9th and 9th market direction - up or down?

By
Real Estate Agent with Fantis Group Real Estate

Too close to call?

I've always loved the neighborhood around 9th and 9th.  It's one of Salt Lake's great walking communities with locally owned shops and some great food, coffee, and movies.

So what's going on with real estate in that area?  Let's start with some County statistics and narrow it down from there.  

First, the market seems to be in a correction period.  In the last quarter of last year, homes dropped back down to the first quarter prices.  Nothing major.  Here's the graph:

 

Now if we narrow right in on the 9th and 9th area, comparing year-to-date numbers from last year and this year.  The values  seem to concur with the county graphs and trends.  Last year, 32 homes sold in the 9th and 9th area from January 01 to March 21.  This year, only 16 have sold in the same time period.  Sales levels have esentially returned to 2005 levels, when the market was considered a "Fair market."

With more listings on the market and half the number of sales it follows that prices are dropping, time on the market is increasing, and fewer people are selling their homes. 

It's taking more marketing than ever to sell a home, yet the 9th and 9th area does attract a diverse crowd. There's not another neighborhood like it in all of Salt Lake.

 

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Tony Fantis

Realtor,Principal Broker - Salt Lake City
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