2008 Cache County Real Estate Numbers

2008 is nearly over. The Logan Real Estate Market did slow down. Here are a few interesting stats and numbers that summarize what happened with Cache County Real Estate this year:

Price Ranges of Homes Sold in 2007




This is the break down of the current price breakdown of active Home Listings.



The largest discrepency is with homes priced over $750,000. No homes over $750,000 sold in 2008, and only 3 sold in 2007. There are currently 21 active residential listings priced more than $750,000. The other large discrepancy is with homes priced less than $100,000. There are more active Cache Valley homes in this price range (63) on the market than sold in 2008 (41). One possible reason could be that obtaining financing for for buyers who traditionally buy "fixer uppers" is more difficult, and demand by investors has gone significantly down.



This Graph shows the comparison of home sales for each price range of homes sold in 2007, 2008, and active listings. Home sales for properties between $180,000 and $220,000 actually went up this year, while home sales of properties less than $100,000 went down most dramatically, by 46%. Overall Home Sales in Cache County declined by about 18% when compared to 2007.

Number of Days Sold in 2007
The average days on market for homes sold in Cache County increased from 61 in 2007, to 75 in 2008. Cache County Homes for sale right now have been on the market for an average of 125 days.

Housing Sale: 25% off on all Cache Valley Homes!!!

If somebody told you that houses were having a 25% off sale, would you buy?

In a way they are consider this:

With the low interest rates prices, are almost 25% less than they were a few months ago.

At 6.5% interest, (a historically low rate for mortgage loans) the Principal and Interest payment on a 30 year fixed loan with 20% down would be $1011 a month on for a $200,000 house.

At 4.5% interest (possible interest rate Today), the PI payment on a $250,000 home would be $1013 a month with 20% down.

Now in this scenario the property taxes and insurance would likely be less for the $200,000 home, and the down payment on the $250,000 house would have to be an additional $10,000, but the point is that home prices are incredibly affordable right now. Also consider that Real Estate prices in Logan Utah in the $250,0000 plus range has dropped considerably over the past year. For the normal payment of a $200,000 house, you can buy what would have been a $300,000 house a year ago (and what will be again in a year or two).

To participate in this 25% off housing sale:

1, Begin shopping for Cache Valley Homes on Cornerstone Real Estate's Real Estate Search Site.

2. Get prequalified from a quality Logan Mortgage Lender.

3. Contact a Cornerstone Real Estate Agent to start viewing homes for sale.

Interest Rates Way Down - 30 Year Fixed. 5.5%

Good news for home buyers and soon to be buyers. Interest rates have dropped to make housing even more affordable.

Right now 30 year fixed mortgages can be obtained at 5.5%. Interest

FHA loans are going for 5.75%.

It's a great time to buy when you consider that home prices are down, and interest rates are great. If you had a $200,000 home loan at 7% interest, you would be paying $1,330 per month P.I. At 5.5% that payment would be $1,135 per month. That's a savings of $200 each monthy.

For more information on available loan products, contact Paul Vaslett with Cache Valley Mortgage. (435) 752-1414

Logan Home Sales Consistent

For the second straight month home sales in Cache County are at least as good as they were a year ago. In October, 91 residential homes in Cache Valley were sold. This is exactly the same number as were sold last year. The average price of these homes sold was actually up 5% at $189,264, but the price per square footage was down to $79 per square foot. The lowest level in a year and a half. This shows that some large homes were sold at some pretty good prices during October.

Inventory of existing homes continues to go up. There are currently 778 active residential home listings in Cache Valley. The median price of these listings has dropped slightly and is now $207,900, $33,000 higher than the October median sold price of $174,000. To view all Logan Utah Homes for sale visit Real Estate Logan.com.

Open Houses: November 1st 2008.

Cache Valley Open Houses: November 1st, 2008

Cornerstone Real Estate is having a power open house on Saturday November 1st. The majority of the homes will be open between 10:00 and 12:00. These houses are priced between $123,000 and $469,000. These homes come in a variety of styles and are located from Clarkston to Wellsville. For more information visit: Cache Valley Open Houses

Why the Economy and Housing Market are Stumbling

This video is obviously politically driven, and I don't know exactly how accurate the accusations are, but all in all it sums up exactly why the Housing Market and Economy we're in are in such bad shape.

Burning Down the House - Our Economic Crisis | Funny Jokes at JibJab

September 2008 Home Sales Numbers

Ninety-Nine residential homes were reported sold on the Wasatch Front MLS for September in Cache County. This is three more homes than were sold in September of last year. The average price of these homes was $187,158, and the median price was just $162,000. Currently Cache County has 768 active residential homes for sale. These properties have a median list price at $210,000 and an average list price of $257,000.

