2010 Average days on market

Average Days on Market for Smithfield Utah residential real estate in 2010 from 01/01-10/31/2010 is: 89

Trends in the 2010 Smithfield Utah real estate market are showing that homes sold quickly throughout the summer of 2010. We should expect to see homes sitting on the market longer through the rest of the year and into early 2011. Homes are taking on average 61 days less to sell in October 2010 as they did in January 2010. Average market time for a home is currently 3-4 months.

2010 Average Sold Price

Average sold price for Smithfield residential real estate in 2010 from 01/01-10/31/2010 is: $155,420

The October 2010 Smithfield real estate market has seen a 3% increase in the average sold price since January 2010. The prices took a huge jump in June and July during the peek summer buying season. Other than those two months of the year, the prices have remained fairly constant. Based on these trends, the average sold price in Smithfield should remain steady through December 2010 and into early 2011.

2010 Total Residential Homes Sold

Total Yearly Residential Sales 01/01-10/31/2010: 82

Through October 31, 2010 the Smithfield housing market has sold an average of 8.2 homes per month. The total number of homes sold started increasing in March and then peeked in June. This increase of sales was due to buyer’s trying to purchase a home before the deadline of the 2010 First Time Home Buyer’s Tax Credit.

2010 Average Price per Square Foot

Smithfield Utah average price per square foot 01/01-10/31/2010: $76

The average price per square foot through October 31, 2010 was $76.00. The price per square foot peeked in August at the end of the summer buying season. The rest of the year the sold price per square foot remained fairly consistent. Let’s look at how the numbers are affecting the kind of home you can get today.

At $76 a square foot you would pay $190,000 for a 2,500 Sq. FT home (2,500 x $76 =$190,000.)

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

All information from the WFR MLS.

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.

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.

These Smithfield Utah homes for sale stats show that the activity in Smithfield is picking up going into the summer selling season. The first time home buyer tax credit has had a large effect on the way the Smithfield real estate market is headed. Some interesting numbers to consider, out of the 20 homes under contract in Smithfield, only 5 of those homes are priced over $200,000. Most homes under contract are first time home buyers trying to get the $8,000 offered from the government. Once the first time home buyer tax credit expires on April 30th, there will be no more government intervention in the real estate market.

Once the government incentives are over, the real estate market will finally begin the real recovery. We will most likely see home sales on a decline again after July and into 2011 before we reach a true bottom. People will always need to buy a home and home owners will always need to sell a home however, the people that played in the market in years past trying to gain equity will continue to dissipate.

It's going to be interesting to see where the market goes after government programs are removed but the only way for the Smithfield UT real estate market to correct itself is on it's own. If you're interested in learning more about the Smithfield UT homes for sale market, please give us a call at 435-213-9335 or email Lisa@LisaUdy.com.