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Providence Utah Quarterly Residential Real Estate Statistics-11/11/10

Posted by Lisa Udy on Thursday, November 11th, 2010 at 3:47pm.

Providence Utah Quarterly Real Estate Housing Report

Quarterly Comparison Average Days on Market

Over the last two years the average days on market for Providence real estate have been pretty consistent. The first and second quarters of 2009 and 2010 are almost identical in their average days on market numbers.  The good news is the 2010 third quarter numbers are almost back to 2008 levels. Based on these numbers, it will take you about the same amount of time to sell your home anytime in the first, second, and third quarters of the year.  

Quarterly Comparison Average Sold Price

The average 2010 third quarter sold price is down about 24% from when the market peeked in the 2009 third quarter. The average sold price decreased slightly in the second quarter, but rebounded in the third quarter of 2010.  It will be interesting to see what the 2010 fourth quarter numbers are.

Quarterly Comparison Total Residential Sales

Total number of third quarter sold properties is down about 50% from total sold third quarter properties in 2009. We are seeing fewer units sold and the average sold price is down as well. It is a great time to be a buyer. With lots of available inventory in the Providence market you have more choices in homes than ever. 

Quarterly Comparison Average Price per Square Foot

The average price per square foot peaked in the third quarters of 2008. 2010 started slow, but prices have risen slightly throughout the year.  Let’s look at the numbers and how they affect the kind of home you can get today.

In 2008 at $96 a square foot you would pay $240,000 for a 2,500 Sq. FT home (2,500 x $96 =$240,000.)

In 2010 at $83 a square foot you would pay $207,500 for a 2,500 Sq. FT home (2,500 x $83 =$207,500.)

In essence you are getting the same home for $32,500 less than you would in the third quarter of 2008.

For more information on the Providence Utah real estate market please contact us.

All information from the WFR MLS.

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