It's still a buyers market in Cache County, but our year over year sales numbers are starting to improve.

View all available homes for sale at: Logan Utah Homes for Sale

Cache County Home Sales Stats

This shows the comparison between average home prices in Cache County for the last thre years. Overall, the average price of homes clearly rose in 2007. The numbers between 2007 and 2008 show that Cache County Real Estate has remained fairly stable.


This graph shows the comparison between home sales numbers last year vs. this year. Through 9 months home sales are down 18% compared too last year. In September home sales were as good as a year ago. I expect this trend to continue. It was a little over a year ago that the market started to shift. From here on out our home sales should be at least as good as they were a year ago.

Preforeclosure: Below Market Value

This house is a deal. It was under contract but the sale failed. Bank has approved a short sale amount of $139,000. Great starter or retirement house.

Mortgage Rates Volatile, but Good

According to Brad White of Northern Utah Mortgage and Loan, Mortgage rates are doing some interesting things with the varying economic news. 

WOW! Hold on! This has been as volatile a few days that I have seen for years. Monday rates were great, Tuesday started to come back too where they have been and today they are settling pretty close to last weeks rates!

Currently 30 year fixed Mortgages can be given at 5.75%, 15 year fixed mortgages at 5.5%, and Rural Housing loans at 6.125%

30 Year Fixed Mortgage Rate below 6%

The mortgage rate update report from Brad White of Northern Utah Mortgage has 30 year fixed mortgage at less than 6%. They haven't been this low in a while. It may be a good time to make that offer on the home you've been thinking about buying. 15 year fixed mortgage rates were even lower at 5.5%.

August Market Update

The Logan Real Estate Market doesn't look like it will be fully recovered this year. August homes were really pretty dismal compared too the last two years. So far only 100 residential homes have been reported as sold in Cache County (this number will go up a little as some lazy Realtors probably have not yet reported their end of month home sales). This puts August sales down nearly 30% from last August and down 37% from 2006 August sales numbers.

Many of the vacant high end homes are slashing prices and are starting to sell. This has raised the median and average sales price. Overall prices are not up, but August had the highest average sales price ever at $204,730. The median sold price was $186,200 and the homes that were on the market were on for an average of 95 days.

Currently there are 648 single family home listings and 740 total residential listings on the market. This number is gradually declining, but there are still too many homes for sale in Cache County.

Mortage Rates and Housing Inventory Update

Well Housing Inventory in Cache Valley Utah has stayed pretty stable over the past month. There are currently 671 single family home listings and 767 total MLS listings. This is almost identical to where it was a month ago. The number of listings on the market historically goes down at the end of summer as this is when the highest percentage of homes sell. If this housing inventory doesn't reduce, we could be in for a long winter with modest price declines.

Mortgage rates have fluxuated up and down with varying economic news, but seem to be staying between 6 and 6.5 percent for fixed rate mortgages. The Northern Utah Mortgage Update today had 30 year fixed mortgages at 6.375% and 15 year fixed mortgages had a rate of 5.875%.

July Home Sales Numbers Up

Home sales in Cache County were up compared to June, and only down 10% compared to July of last year. 109 single family homes were sold this July in Cache County. The average price of these homes was just under $200,000 at $199,031. There were also 12 condos sold in Cache County, down from 19 sold last July.

Currently there are 672 single family home listings, 77 condos for sale, and 41 multi family properties for sale in Cache County. The number of active listings in Cache Valley has been steadily dropping for the past few weeks. This is good for the real estate market.

7,500 Tax Credit for First Time Buyers is Official

It's official.

First time home buyers who make less than $150,000 annually ($75,000 if single) qualify for a $7,500 tax credit if they purchase a home by the end of June next year. President Bush passed the Housing and Economic Recovery Act of 2008 today.

This winter will be the a great time for first time buyers in Logan. There is lots of selection, many motivated sellers willing to accept low offers, and now a $7,500 savings on taxes.

This tax credit does have a catch though. It's really just an interest free 15 year government loan. After the second year the "tax credit" is payed back at $500 a year or with the capital gains when the house is sold. If you have no equity when you sell your home, the "tax credit" really is a tax credit and doesn't have to be paid back.

If this tax credit intices you to start looking, click this link to start searching for homes now and click this link to see how much home you can qualify for.

Homes less than $160,000 are selling, expensive homes are not.

The number of active listings of homes for sale in Cache County appears to finally be going down. More homes are finally selling than new new listings are being taken. Right now there are 763 active residential listings on the MLS. While the number of listings is dropping, certain price ranges are selling better than others. A good portion of homes currently on the market will not sell this year. Here is a break down of different price ranges comparing the 594 homes that have sold this year with the number of active listings in the same price range.

