What About Condos?

I have a few clients who are trying to sell condominiums or townhomes.  In light of that, I thought I would do some research into the market and see how inventories are shaping up.

Queue chart please...

This chart contrasts the inventory levels of 2 bedroom condos and 3 bedroom condos for various zip codes in Weber County.

As you can see, with the exception of 84405 (S. Ogden/Riverdale/Washington Terrace) the differences are quite remarkable.  This indicates that overall demand for 2 bedroom condos is still quite low.

Also 84403 (S. Ogden/WSU Area) and 84404 (Ogden north of 12th Street) both have elevated inventory levels for each category of condo.  Anything above 6 months is normally considered a buyer's market. 

The three areas that can no longer be considered buyer's markets are 3 bedroom condos in 84405, 84414 (North Ogden), and 84401 (Downtown Ogden/West Haven).

Condos have some unique qualities that can cause problems getting them sold.  The first is the HOA.  If it isn't FHA approved, that can cause the whole complex to be unmarketable to FHA buyers.  The second consideration is HOA dues which are an added expense not associated with single family homes.  Sometimes the numbers work for a purchase price but don't work for buyers after HOA dues are factored in.

Despite this, I have closed a number of condo transactions this past year using seller financing.  It is a very fast way to sell condo and has tax benefits as well.

If you are looking to sell a condo, CONTACT ME, and let's see if the market is right to sell your property.