Holladay 2nd quarter real estate sales

This data is taken from within the actual current city boundary for both the long range and recent sales graphs.
The current median price of $284,000 is a slight downturn from last quarter and significantly lower than the high point of $356,000 in the second quarter of 2007.
Holladay sales 2007-2010 2nd qt
Holladay sales 1996-2010 2nd qt

Using sales data from the previous six months gives an absorption rate of 23 homes per month and an inventory of 12.5 months.

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

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

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.

Olympus Cove 2nd quarter 2010 real estate sales

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.

Canyon Rim 2nd quarter 2010 real estate sales

The sold prices are still slowly declining for this Salt Lake neighborhood.  Median sales price is now $245,000 with only 9 homes sold, down from a peak of $330,000 in the 3rd quarter of 2007.

Canyon Rim sales 2007-2010 2nd qt
Canyon Rim sales 1996-2010 2nd qt

Based on sales data for the last six months, the absorption rate here is 3 homes per month which gives an inventory of 8.7 months.  A buyer’s market.

Olympus Cove 1st quarter 2010 real estate sales

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

Canyon Rim 1st quarter 2010 real estate sales

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

Salt Lake County Condominium 1st quarter 2010 real estate sales

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

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