As single family home prices have shot up along the Wasatch Front, so has the demand for more affordable housing. Recent numbers indicate that consumers are turning to a more economic alternative like condominiums and townhomes. The trend however is quickly pushing the cost of condos through the roof.
Condo prices are showing a significant spike in the average sales price. Second quarter comparisons indicate that the average sales price for a condo in Davis County is up to $189,896. That’s a 17% increase over the 2nd quarter, 2007. And a whopping 35% spike when compared to the same quarter in 2005.
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Weber County isn’t far behind with an average condo sales price of $152,790. Up 14.2% over 2nd quarter 2007 and up 24% when compared to the same quarter in 2005.
A big contributor to the leap in condo prices is due to the rapid increase in newly built condos & townhomes. Big builders like Nilson Homes saw the writing on the walls about 5 years ago and started acquiring land to build these PUD’s (Planned Unit Developments).
The added inventory came just in time for the sudden condo craze. And as Utahns continue to feel the pinch of inflation, so will the need for alternative housing innovation follow.
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