Utah Luxury Condo Trends | Salt Lake Luxury Condominium Trends | Summit County Million Dollar Condos
Luxury condomarket trends for Salt Lake, Utah, Wasatch, Davis, Summit and Weber Counties, UT - Average Sold Price, Number Sold

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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.
 
 
 
 

 

 

 

Links to other reports:

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

 

 

 

Equity Real Estate Logo

 

Barry J. Preusz
REALTOR | Luxury Property Specialist

Equity Real Estate, 1218 East 7800 South, Salt Lake City, Utah 84094

Office: 801-993-0083



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