Providence Utah Yearly Residential Real Estate Statistics-11/11/2010
Posted by Lisa Udy on Thursday, November 11th, 2010 at 4:28pm.Providence Utah Yearly Real Estate Housing Report
Yearly Average days on market
Average Days on market in 2008 from 01/01-10/31/2008 is: 120
Average Days on market in 2009 from 01/01-10/31/2009 is: 180
Average Days on market in 2010 from 01/01-10/31/2010 is: 171
Year to date trends in the Providence real estate market are showing that homes are selling 35% faster in October than they did in January. It is good news for sellers to see 2010 average days on market declining from 2009 numbers. You should be expecting a 6-12 month “on the market” time before you could get an offer. In order to sell your home faster than average you must be the best house, in the best condition, and for the best price in today’s competitive market.
Yearly Average Sold Price
Average sold price in 2008 from 01/01-10/31/2008 is: $216,556
Average sold price in 2009 from 01/01-10/31/2009 is: $232,209
Average sold price in 2010 from 01/01-10/31/2010 is: $239,421
Over the past three years we have seen a slight increase in the average sales price in the Providence market. This is great news for current home owners who have concerns about maintaining their home’s value. Through October 31, 2010 the average sold price is up about 10% from year to date sold prices in 2008, and is up 5 %from 2009 sold prices.
Yearly Residential Sales
Total Yearly Residential Sales 01/01-10/31/2008: 77
Total Yearly Residential Sales 01/01-10/31/2009: 70
Total Yearly Residential Sales 01/01-10/31/2010: 50
Through October 31, 2010 the Providence housing market is down around 35% total sold transactions from year to date numbers in 2008. The number of homes sold has steadily declined over the last two years. We are seeing fewer units sold, meaning inventory is up, and this gives buyers great options when looking for a new home.
Yearly Average Price per Square Foot
Average price per square foot 01/01-10/31/2008: $92
Average price per square foot01/01-10/31/2009: $86
Average price per square foot 01/01-10/31/2010: $84
The average price per square foot through October 31, 2010 is $84.00. That is down $8.00 per square foot from the same time period in 2008. The average sold price per square foot has decreased steadily over the last two years. Let’s look at the numbers and how they are affecting the kind of home you can get today.
At $92 a square foot you would pay $230,000 for a 2,500 Sq. FT home (2,500 x $92 =$230,000.)
At $84 a square foot you would pay $210,000 for a 2,500 Sq. FT home (2,500 x $84 =$210,000.)
In essence you are getting the same home for $20,000 less than you would in 2008.
For more information on the Providence Utah real estate market please contact us.
All information from the WFR MLS.
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