Providence Utah Real Estate Market Snapshot April 14th 2010

Providence Utah Real Estate Market Snapshot

Here are the most recent Providence Utah real estate market statistics as of April 14th, 2010. These numbers represent single family homes only.

Providence Utah Active Listings: 65

Providence Homes Under Contract: 8

Sold Last 30 Days March 14 - April 14, 2010: 5

Average Price Per SQFT: $83.90

Providence Homes Sold Last 180 Days: 23

Providence Homes Sold Last 365 Days: 82

Sold Price Compared To List Price March: 87%

Average Days On Market March: 205

Quarterly Comparison:

Providence is showing signs of improvement but with the tale of two markets, not many homes are selling in Providence. If we look at the real estate statistics in Cache Valley, there are two completely different markets. There is the homes in the market that are priced below $200,000 and the market priced above $200,000. Most of the Providence Utah homes for sale are in the upper price ranges. Because of this factor, Providence has shown to be more sluggish then Logan, and if we look at the graph above, you can see the red line has shown a steady decline since the third quarter of 2006.

A number that shows the tale of two markets is, out of the 8 homes under contract in Providence, only 2 of them are priced over $200,000. Once the first time home buyer tax credit expires April 30th, we will be able to start to judge where the market is going. With all of the government programs artificially propping up the market, it is going to be hard to judge how the market is going to shape up going into 2011. Providence will probably show a decline after the first time home buyer tax credit expires just as most markets in Cache Valley.