Monday, November 12, 2007

November Update - Logan Home Sales Down 18%

Over the last three months (August thru October) Cache County home sales have declined 18% (392 single family homes sold in 2006 vs 320 in '07) compared to the same time period in 2006.

The amount of homes on the market has gradually increased from a low of 411 on July 4th, to a high of 522 on October 26th. This amount may have peaked as the number of homes on the market has hovered around 520 single family residences since that mark. Traditionally winter is a much slower selling season in the Logan Area, so even without much increased inventory this number will likely not start declining until March.

The homes presently on the market have been on the market for an average of 81 days. Traditionally, the average days on market for homes sold in Logan Utah are only on the market for 77 days.

There is also a large disparity between the prices of homes on the market, and the price of the average homes sold. Over the last six months the median price of Logan homes sold is $175,000. Of the active homes on the market, the median listing price is $229,900. These numbers tells us that there is a large surplus of high end homes in Cache County.

It is a great time to buy in the Logan area. There is ample inventory, interest rates are great, and the market looks to be picking up again. If you're looking to sell, make sure you price your house right. There are still plenty of buyers, but you are not their only option.