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  • Olympus Cove 1st quarter 2010 real estate sales

    Posted on May 30th, 2010 admin No comments

    Current median price of $438,000.

    It could be worse.  You could have bought in Vegas.  This is a classic example of why real estate is a long term investment.  Just look what 10 years brings.
    Olympus Cove 1st qt 2009-2010
    Olympus Cove 1st qt 1996-2010

  • Upper Avenues 1st quarter 2010 real estate sales

    Posted on May 30th, 2010 admin No comments

    Current median price of $565,000.

    If you own a home above 9th Ave, you have to feel good about this.  Perhaps a bit premature to breath a sigh of relief with only 3 data points, but still…
    Upper Avenues 1st qt 2009-2010
    Upper Avenues 1st qt 1996-2010

  • Lower Avenues 1st quarter 2010 real estate sales

    Posted on May 30th, 2010 admin No comments

    Median price of $235,000.

    Salt Lake’s Avenues neighborhood is all too often lumped into one category, or worse yet, one zip code.  The lower historic Avenues in general have a different type of homes in size and age.  The smaller footprint of 19th century homes can give a much higher dollar per square foot.  You also tend to have a higher number of condominiums, which are included here.  I used 9th Ave as the cut-off although many would argue that 6th Ave is the true historic boundary.
    Lower Avenues 1st qt 2009-2010
    Lower Avenues 1st qt 1996-2010

  • Harvard-Yale 1st quarter 2010 real estate sales

    Posted on May 29th, 2010 admin No comments

    Median price is now $415,000.

    I used the traditional Harvard-Yale geographic boundaries of 800 South to 1300 South and 1300 East to Foothill.  Not exactly recession proof but pretty solid gains given all the end-of-the-world hype.

    Not bad.  Some Salt Lake neighborhoods are holding their own.
    Harvard-Yale 1st qt 2009-2010
    Harvard-Yale 1st qt 1996-2010

  • Federal Heights 1st quarter 2010 real estate sales

    Posted on May 29th, 2010 admin No comments

    Median price of $517,000.

    $1.1M to $500K in three years. Ouch!  Graphs can be a bit simplistic, but still…

    No sales in the first quarter of 2009 gives a bit of a misleading  data point.  Federal Heights is considered a high end neighborhood and the mean value of homes shows accordingly.
    Federal Heights 1st qt 2009-2010
    Federal Heights 1st qt 1996-2010

  • Capitol Hill 1st quarter 2010 real estate sales

    Posted on May 29th, 2010 admin No comments

    Median price of $187,000.

    This is another neighborhood that just has too few sales in the last year to get a firm hold on a trend.  It is however a bellwether location to watch.  My neighborhood boundaries tend to the conservative side using 300 West as a western edge.  Lots of potential for walkable commercial area when the economy improves.  The new neighborhood bar (Jam), restaurant Em’s and the Marmalade Cafe helps give it a vibrant feel.

    A classic example of why we shouldn’t make assumptions from raw statistics.  This graph makes it look like home values in Capitol Hill swung wildly from year to year.  I assure you, that was not so.  What we want to look at here is the interpolation between the data points for the long term trend.  And that trend wasn’t too bad.
    Capitol Hill 1st qt 2009-2010
    Capitol Hill 1st qt 1996-2010

  • Canyon Rim 1st quarter 2010 real estate sales

    Posted on May 27th, 2010 admin No comments

    Current median price of $257,000.

    Looking like another rebound, but too soon to tell for sure.  The number of sales is way down here, but the prices seem to be heading for a soft landing.
    Canyon Rim 1st qt 2009-2010
    Canyon Rim 1st qt 1996-2010

  • 15th & 15th 1st quarter 2010 real estate sales

    Posted on May 27th, 2010 admin No comments

    Current median price of $400,000.

    This Salt Lake neighborhood really took off when people discovered the vintage homes surrounding some of the best restaurants in the city.  Not to mention two choices for coffee and one of the last independent bookstores.

    Wow! Check out the upturn here. There were several “healthy” home sales in this neighborhood recently that helped boost the apparent values.  I will be looking forward to the 2nd quarter numbers to see if this is a statistical anomaly or not.  Note that I purposefully omitted sales on the very busy streets of 1300 South, 1700 South and 1300 East.  I felt in such a small neighborhood that they would skew the results.
    15th & 15th 1st qt 2009-2010
    15th & 15th 1st qt 1996-2010

  • 9th & 9th neighborhood 1st quarter 2010 real estate sales

    Posted on May 27th, 2010 admin No comments

    Current median price of $253,000.

    A very small neighborhood yields data points, so the number of homes sold (red line) appears to be all over the place.  A home purchased here five or six years ago is still looking pretty darn good.

    Not enough data points (sales) to really draw any big conclusions for the last year other than a general leveling out of sales price.  This area of town still has a lot going for it and should be one of the first to show recovery.
    9th & 9th 1st qt 2009-2010
    9th & 9th 1st qt 1996-2010

  • Salt Lake County Condominium 1st quarter 2010 real estate sales

    Posted on May 27th, 2010 admin No comments

    Current median price of $164,000.

    This graph looks scary until you notice the shallow spread.  Condo values in Salt Lake County seem to have held their value pretty well during the last year. The significant drop in value happened in 2008.
    SLcounty condos 1st qt 2009-2010
    SLcounty condos 1st qt 1996-2010

  • Salt Lake County single family homes 1st quarter 2010 real estate sales

    Posted on May 27th, 2010 admin No comments

    Median price of $219,000.

    For home sales in Salt Lake County ending March 31, 2010.  Note that this drop of about 10% is a median for all of the county and its cities.  In general the western suburbs were hit much harder than downtown areas.  Notice the huge increase in the number of sales as prices started to decline.  The drop off in the 1st quarter of this year may be attributable to satiated demand.

    The Salt Lake Board of Realtors reported that at 1st quarter’s end there was a 10.8 month supply of housing inventory with the average time on the market of 131 days.  This is an improvement over 2009 figures.  An inventory of over 6 months is generally considered a buyer’s market.

    Looking at values over a longer period really puts the recent downturn into perspective.  We should always consider real estate a long term investment.  Consider the gain of those that bought their property 10 years ago.  You really shouldn’t  buy a property to fix and flip if you can’t afford the contingency of holding it for awhile.
    SLcounty sfh 1st qt 2009-2010
    SLcounty sfh 1st qt 1996-2010