Smithfield Utah Yearly Real Estate Statistics-11/05/2010
Posted by Lisa Udy on Friday, November 5th, 2010 at 1:29pm.Smithfield Utah Yearly Residential Housing Report
Yearly Average days on market
Average Days on market in 2008 from 01/01-10/31/2008 is: 60
Average Days on market in 2009 from 01/01-10/31/2009 is: 75
Average Days on market in 2010 from 01/01-10/31/2010 is: 89
Year to date trends in the Smithfield real estate market are showing that homes are staying on the market longer before they are sold in 2010. Current conditions of the market are indicating that if you need to sell your home quickly, than you must be the best house, in the best condition, and for the best price. You should be expecting a 4-6 month “on the market” time before you could get an offer.
Yearly Average Sold Price
Average sold price in 2008 from 01/01-10/31/2008 is: $168,604
Average sold price in 2009 from 01/01-10/31/2009 is: $160,860
Average sold price in 2010 from 01/01-10/31/2010 is: $162,080
Over the past three years we have seen a small decline in the average sales price in the Smithfield market. Smithfield homes seem to be holding their value better than other areas of Cache County. 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 down only about 4% from year to date sold prices in 2008, and is up slightly from 2009 sold prices.
Yearly Residential Sales
Total Yearly Residential Sales 01/01-10/31/2008: 68
Total Yearly Residential Sales 01/01-10/31/2009: 91
Total Yearly Residential Sales 01/01-10/31/2010: 82
Through October 31, 2010 the Smithfield housing market is up around 26% total sold transactions from year to date numbers in 2008. However, there where nine more houses that sold in the same time frame in 2009 than in 2010. This is a good indication that the Smithfield is still a great community, and has the potential to continue to attract buyers in the future.
Yearly Average Price per Square Foot
Average price per square foot 01/01-10/31/2008: $82
Average price per square foot01/01-10/31/2009: $80
Average price per square foot 01/01-10/31/2010: $76
The average price per square foot through October 31, 2010 is $76.00. That is down $9.00 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 $82 a square foot you would pay $205,000 for a 2,500 Sq. FT home (2,500 x $82 =$205,000.)
At $76 a square foot you would pay $190,000 for a 2,500 Sq. FT home (2,500 x $76 =$190,000.)
In essence you are getting the same home for $15,000 less than you would in 2008. Smithfield is selling more homes than past years, but they are selling for less money.
For more information on the Smithfield Utah real estate market please contact us.
All information from the WFR MLS.
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