Utah Real Estate Market Conditions

This is a real neat Mendon home listing provided by Ethan Poppleton a Logan Real Estate Agent. The craftmanship is incredible and the walls are over 12 inches thick. This house has been on the market for a long time, it's been for sale by owner and by real estate agents now for nearly two years. It looks like the sellers are finally realistically doing something to help it try and sell. 

Hyde Park Utah currently has a lot of homes for sale for a town with less than 3,000.  There are 49 active single family home listings on the  MLS in Hyde Park. The median price of these listings is $300,000. Well above the median sold price in Cache County of $178,000. And the average listing has already been on the market for 150 days. In the last six months 26 Hyde Park Real Estate Listings sold. These listings had a median price right around $250,000.

Overall, real estate is moving slowly in Hyde Park and many sellers are reducing prices in hopes of selling.

Overall, the real estate market in Providence Utah is in pretty bad shape. There are 77 active residential home listings with a median price at $296,950 and average price of $333,631. In the last six months 45 homes sold in Providence. These Providence Utah Real Estate listings had a median price of $234,000, average price at $256,029, and were on the market for an average of 100 days.

Providence homes priced less than $250,000 are still selling, and the low end market is actually pretty healthy. In the last six months, 27 homes less than $250,000 sold. There are currently 30 homes on the market in that price range.

There are 47 active listings priced more than $250,000 in Providence and 13 listings priced higher than $450,000. In the last six months only 18 listings above $250,000 sold; only one listing above $450,000 sold. Basically, home sales for The Bench areas are struggling.

Hold on. It could be a long winter for Providence Real Estate.

Real Estate in Smithfield Utah has slown down over the past year. Here are some interesting housing numbers for Smithfield Utah Real Estate.

# of Active Listings: 55

Median Price of Active Listings: $215,400

Average Price of Active listings: $225,000

# of Listings Sold in the Last six months: 43

Median Price of Listings sold in the past six months: $196,450

Average Price of Sold Listings: $207,028.

Compared to the last six months of home sales numbers, Smithfield has almost eight months of active inventory if no new homes were listed. In reality, new homes will be listed. The other problem is that the homes on the market are more generally more expensive than the homes that are selling. In the last six months only 9 Smithfield homes priced higher than $250,000 have sold. There are 22 homes on the market with a list price above $250,000. 

Overall, the real estate market in Smithfield is relatively healthy, it's a buyers market, but but it's really not that bad.

View all homes for sale in Smithfield Utah here.

When considering offers, sellers should really pay attention to the loan type. It might not seem like that big of a deal, but a FHA Mortgage can be a lot more complicated and costly from a sellers perspective.

One of the big nuisances with FHA loans is the FHA appraisal. The FHA appraisal isn't just concerned about the value of the home, but they also have ridiculous requirements to ensure safety of the property. In most cases, the seller of the property is required to make these repairs. Some of the things I've seen that FHA appraisals won't allow include: missing light bulbs, holes in the wall, loose handrails, exposed wiring, chipped paint, and trees that are too close to the house. An FHA appraser also can't approve a house unles the power and utilities are on.

So, you can't really sell a property "as-is," if you want to accept a FHA loan. FHA loans also require more paperwork at closing.  FHA loans can be a pain to deal with, so if you have multiple offers, make sure you take the type of mortgage loan into consideration.

Here is a great article by Kaleb Kunz on why you should use a real estate agent.

The real estate market in Tremonton is actually doing pretty well. Homes aren't selling quickly but when priced right they are selling. There are currently 75 single family home listings in Tremonton Utah. The median and average list price of these homes is around $196,900. Tremonton doesn't really have many high end homes, which is good as the high end market is struggling. The most expensive house for sale in Tremonton is priced at just $309,900. However, this median price is still about $30,000 higher than the median price of homes that have sold during the last six months when approximately 80 homes in Tremonton sold.

Compared to most of Utah, this is a relatively healthy supply of real estate for sale. It's local market and economy haven't been affected much by the regional housing boom and crash.