—Average days spent on the market for a single family home in 1998 was 58 days.
—Average selling price for a 3 bedroom home in 1998 was $150,017 and for a 4 bedroom or more home was $219,497. Prices have been going up. In 1995 the average 3 bedroom home in Salt Lake City sold for $132,874 and the average 4 bedroom or more home sold for $173,799.
—According to the Salt Lake Tribune, Spring of 1998, Salt Lake City was named the 17th most expensive housing market per capita in the USA in 1998.
—Currently in 1999, the average days spent on the market is 67 days. The average selling price for a 3 bedroom home is $153,987, and for a 4 bedroom or more home is $183,808.
—There are currently nearly 1,500 homes for sale in Salt Lake City.
As in all other cities that have grown large or are in the process of growing to be significant metropolitan areas, Salt Lake City went from being a very depressed housing area in the 80's to becoming a sleek, popular, and international center of attention because of the 2002 Olympics and because of the development of electronic, Internet, and computer oriented businesses. It is also a major airline hub and has the "best snow on earth" for skiing.
The Avenues were a "trolley" neighborhood for blue-collar families at the turn of the century. It was less grand than the mansions on South Temple, which were built by mining magnates. It was more eclectic than the Marmalade District, an area north of the Salt Lake Temple, established by the family of Mormon Church dignitaries. The Avenues area has evolved into a rather "San Franciscan" neighborhood because of the quaintness of the homes and the diversity of architectural styles that exist in this area. This area is a renovator's delight because the homes are old, they are well built, they have beautiful architectural features, and they are close to the city center. This means as well that they are pricey. The average sales prices for a 3 bedroom home in this area in 1999 is $279,696.
Federal Heights and the University of Utah area
This is an area that was at one time quite literally the grazing ground for the Fort Douglas army contingent, which occupied this federal land at the turn of the century. When Ulysses S. Grant deeded the land to Mormon President Brigham Young, he then sold it to two developers who were known as the Telluride Realty Group and the Popperton Realty Group. They began building their homes after 1907 and continued to build for 40 years. These Federal Heights homes are some of the largest and most gracious old structures in the city. One of the advantages of the Federal Heights neighborhoods is that they are contiguous to the University of Utah campus and are within 5 minutes of the downtown business district. The result is that these neighborhoods attract business and professional people, including University professors, doctors, developers, and professionals in all areas of occupation, simply because of their location. The average sales price for a 3 bedroom home in this area in 1999 is $237,774.
Capitol Heights is a newer neighborhood than the Marmalade District. It goes up the hill and into the various canyons just north of the city. Again, it is a stylistically eclectic neighborhood. There is a vast variety of big and small, and it encompasses some of the oldest and some of the newest homes in the city. It gets its name because the crown jewel of the upper area is the State Capitol itself, which shines like a diamond at night for everyone to see. The average sales price for a 3 bedroom home in this area in 1999 is $279,696.
The Harvard/Yale neighborhoods are very similar to the Federal Heights area except that the homes are more Tudor than Georgian, but are equally pricey. They are close to the University of Utah and are very family oriented. The development of this area came later than either The Avenues or Federal Heights, but it is an area that is splendid, and quiet, and diverse. The average sales prices for a 3 bedroom home in this area in 1999 is $176,022.
Sugar House and College Heights
This area of town developed during and after the Second World War. The homes are smaller, but no less comfy than the previous areas we have talked about. There is one patch of vintage California bungalows, which are famous for their authenticity. There are also homes that are like comfortable cottages, specifically designed to raise a young family after the war had ended. This area of town grew up around an old Mormon sugar factory, which was in the late 19th century, a "whopping" 4 miles out of town. It also is an area that surrounds Westminster College, a private school which is much smaller than the University of Utah, but which is an extremely well regarded center of scholarship in the city. It is contiguous to Sugar House Park, which at one time was the site of the Utah State Penitentiary, and in 1950, when the penitentiary was removed to the outskirts of town, this large and beautiful area was made into one of the pristine parks in the city. It is the access to the freeways—north, south, east, and west. The rejuvenated business center of the Sugar House area has made it a marvelous focal point for the people who live in it and work near it. The average sales price for a 3 bedroom home in this area in 1999 is $176,022.
This is one of the oldest and newest neighborhoods just south of the city. It was settled originally by Mormon church dignitaries who were asked to go into, what then at the turn of the century, was the hinterlands. This means it was 8 to 15 miles out of the city proper, which at that time was a very long ways. Not only was this a prime farming area but it was also a place where people could build palatial estates which were very private, very wooded, and definitely out of the city. It remains today one of the most elegant and reclusive areas surrounding Salt Lake City. The average sales prices for a 3 bedroom home in this area in 1999 is between $172,170 and $270,550.