Upper Avenues 2nd quarter 2010 real estate sales

Given that last quarter’s high median price was based on only three sales, I’m going to call this quarter’s number of $515,000 more of an upward trend with 9 sales.  Take a look at the graph and see if you don’t agree.  The  median price for this neighborhood high above Salt Lake City was  $665,000 three years ago.
Upper Avenues sales 2007-2010 2nd qt
Upper Avenues sales 1996-2010 2nd qt

Sales data from the last six months shows an absorption rate of 2 homes per month and an inventory to last 14 months.

Lower Avenues 2nd quarter 2010 real estate sales

It looks like a definite upturn in value for this historic Salt Lake City area.  The median price is up slightly at $249,000 and with 48 sales in the last quarter that number should be pretty accurate.  Still down from a peak of $333,000 three years ago but a nice trend none-the-less.
Lower Avenues sales 2007-2010 2nd qt
Lower Avenues sales 1996-2010 2nd qt

Using the previous six months of sales data gives an absorption rate of 12.5 homes per month and an inventory of 8.7 months.

Map of Upper Avenues neighborhood Salt Lake City

View Upper Avenues neighborhood Salt Lake City in a larger map

Map of the Lower Avenues neighborhood Salt Lake City

View Lower Avenues neighborhood Salt Lake City in a larger map

Upper Avenues 1st quarter 2010 real estate sales

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

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