*3rd quarter results represent only 72 days of the third quarter. The 3rd quarter doesn't end until September 31st.
Analysis
The number of condominiums sold in Salt Lake City have declined over the last year. Interesting enough condominium values have declined only slightly. The average sales price of condominiums have only dropped around 2% from 1st quarter to 2nd quarter and are expected to return this 3rd quarter.
Supply exceeds demand in reference to the number of condos sold and condos available. The difference between these two numbers could affect you.
Why do I care?
Condo Owners
Now isn’t the best time to sell, because supply is greater than demand. But, if you do need to sell don't panic. You can expect it to take a little bit longer than usual though. Also, your condo won’t sell for as much as it would have a year ago, but the market hasn’t affected condo's value drastically. The large inventory does make you need to be careful in overpricing your condo. Only the top 40 % of condos will sell. If you aren’t competitively priced there is a good chance that your condo won’t sell. The smart thing to do is price it competitively so you don’t continue to pay your mortgage on a condo you no longer want.
Condo Buyers
If you are in the market looking for a condo then now is a great time to buy. Basic economics tell us that when the supply (# of units for sale) is high and demand (condo’s sold) is low it is a buyer’s market. Take advantage of the high selection and choose the best value for you and your family. With the supply high sellers will be more flexible and easier to work with in order to sell there condo.
That is all for this week, if you have any real estate questions please email me at john@winsor.org and I will respond to you. Thanks.
The number of condominiums sold in Salt Lake City have declined over the last year. Interesting enough condominium values have declined only slightly. The average sales price of condominiums have only dropped around 2% from 1st quarter to 2nd quarter and are expected to return this 3rd quarter.
Supply exceeds demand in reference to the number of condos sold and condos available. The difference between these two numbers could affect you.
Why do I care?
Condo Owners
Now isn’t the best time to sell, because supply is greater than demand. But, if you do need to sell don't panic. You can expect it to take a little bit longer than usual though. Also, your condo won’t sell for as much as it would have a year ago, but the market hasn’t affected condo's value drastically. The large inventory does make you need to be careful in overpricing your condo. Only the top 40 % of condos will sell. If you aren’t competitively priced there is a good chance that your condo won’t sell. The smart thing to do is price it competitively so you don’t continue to pay your mortgage on a condo you no longer want.
Condo Buyers
If you are in the market looking for a condo then now is a great time to buy. Basic economics tell us that when the supply (# of units for sale) is high and demand (condo’s sold) is low it is a buyer’s market. Take advantage of the high selection and choose the best value for you and your family. With the supply high sellers will be more flexible and easier to work with in order to sell there condo.
That is all for this week, if you have any real estate questions please email me at john@winsor.org and I will respond to you. Thanks.
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