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  • Salt Lake County single family homes 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    These numbers are for the entire county which includes all of the cities, townships, and unincorporated suburbs.  The median price of single family homes basically held steady at $218,000.  The big news was the number of closings.  2766 sales is a number we haven’t seen since the market was peaking 2 years ago when  the median price was $256,000.
    We can hope that this is indicating a bottoming of the fall.
    Salt Lake county single family home sales 2007-2010 2nd qt
    Salt Lake county single family home sales 1996-2010 2nd qt

    Using sales from the previous six months shows an absorption rate of 759 homes per month and an which would last 8.4 months.  Still a buyer’s market.  A balanced market is considered to be six months of inventory.

  • Salt Lake County Condominium 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    These numbers are for the entire county which includes all of the cities, townships, and unincorporated suburbs.  The median price of condominiums held steady since last quarter at $164,000.  This statistics uses 592 sales and should be viewed as a general trend for this part of the state and not applied to any one specific location.  The peak value for this category was set in the 1st quarter of 2008 at $178,000.
    Salt Lake county condo sales 2007-2010 2nd qt
    Salt Lake county condo sales 1996-2010 2nd qt

    Using sales data from the previous six months gives an absorption rate of 160 closings per month and a theoretical inventory of 12 months.

  • Urban Core Salt Lake City 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    This is just painful.  The median price dropped yet again for the downtown area (six block radius) to a low of $199,000.  This is off a sobering 35% from the peak of $307,000 in the 2nd quarter of 2007.  Admittedly that $307K was an unusual spike.  My guess is that the actual peak was more in the upper 200’s, but still…
    The only good news here is that the number of sales continues to climb at 52.  So people still want to live downtown, and they’re getting a heck of a deal right now.  As an owner of property in this area, my only consolation right now is to look at the long term sale graph.
    Urban Core sales 2007-2010 2nd qt
    Urban Core sales 1996-2010 2nd qt

    Using sales data from the previous six months gives an absorption rate of 14.3 home sales per month which puts the inventory at just under 12 months.
    Note that these numbers do not include the City Creek project or several smaller new construction condos which may not post any/all of their properties on the multiple listing service.  The City Creek project alone with its unprecedented prices and volume would dramatically push these numbers much higher.

  • Sugarhouse 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    And we have a winner.  Sugarhouse has always been a popular Salt Lake City neighborhood and this quarter’s numbers prove it with a continuation of the price recovery which started late last year.  The median price here is now $273,000 only off 9% from a peak value of $298,000 set in the 1st quarter of 2008.  Home sales are up as well with 60 closings this quarter.
    Sugarhouse sales 2007-2010 2nd qt
    Sugarhouse sales 1996-2010 2nd qt

    Using sales data from the previous six months gives an absorption rate of 16.7 home sales per month and an inventory of 10 months.  Still a buyer’s market.

  • Rose Park 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    One of the most resilient neighborhoods in Salt Lake City bounces back this quarter with a median price of $156,000.  Aside from last quarter, the prices have been rising here for the last year.  The number of home sales are up as well, at 25.  The peak value for this area was $174,000 in the third quarter of 2007, so values have not tumbled as dramatically as other parts of the valley.
    Rose Park sales 2007-2010 2nd qt
    Rose Park sales 1996-2010 2nd qt

    Using sales data from the previous six months gives an absorption rate of 6.7 homes per month which gives a theoretical inventory of 7.7 months.  This is approaching a balanced market (6 month supply).

  • Olympus Cove 2nd quarter 2010 real estate sales

    Posted on July 7th, 2010 admin No comments

    A significant drop this quarter with 14 homes sold to give a median price of $374,000.  After two quarters of modest appreciation, this is disappointing news.  The peak value for this neighborhood was $635,000 in the third quarter of 2007.
    Olympus Cove sales 2007-2010 2nd qt
    Olympus Cove sales 1996-2010 2nd qt

    Using sales data from the previous six months gives an absorption rate of 4.5 homes per month and an inventory of 13.8 months.