One metric home buyers and real estate agents use as to quickly determine a homes value is the price per square foot.
Because homes are of different ages, conditions, and locations, there is no standard $ per square footage that applies for all Cache Valley Homes. There are lots of variables that make $ per square foot more or less relevant. Unfinished basements also make calculating the average cost per square foot very difficult.
Here are a few classifications of different property types, and what their average $ per square footage has been over the last six months.
Older Starter Homes -$78 Square Foot
To figure out this square footage I took homes built before 1960, with less than 2000 square feet, on lots smaller than half an acre. There were 40 Cache Valley starter homes used to determine this number.
Older Family Homes -$64 Square Foot
These homes fit under the same criteria, as the starter homes, but just consist of the properties that were bigger than 2000 square feet. There were 28 properties in this sample. Most older homes aren’t big. Initially I ran the numbers for just homes over 2500 square feet, and there were only five of them that had sold in the last six months. So I moved my criteria down to allow for a bigger sample.
Middle Aged Starter Homes -$78 Square Foot
These homes were classified as properties with less than 2,000 square feet that were built between 1961-2000, on less than half an acre. As you can see, the age of these homes didn’t make much of a difference in terms of the price per square footage compared with the older homes.
Middle Aged Family Homes – $68 Square Foot
Homes with more than 2,500 square feet on less than half an acre. The average square footage of these homes was actually about 3100 square feet. There were 37 homes in this group.
New Starter Homes -$105 Per Square Foot
From a per square foot standpoint these are the most expensive properties. They consisted of single family homes with less than 2,000 square feet, built in the year 2000 or after.
New Family Homes -$79 Per Square Foot
These homes were properties with more than 2,000 square feet built from 2000-2010. Despite the “new” factor of these homes, the price per square foot isn’t much more expensive than the older homes. Many of these homes are brand new and have high end upgrades. One reason that the price per square footage of these properties was so low is because many of these homes actually have unfinished basements. The price per square foot of these homes is also low because, there is a huge surplus of these properties. Only the least expensive of these larger newer Logan homes are actually selling.
via Determining Home Prices by “Price Per Square Foot” « Logan Real Estate Blog.
Brought to you By Cornerstone Real Estate Professionals