Quarterly Comparison Average Days On Market

Over the last two years the average days on market in Smithfield have had some large inconsistencies. It seems you can find some consistency in the time of year. The first, second, and fourth quarters have a much longer “on the market” time than the third quarter does. This indicates that if you need to sell your home quickly the third quarter is the best time of year to do it.

Quarterly Comparison Average Sold Price

The average third quarter sold price is up about 6% from 2008 third quarter numbers. The average sold price has risen consistently throughout 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 58% from total sold third quarter properties in 2008. Even though the average sold price is up from 2008 we are seeing fewer units sold.

Quarterly Comparison Average Price per Square Foot

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

In 2008 at $85 a square foot you would pay $212,500 for a 2,500 Sq. FT home (2,500 x $85 =$212,500.)

In 2010 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 $2,500 less than you would in the third quarter of 2008. This is good news for current home owners and the value their homes are maintaining.

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

All information from the WFR MLS.