Logan Utah Yearly Real Estate Statistics-10/28/2010
Posted by Lisa Udy on Thursday, October 28th, 2010 at 12:00pm.Logan Utah Yearly Residential Housing Report
Yearly Average days on market
Average Days on market in 2008 from 01/01-09/30/2008 is: 82
Average Days on market in 2009 from 01/01-09/30/2009 is: 105
Average Days on market in 2010 from 01/01-09/30/2010 is: 119
Year to date trends in the residential real estate market are showing that homes are staying on the market longer before they are sold. With the current conditions of the market if you need to sell quickly you must be the house in the best condition for the best price. Realistically you should be expecting a 6-8 month market time before you get an offer. You may have to plan on longer market time if you are not willing to price your home aggressively.
Yearly Average Sold Price
Average sold price in 2008 from 01/01-09/30/2008 is: $164,215
Average sold price in 2009 from 01/01-09/30/2009 is: $159,280
Average sold price in 2010 from 01/01-09/30/2010 is: $148,932
Over the past three years we are seeing a decline in the average sales price in the Logan housing market. This trend is showing us that a lot of first time buyers are entering the market, and there is not a lot of upgrading going on. Through September 30, 2010 the average sold price is down about 10% from year to date sold prices in 2008.
Yearly Residential Sales
Total Yearly Residential Sales 01/01-09/30/2008: 383
Total Yearly Residential Sales 01/01-09/30/2009: 287
Total Yearly Residential Sales 01/01-09/30/2010: 310
Through September 30, 2010 the Logan housing market is down around 19% 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 Average Price per Square Foot
Logan Utah average price per square foot 01/01-09/30/2008: $87
Logan Utah average price per square foot01/01-09/30/2009: $85
Logan Utah average price per square foot 01/01-09/30/2010: $82
The average price per square foot through September 30, 2010 is $82.00. That is down $5.00 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 $87 a square foot you would pay $217,500 for a 2,500 Sq. FT home (2,500 x $87 =$217,500.)
At $82 a square foot you would pay $205,000 for a 2,500 Sq. FT home (2,500 x $82 =$205,000.)
In essence you are getting the same home for $12,500 less than you would in 2008.
For more information on the Logan Utah real estate market please contact us.
All information from the WFR MLS.
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