Brigham City Utah October Yearly Comparisons-11/08/2010
Posted by Lisa Udy on Monday, November 8th, 2010 at 1:32pm.Brigham City Utah Yearly October Housing Report
Yearly Comparisons Average days on market
Average Days on Market for Brigham City residential real estate in 2008 from 01/01-10/31/2008 is: 63
Average Days on Market for Brigham City residential real estate in 2009 from 01/01-10/31/2009 is: 92
Average Days on Market for Brigham City residential real estate in 2010 from 01/01-10/31/2010 is: 105
Year to date trends in the Brigham City real estate market are showing that homes are sitting “on the market” 40% longer than the same time period in 2008. Taking the current conditions of the market into consideration to sell a home faster than average; you must be the best house, in the best condition, and for the best price. Sellers should be expecting a 4-8 month market time before possibly getting an offer. However, homes priced below market value are still selling very quickly.
Yearly Comparisons Average Sold Price
Average sold price for Brigham City residential real estate in 2008 from 01/01-10/31/2008 is: $155,003
Average sold price for Brigham City residential real estate in 2009 from 01/01-10/31/2009 is: $144,879
Average sold price for Brigham City residential real estate in 2010 from 01/01-10/31/2010 is: $140,410
Over the past few years we have seen a steady decline in the average sales price for Brigham City homes. This information is indicating to us that a lot of first time buyers are entering the marketplace. It also let’s us know there is not a lot of upgrading going on. Through October 31, 2010 the average sold price is down about 10% from year to date sold prices in 2008.
Yearly Comparisons Total Homes Sold
Total Yearly Residential Sales 01/01-10/31/2008: 174
Total Yearly Residential Sales 01/01-10/31/2009: 128
Total Yearly Residential Sales 01/01-10/31/2010: 120
Through October 31, 2010 the Brigham City housing market is down around 30% total sold transactions from year to date numbers in 2008. The simple truth is there are fewer buyers in the market today because of stricter lending guidelines, loss of confidence in the economic recovery, and concerns about job stability.
Yearly Comparisons Average Price per Square Foot
Brigham City Utah average price per square foot 01/01-10/31/2008: $81
Brigham City Utah average price per square foot01/01-10/31/2009: $81
Brigham City Utah average price per square foot 01/01-10/31/2010: $71
The average price per square foot through October 31, 2010 is $71.00. That is down $10.00 from the same time period in 2008. Let’s look at the numbers and how they are affecting the kind of home you can get today.
At $81 a square foot you would pay $202,500 for a 2,500 Sq. FT home (2,500 x $81 =$202,500.)
At $71 a square foot you would pay $177,500 for a 2,500 Sq. FT home (2,500 x $71 =$177,500.)
In essence you are getting the same home for $25,000 less than you would in 2008.
For more information on the Brigham City Utah real estate market please contact us.
All information from the WFR MLS.
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