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  • Salt Lake City makes Forbes “Best Place to Retire” List

    Posted on March 28th, 2011 admin No comments

    Salt Lake City is listed among sixteen US cities which offer the best advantages for retirees in 2011 as defined by Forbes. The factors included cost of living, taxes, crime rates and opportunities for active retirement.  Most amusing quote from the article: “Most residents aren’t Mormons”
    Read the full article at http://blogs.forbes.com/williampbarrett/2011/03/23/the-best-retirement-places/

    Good article but terrible photo of the city.  Here’s one of my own.

    Salt Lake City 2009 from library roof

  • Video update from the Salt Lake Board of Realtors. Housing Recovery in 2011?

    Posted on March 15th, 2011 admin No comments

    A bit dry compared to their last offering, but the information and facts do look encouraging.

  • Some facts about the City Creek Development in Salt Lake City

    Posted on August 20th, 2010 admin No comments
    1. Ownership of condominiums or (presumably) commercial sites will be made subject to a Land Lease.  That is, the buyer will not actually own the land under the building but will instead have a 99 year lease from the developer.  This is very unusual for Salt Lake, but common in some other areas such as Hawaii.  Normally when you purchase a condominium you own an undivided specific percentage of the land and common areas.
    2. The project covers almost 20 acres in the center of Salt Lake City and should be completed by 2012.
    3. Site work began in 2006 with the complete demolition of Crossroads Mall, ZCMI Mall, the Inn At Temple Square and the original 20 story Key Bank Tower at 50 S. Main.
    4. When finished there will be over 700 new apartment and condominium units, 6 acres of green space with streams and fountains, 775,000 square feet of retail space, a Harmons grocery store, and 1,600,000 square feet of office space (most of which already exist in on-site high rise buildings).
    5. All parking will be underground with 5000 spaces.
  • Video update from the Salt Lake Board of Realtors 1st quarter 2010

    Posted on August 10th, 2010 admin No comments

    A new feature from the Salt Lake Board of Realtors.  A bit rah-rah, but a concise and factual update that cuts to the chase.  Watch for the flying port-a-potty at about 1:05.

  • More accolades for Salt Lake City

    Posted on July 29th, 2010 admin No comments

    Just a few of the more recent recognitions bestowed on Salt Lake City.

  • Holladay 2nd quarter real estate sales

    Posted on July 9th, 2010 admin No comments

    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

    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.

  • Upper Avenues 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    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

    Posted on July 6th, 2010 admin No comments

    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.

  • Harvard-Yale 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    It had appeared that this east side Salt Lake City neighborhood was recovering with an upturn in values last year, but this quarter’s numbers continue to slide south with a new median price of $390,000.  Sixteen homes were sold in the previous 3 months.  The peak for this area was $510,000 in the second quarter of 2008.
    Harvard-Yale sales 2007-2010 2nd qt
    Harvard-Yale sales 1996-2010 2nd qt

    The absorption rate here is 4 homes per month with an inventory of 12.5 months.  Definitely a buyer’s market.

  • Federal Heights 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    Doubled in value?  Probably not, but what a wild quarter it’s been, with the graph showing a current median sales price of $1,250,000.  With only 3 sales during the previous quarter, it’s too soon to claim a huge appreciation for homes in this very exclusive Salt Lake City neighborhood.  Two of those sales were quite significant which helped push up the numbers.  The peak median price was $1.6M in the third quarter of 2007.
    Federal Heights sales 2007-2010 2nd qt
    Federal Heights sales 1996-2010 2nd qt

    Using the previous six months of sales data the absorption rate is only 1 home per month.  Don’t get in a hurry to cash in, as the inventory is now 15 months.

  • Capitol Hill 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    $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.

  • Canyon Rim 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    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.

  • 9th & 9th 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    By the end of June the median price in this popular Salt Lake City neighborhood had dropped again after a uptick last quarter.  The new number is $229,000.  The highest median price was set in the 2nd quarter of 2008 at $317,000.  That may have been an anomaly as most areas peaked in early 2007 when the median price would have been $305,000.
    Click here to see sales since 2007.
    Click here to see sales since 1996.

    Based on sales data for the last six months this area has an absorption rate of 2.7 homes sold per month which gives an inventory of 5.6 months.  Conventional wisdom would place this as a balanced market for the 9th & 9th.

