Utah Real Estate Market Conditions

Condominium and Townhouse sales in Cache Valley were also down this year. This isn't good news for the developers of many of the new Cache Valley condo developoments like Bridgerland Meadows and Rivercrossing Townhomes in Logan,  Spring Creek Crossing in Nibley, and the Elk Mountain Townhomes in Hyrum. All of these new condo complexes have large luxury designes, and start in the $130,000's.

2008 condo sales were down 12% compared with 2007. The average price of condos sold did however increase. This was in large part because of the large supply of new high end townhomes. Condo sales are also likely down because more potential buyers have chosen to rent rather than buy out of economic fears.

The months of inventory of these condos for sale is in the "balanced" range. In reality, the condo market is probably a buyers market as the large condo complexes don't put all of their townhomes for sale on the MLS. The price of the condos for sale is substantially higher than the average prices of condos that have sold the past few years.