Future for Logan Real Estate Looking Bright

Things are looking bright for the future of Logan Utah Real Estate. It was the best December for home sales in four years and real estate inventory is at its lowest point since March of 2008. It really looks like we have seen the worst of the housing market crash and things are really starting to rebound.

December Home Sales

As recorded on the Utah MLS last month, 69 Cache County Homes sold. This is up 4.35% from last month, and 5.8% from December of a year ago.

Under Contract Listings

Right now there are 98 pending home sales, or under contract homes in Cache County Utah. While this is lower than we have seen in the past few months, It is up substantially from January of last year when there were just 70 homes under contract.

Cache County Real Estate Inventory

Real Estate Inventory is the lowest its been in years. When the number of homes for sale goes down, competition for homes increases, which drives prices up. If the number of new home listings continues to drop at this rate, we may even see a buyers market in 2012. There are just 576 Cache County Homes for Sale right now.

The current indicators of the Logan Real Estate market indicate that the last few years of a heavy buyers market will end soon. Fortunately, mortgage interest rates are still at all time lows, and housing is currently very affordable. It's a great time to buy real estate in Logan Utah.

Logan Inventory, and Home Prices are Down

The number of homes for sale in Logan Utah continue to drop.
Right now there ore only 617 listings on the MLS. Real Estate Inventory hasn't been this low since April of 2008.



While real estate inventory is down, so are home prices. During November the average sales price was just $157,299 with a median at $149,650. The list price of the Cache County homes for sale has also declined substantially. The current median price of homes for sale in Cache Valley is $172,900.



The Average price per square foot of Cache County Homes has dropped to $72.4 per square foot.


Home sales during November were better than November of last year. In total, 66 residential homes sold, up 18.18 percent from last year. There are 110 homes currently under contract. A good December could make 2011 home sales stronger than 2010, despite the slow start.

Logan Real Estate Inventory at Lowest Level Since April of 2008

The number of homes for sale in Logan Utah is at its lowest level since April of 2008. That was

at the height of the real estate boom for Cache Valley when homes prices were rapidly appreciating. It is typical for real estate inventory to decline during the fall and winter months, but inventory hasn't been this low in years. This is great news for people who currently own Logan Real Estate and is a sign that home values should start stabilizing.

As you can see in the chart below, while inventory at the front of the year was at its highest January level ever, it is now well below November levels at any time during the last four years.

While the reduced real estate inventory in Cache County is good news for homeowners, overall home sales also continue improving.

During October, 78 residential homes sold. This is a 42% increase from October of a year ago. This is the fifth straight month where we have seen a year over year increase in home sales. It actually appears that annual home sales will actually be better this year than they were last year.

If these signs towards recovery continue, the current low home prices combined with the all time low mortgage interest rates might make right now the best time to buy ever. Chances are that home prices will continue to drop throughout the winter, home price trends always lag behind sales. But if inventory remains low and demand continues to increase, we will see stable if not rising prices by the latter half of 2012.

More Positive Signs for Logan Real Estate Future

Home sales during September in Cache County were pretty impressive. September was the second best month of the year for total home sales. On an annual basis, they were up 32.18% compared with September of last year, as 87 residential homes sold. This marks the fourth straight month that year over year home sales are up.



October looks like it will also be a fairly strong month for home sales. There are 141 homes under contract right now, last year at this time there were just 99. At last months sales pace, we have just over 8 months of active inventory. This is slightly higher than a balanced market, but compared with what we have seen, this is something to be optimistic about.



The amount of real estate inventory is also down, and HOME PRICES ARE UP. That's right the median and average list price of homes for sale in Cache County Utah is higher than it has been in months. The median list price rose $4,000 to $179,000, while the average list price increased from $218,135 to $223434. Sales prices last month were also up. The average sold price last month was $182,833 while the median sales price was $168,000. August of 2010 was the last time home prices were that high.



Things could change over the winter, but with the way things are looking, it appears as if the Logan Real Estate market has bottomed out and we are near recovery. Real estate inventory is declining, and with 30 year mortgage interest rates hovering around 4%, this could be the best time EVER for buying Cache Valley Real Estate.

Start searching Logan Homes for Sale.

Logan Home Sales Improved: Future Looks Better

Logan Home Sales in August were substantially better than they were during July. There was nearly a 32% increase of home sales as 97 residential homes sold. Home sales were also up by nearly 30% from August of a year ago when just 68 Cache County homes sold.



August homes sales were up, and it appears as if they will continue to increase in the near future. Currently Cache County has 155 homes under contract. At this time a month ago there were 140 pending sales. This is the highest month of pending sales since June of 2010.



The number of Cache County Homes for Sale has also declined. Right now there are just 755 homes for sale compared with 810 at this time last month. Part of that has to do with more homes going under contract and actually selling.

While the current market conditions in no ways indicate that the housing market is out of the woods, these are some positive signs that the downward trends in real estate values are likely to come to and end soon. If you're looking for the best deal possible on Logan Utah Real Estate, it may be wise to start looking for homes for sale now while home prices and interest rates are so low.

Ouch.... Only 66 Cache County Home Sales in July

What Happened?

July home sales looked really good. It looked like things for Logan Real Estate had started to turn around, it appeared as if home sales would actually pick up, but they didn't. Were people just too busy to buy during July, just coincidence, or is it an indication of lack of confidence in the economy? Historically July is one of the top 3 months for home sales in Cache County.

July was a very poor month for home sales in Cache Valley. There were only 66 homes that actually sold. This is down nearly 40% from last month! On the positive, year over year July home sales were actually improved with last year; but last year was result of the home buyer tax credit hangover.



The good news is that the number of Under Contract homes is up, indicating that future home sales will be better than July. All time low interest rates should help to stimulate some home buying activity, these low interest rates are already making a big impact on the refinance market. Cache County currently has 140 residential properties under contract compared with 124 a month ago.



Home prices in the Cache Valley continue to drop. The median list price of the 810 homes for sale is just $174,900. This is down $5,000 from a month ago. With more than 12 months of current real estate inventory, prices will likely continue to decline.



The low interest rates, low prices, and high selection of available homes for sale make it a great time to buy. To get started, use this link to search Homes for Sale in Logan Utah.

Best Month For Logan Home Sale in a Year

The monthly home sales numbers for Logan Utah Real Estate during June the best they've been in over a year. As reported from the MLS, 109 residential homes in Cache County have sold. This is the highest single month of home sales since May of 2010 when 114 residential homes sold.



Unfortunately, it looks like this increased home sales trend might not last for too long. Normally, July, August, and September are the best months of the year for number of home sales. Right now there are less homes under contract (124), than there were a month ago (151).



Fewer under contract homes means that there will be less home sales in the future months. The number of homes for sale in Cache County has risen. There are currently 816 MLS home listings compared with 802 a month ago. If inventory continues to rise while home sales don't, home prices will continue to decline.



One interesting thing about June home sales was the increased size of homes sold. The average square footage was more than 2,400 square feet. This is a few hundred square feet bigger than the average home sold a year ago. During June the average sales price of Cache County Homes was $182,079. The median sales price was $160,000.