ownership, but they also can provide luxurious recreational
accommodations for weekend get-a-ways. Condos have also been popular with buyers who are choosing to downsize. Buyers over 50 years old enjoy the low maintenance
requirements of condominiums.
In a research study conducted by luxuryhomeutah.com using data from
the Wasatch Front Regional Multiple Listing Service (WFRMLS) there are 2,811 condos listed on the market. Of those currently listed,
there are 296 condos priced above half-million dollars and only 42 priced above 1-million dollars. The highest priced condo currently on the market is in Park City, Belle Arbor subdivision for $4,295,000. It has 4 bedrooms, 4.5 baths, 2 car garage
and was built in 2004. The monthly HOA fee is $111. So far this
year, 24 condos have sold that were priced above 1-million. The
highest priced condo sold was in Deer Valley for $3.5 million. It
has 4 bedrooms, 2 full baths, 2 three-fours baths, one half-bath and
a 2 car garage. This Empire Canyon property sold in July.
The chart below displays a summary of condo
sales in the Salt Lake - Park City, Utah area:
|
Rank |
County |
# Condos Sold |
% Change from 2006 |
Condo Average Price |
% Change from 2006 |
Average Days On Market Until Sold |
% Change from 2006 |
|
1 |
Salt Lake |
2,426 |
-15.35 |
$192,096 |
19.06 |
36 |
16.13 |
|
2 |
Utah |
1,171 |
-2.09 |
$172,296 |
16.23 |
50 |
0 |
|
3 |
Davis |
298 |
-12.35 |
$164,451 |
17.49 |
43 |
0 |
|
4 |
Weber |
425 |
-8.01 |
$133,060 |
13.38 |
50 |
-12.28 |
|
5 |
Summit |
317 |
0.32 |
$463,703 |
15.73 |
89 |
21.92 |
|
6 |
Wasatch |
55 |
-23.61 |
$276,681 |
-22.11 |
86 |
26.47 |
|
|
All Utah |
4,990 |
-10.75 |
$196,220 |
16.9 |
47 |
6.82 |
Market leaders are highlighted in yellow.
Source: WFRMLS and
luxuryhomeUtah.com.
This information is deemed to be reliable, however WFRMLS and
luxuryhomeUtah.com
do not guarantee accuracy.
Million
Dollar
Properties
on the
Utah
Market
Luxury
Residential
Property
Trends
Park
City
Home
Values
Increase
Over the
Past Ten
Years
Luxury Home Amenities & Buyer
Demands
Park
City and
Deer
Valley
Luxury
Home
Trends
(Summit
&
Wasatch
County
Trends)
Utah
Luxury
Condo
Market
Barry J. Preusz
Realtor® |
Luxury Property
Specialist
Equity Real Estate, 7090 Union Park Center, Midvale Utah, 84047
Office: (801) 253-6771
