Condominiums sales are tough these days in the downtown/sugarhouse areas of Salt Lake City. As housing spiked in late 2005 early 2006, many buyers who wanted to stay near downtown were forced to consider lesser priced condominiums. As housing is slowing considerably however, the percentage of condos selling relative to total inventory has plummeted.
While the number of condos for sale is 29% higher in 2008 compared with 2005, only 9% are selling today while 23% sold in 2005. That means if your a buyer you have plenty of options, however, prices have yet to come down, indeed average sales price went up 5% from 2007 to 2008. As home prices continue to suffer, like a 29% drop in downtown from 2007 to 2008, once high priced homes will be in range of those who were priced out of the market.
While the numbers do not yet show it, in the next 6 months we are likely to see the percentage of condos selling to rise dramatically, maybe a jump from 9 to 15% on the outside. This means if your shopping for a condo, now might be time to start looking. One caveat, condo buyers should be patient right now. With relatively high inventory and low sales numbers, now is not the time to chase.
No comments:
Post a Comment