Let's talk about the facts!  The amount of Condo units selling is declining.

I actually hear the other day someone telling me they heard in the media that condos sales were booming in the Utah County Real Estate Market.   I will give you my opinion with the facts.  I wish our media used the facts more when they make statements that tend to often be misleading.  I feel the local and national media often make my job as a Real Estate broker difficult.  I am continually disagreeing with the pump and dump articles being published.  I think one of our local papers reports a bottom and major recovery in the Utah County Real Estate market every six months.  Perhaps it is on their schedule.  I find it false and misleading.

Here are the amount of condo units sold with their respective years.  This data is compiled of data from the Utah County Association of Realtors.  I have been a member of this association for 16 years and been selling condos full time since 1994. 

2005 - 1,315
2006 - 1,418
2007 - 1,262
2008 -    813
2009 -    748
2010 -    410

Less than one third of the condos sold in 2010 compared to 2005, 2006 and 2007.  This is a significant drop.  This number is obviously in decline and the average price of condos is declining. 

2005 - $139,400
2006 - $152,847
2007 - $173,910
2008 - $186,779
2009 - $155,058
2010 - $134,629

Utah County had 391 Condos for sale in January 2011

The Utah County condo inventory is actually quite low compared to previous years.  This is actually one of the good points I would like to make.  Exactly 38 condos sold in January 2011.  I sold at least on of those.  The one I sold was in Payson, Utah.   However, 38 condos sold is not exactly a strong demand.  It is going to take a real recovery in this market to move the condos.  They have kinda fallen like a rock.  I would like to mention one exception.  Condos near BYU have kept their values the best in Utah County.  The demand for BYU condos is actually one of the bright spots in this market.  I just put one for sale a few weeks ago at  La Jolla Condos near BYU .

The average sales price of condos reached a high in 2008. 

Many high-end condos were being built in the 2006 boom.  Much of this higher end inventory was clearing out.  This is why this number rose.  It is not because condos were appreciating like some may claim.  In my opinion the average price of condos will find a new bottom in 2011.  However, I think the amount of condos sold will actually increase in 2011.  This is because we are seeing entry level buyers move back into affordable condos. 

I sold a beautiful 3 bed 2 bath newer condo that was purchased in 2008 for $160k.  I sold this condo for $109k as a short sale .  The buyers were thrilled.   Prices are certainly in decline.  Anyone that would like to debate or disagree with my opinion condos is welcome.  Post a comment below and give me your opinion.

I don't believe the bottom is in on this market.  However, I am a real estate buyer .  I personally bought a rental in Springville, Utah last month.  It will be difficult to catch the exact bottom.  I love interest rates right now too.  If you need help finding an awesome deal on a condo in Utah County give me a call or fill out my online request form.  Here are two great sites to search for condos TeamTeasdale.com or our Utah County Condo Listings Search!


Welcome to my Utah County Real Estate blog!  We are located  in Mapleton, Utah.  Our team combines proven traditional real estate practices and represents the leading edge in the future of real estate marketing by merging internet technologies, service, communication, information and analysis with those traditional practices to provide our clients with an exceptional real estate experience and superior marketing.

Paul Teasdale, Principal Broker
ABR, CRS, e-PRO, QSC, Finance  BYU
16 Years Experience, 850+ Homes Sold
Team Teasdale Realty, Utah County Real Estate
Phone: 801-491-7653