	Sold Homes		Active Listings
		DOM		DOM
$60,000	1	0	4	49	25%
$70,000	3	43	8	109	38%
$80,000	8	45	7	117	114%
$90,000	21	22	10	103	210%
$100,000	33	55	36	79	92%
$120,000	59	57	33	78	179%
$140,000	105	51	78	77	135%
$160,000	89	55	99	79	90%
$180,000	68	57	84	84	81%
$200,000	97	86	107	97	91%
$250,000	46	97	101	128	46%
$300,000	24	83	61	117	39%
$350,000	17	92	44	158	39%
$400,000	7	80	19	94	37%
$450,000	2	70	16	90	13%
$500,000	6	102	14	101	43%
$600,000	1	23	14	122	7%
$700,000	0		5	108	0%
$800,000			5	59	0%
$900,000			5	96	0%
$1,250,000			2	71	0%
$1,500,000			1	7	0%
$3,000,000			1	420	0%

The price range that sells the best is the $90,000 - $100,000 price range, so most likely older Logan Condos, and older fixer upper houses. There have been more than twice as many homes sold in this price range than current active listings.

The next best selling price range is homes priced between $120,000 and $160,000. There has been a significantly higher number of homes sold in this price range than are currently active.

Homes priced between $160,000 and $200,000 are selling, but there are more active listings in these price ranges than that have sold.

There is a huge surplus of homes priced between $200,000 and $450,000. There is more than twice as many active listings in this price range than homes that have sold in the first half of the year. These active listings have already been on the market for more than 100 days on average.

Homes priced above $450,000 just plain aren't selling in Cache County right now. In the first 202 days of this year there were just 7 homes priced above $450,000 that sold. There are currently 63 listings more expensive than $450,000. People don't "need" to move up to homes this expensive and with all the negative economic news they just aren't selling.

Hot new Logan Deal

This is a clean house in great condition. It has new flooring and blinds. At only $65 a square foot this Logan Home it is a deal.

Update of Mortgage Interest Rates

Another week! The fed made our job pretty interesting yesterday! To say the least rates have been pretty volatile the last couple of days, but it looks like they are staying pretty steady as of this morning, that could change so just give us a call!

Fixed Rates
30 Year: 6.125
15 Year: 5.875

Brad White
Northern Utah Mortgage

The Fed approved a plan Monday that would crack down on dubious lending practices. The Fed’s plan would bar lenders from making loans without proof of a borrower's income, require lenders to make sure risky borrowers set aside money to pay for taxes and insurance, restrict lenders from penalizing risky borrowers who pay loans off early (prepayment penalties are banned if the payment can change during the initial four years of the mortgage, or a penalty can't be imposed in the first two years of the mortgage), prohibit lenders from making a loan without considering a borrower's ability to repay a home loan from sources other than the home's value. Other practices also would be clamped down on. Lenders, for instance, have to credit a mortgage payment to the homeowner's account on the day it is received. And, brokers and others are forbidden from "coercing or encouraging" an appraiser to misrepresent the value of a home. Much will hinge on effective enforcement. The plan would apply to new loans made by thousands of lenders, including banks and brokers, not current loans. Those different lenders fall under a patchwork of regulators at the federal and state levels. So it will be up to each of these authorities to enforce the new provisions.
We had some important economic news out today. The Producer Price Index, expected to increase +1.3%, was +1.8%. The core PPI, useful for folks that don’t eat or drive, was expected +0.3% and came out at +.2% - slightly better. Producer Prices for the last year are +9.2%, the largest increase since 1981! June Retail Sales, expected +0.4% overall, were only +.1%, so analysts believe that the Fed stimulus checks didn’t have quite the impact previously thought. Auto sales were -3.3%, the biggest drop in over two years, and are down almost 10% versus a year ago.  The July Empire manufacturing index, expected +0.7 points, went from -4.9 from -8.7, better than consensus expected. The components generally back up the headline as orders and shipments both improved. Employment, however, deteriorated. Ahead we have May business inventories, which are expected to show another +0.5% increase.  Fed Chairman Ben Bernanke will testify before the Senate Banking Committee on monetary policy and the economy at 10AM EST

June Sales Numbers Surprisingly Down

June is traditionally one of the strongest selling months for Cache Valley Real Estate. This year, June Sales were actually down 36%. Only 91 single family homes and condos were sold. Is this just a fluke month, or is it a sign of things to come?

Up until this point Cache County home sales were among the strongest in the state. While home sales were down from last year, they were down less than 15%. The last time there was less than 100 homes sold in the month of June was 2003.