  • 15th & 15th 2nd quarter 2010 real estate sales

    Posted on July 6th, 2010 admin No comments

    At the end of June the median sales price in this Salt Lake City neighborhood was $305,000 with 19 homes sold during the 2nd quarter.  The peak median price for this area was $404,000 in the third quarter of 2007.
    Click here for a graph showing sales since 2007.
    Click here for a graph showing sales since 1996.
    Based on sales data for the last six months the absorption rate is 4.7 homes sold per month giving an inventory of 4.3 months.  That would technically make this neighborhood a seller’s market with inventory of under 6 months.

  • Forbes Magazine ranked Utah as “Best State to Live”

    Posted on June 22nd, 2010 admin No comments

    Life satisfaction and a much lower than average unemployment rate were two big factors.  Read the full story on how Utah is ranked the best state to live in.

  • If you don’t see your hood’s statistics here

    Posted on June 5th, 2010 admin No comments

    Let me know.  I can run a graphical analysis of any neighborhood or city in Utah.  All I need from you are the time period and defining geographical boundaries, or city name.   Thanks to mapping software I can now capture sales from any enclosed boundary.

    For example, you may want to know about single family home sales from April 12th, 1999 to April 12th, 2002 along the east side of 700 East (and only 700 East).  Or vintage bungalows surrounding Liberty Park for the last two years.  Or vacant lots in Saint George.  Go ahead, give it a try.

  • About the 1st quarter sales graphs

    Posted on June 5th, 2010 admin No comments

    The Salt Lake Board of Realtors offers sales data every quarter in the form of press releases to show median sales prices by zip code.  This makes an easy and somewhat entertaining way to disseminate sales information to the public, but has one significant problem.  Zip codes do not define neighborhoods, and neighborhood identity is a major factor in pricing homes.

    Think about it.  Buyers who are familiar with the Salt Lake Valley never come to me and ask to see homes in the 84111 area.  Instead they want to look for a property in Sugarhouse or Taylorsville.  Likewise the free online search options for buyers use zip codes to defines searches which only reinforces this mistake.  But that is a issue for another rant at another time.

    I (and most other real estate agents) have access to this data (and much more) because we pay for access to the Wasatch Front Regional MLS system.  We can also search for property using very specific criteria which is not available to the public.  Not fair? Perhaps, but a good buyer’s agent can use their expertise to leverage this information to your benefit in finding the right home and making the best offer.  A good listing agent will also dig a little deeper into the data to find the best market price for your property and be able to identify the highest and best offer for their client.

  • Salt Lake City Urban Core 1st quarter 2010 real estate sales

    Posted on May 30th, 2010 admin No comments

    Median sales price of $215,000.

    By my own definition the urban core is described as a circle with a radius of 6 blocks centered at Temple Square.  I wanted to keep it walkable to downtown and inclusive of the free fare Trax zone.  Within this boundary lie most of the new successful condominium projects, shopping areas, restaurants, clubs and the new City Creek development.  Dollar per square foot rents and sales are often dramatically higher here than elsewhere in the city or valley.  Most of the data points are from condo sales as there are relatively few single family homes remaining in the city.

    I would be very interested to see how the sales of City Creek will effect this graph.  Unfortunately the sold price of these new construction high-end condos are not currently part of the multiple listing service.  Assumptions would have to be made on a ratio of asking price to sold price.  Given what we know about the roughly $600 per square foot listed price of these costly creatures, the statistical push would have to be considerably northward.  Moving on up Salt Lake!

    Urban Core 1st qt 2009-2010
    Urban Core 1st qt 1996-2010

  • Sugarhouse 1st quarter 2010 real estate sales

    Posted on May 30th, 2010 admin No comments

    Current median price of $261,000.

    Classic boundaries for this Salt Lake neighborhood.  500 East to 2300 East and 1700 South to roughly I-80.  If your property falls outside any of these defined neighborhoods, email me and request an analysis for your area.  Using your definitions of neighborhood.

    Nice solid gains and the trend is backed by a good number of data points.  Of course this Sale Lake neighborhood is always a perennial draw.
    Sugarhouse 1st qt 2009-2010
    Sugarhouse 1st qt 1996-2010