Salt Lake:Official development news thread

[Viperlord]

Second quarter Salt Lake condo sales half up, half down

The total number of Salt Lake City condominium sales slowed 40 percent when compared with the second quarter of 2007, according Wasatch Front Regional MLS statistics.

The numbers indicate that there are 40 percent less buyers in the market for condominiums overall from a year ago, with 26 zip codes in the valley reporting total number of units sold down from a low of 9 percent (84044) to a high of 100 percent (84093).

"Yet, the market appears almost equally strong or poor, in that 13 zip codes reported sales price increases, 14 reported sales price decreases and two zip codes reported no change in sales prices at all," says Babs De Lay, broker at Urban Utah Homes and Estates, Salt Lake City. "Overall sales prices of condos are down 15 percent from second quarter 2007 to second quarter of 2008."


According to the MLS, there are currently are 1,381 condos for sale in the Salt. Lake Valley. That number does not include many of the new downtown projects in planning or under construction, because they are not listed on the MLS.

"In looking at the trend over the past year, affordable condominiums are still very much in demand, but high-end condos over $500,000 are really taking a bighit," De Lay said. "What's exciting for me is that the immediate downtown zip code 84111 where I live and work saw almost a 10 percent increase in sales prices. I expect with more of the new projects being finished this summer the statistics will change for the better in the next two quarters because the demand for less of a commute is directly related to the price of gas these days."

Copyright Enterprise Business Newspaper Inc. Jun 9, 2008