Capitol Hill 2nd quarter 2010 real estate sales

$198,000 is the new median sold price for Salt Lakes oldest residential neighborhood.  A slight rebound from last quarter’s numbers but still down from the peak of $291,000 in the 1st quarter of 2008.
Capitol Hill sales 2007-2010 2nd qt
Capitol Hill sales 1996-2010 2nd qt

Using data from the previous six months the absorption rate is 4.2 homes per month giving an inventory of 9.6 months for a buyer’s market.

Map of the Capitol Hill neighborhood Salt Lake City

View Capitol Hill neighborhood Salt Lake City in a larger map

Capitol Hill 1st quarter 2010 real estate sales

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