Cache Valley is usually a step behind Utah Real Estate trends, and while the Salt Lake, Provo, and Davis County real estate struggled substantially more at the beginning of the year these markets appear to be improving. It is possible that Cache Valley Real Estate will experience a substantial decline as well, but I personally believe that June home sales were probably just a fluke.

While home sales numbers were down, the average sold price in June for Cache County homes was actually up at an average sold price of $205,258.

Cache County 2008 Average Sold Price $200,455

2008 is half way over. The average price of sold homes is actually up 3.5% compared to the first six months of '07. So far the real estate market in Cache County was a little slower than it was last year as just 470 homes were sold compared to 588 homes sold January-June of last year.


The median sold price so far this year is $179,375. Home prices are not actually up, just the average price of homes sold. If you bought a home at the end of last summer you could probably now get a little nicer home for the same price. Even the average sold price is down compared to the last half of 2007.

At the end of June there were 748 residential homes on the market in Cache County including 660 houses and 79 Cache Valley Condominiums.

Senate to pass $300 Billion Foreclosure Bailout?

The senate is pretty close to passing a $300 billion bailout for homeowners in foreclosure. In essence, this bill would use FHA, HUD money to back up "bad" loans that will result in foreclosure. This bill would cost every US resident (man, women, child, retired, etc.) approximately $1,000 per person to help pay for the losses incurred by banks who loaned money to people who couldn't afford the mortgage.... To me something doesn't exactly sound smart...

Harry Reid insists that the senate will skip their 4th of July break if the Bill if they don't vote on this bill this week. In a preliminary test vote this bill passed the senate 83-9. It also looks like it will pass in the House.

Should government bail out people who made bad decisions and can't be fiscally responsible? Should every US citizen be required to pay for Countrywide's decision to lend to millions of high risk borrowers? Or should the banks be required to take responsibility and find a solution the the problems they created?

Active Listings in Logan Keep Rising

July and August are typically the best selling months for real estate in Logan. While these are the top selling months, June usually is one of the top months for getting homes under contract. There is a good number of homes for sale that are going under contract, but the number of active listings in Cache County continue to rise. If, this continues through July, we may be in for a market slowdown and softening for the remainder of the year.

Currently Cache County has 729 homes listed. Last year the number of listings peaked at 634. This includes 645 single family homes for sale and 75 condos listed on the mls. This is a lot of inventory and I'm just waiting for that number to peak but it keeps going up. Here is a break down of the number of active listings by major city:

Homes for Sale in Logan: 255
Homes for Sale in Providence: 75
Homes for Sale in Nibley: 74
Homes for Sale in North Logan: 55
Homes for Sale in Hyrum: 50
Homes for Sale in Hyde Park: 50
Homes for Sale in Smithfield: 47
Homes for Sale in Wellsville: 27

Logan Real Estate Sales for May '08

Currently there are 700 single family homes and condos for sale in Cache County. This doesn't include manufactured homes or Cache County Land listings.

Unofficially, there were 109 MLS homes reported sold in May. The average price of these homes was $187,197. The 109 listings sold is the highest sales total for 2008 thus far. The 2008 May sales total is down 14% compared to last years may sales totals.

Cache County home listings include homes for sale in: Hyde Park, Hyrum, Lewiston, Logan, Mendon, Millville, Nibley, North Logan, Paradise, Providence, Richmond, River Heights, Smithfield, and Wellsville Utah.

Logan Condo for Sale - $137,500

This is the best deal on a Logan Condo for Sale in Bridgerland Meadows. Click for more info.

Northern Utah Price Appreciation

It's interesting to look at the trends in price appreciation to determine what will happen in the future. When areas appreciate too fast, primarily because of investment speculation and artificial demand, prices do need to come back down to recover. The good news for Logan Real Estate is that real estate here didn't appreciate nearly as fast as it did in the more struggling parts of Utah like Salt Lake and Utah Counties.

Are there too many homes for sale in Logan?

The number of active homes on the Logan Utah Real Estate market is the most I've seen since I've been in Real Estate, and home sales have been relatively slow.

The question is, are there too many homes for sale in Cache County? If there is too much inventory, home prices will have to come down in order to sell.
This graph shows the number of new listings, and the number of homes sold by month for homes in Cache County over the past two and a half years.



Currently there are 680 residential listings in Cache County including 606 single family homes for sale.

Fannie Mae will treat Logan Differently

I usually don’t send out economic news at this time of week, but I thought I would make this exception as I felt this was very pertinent news. According to this commentary, Fannie Mae will not put every market in the country into the same box, but will review each sale on it’s own merit. This is good for Utah and more specifically Cache Valley! As noted, high FICO scores will weigh more into each decision.

Brad White
Northern Utah Mortgage and Loan
Office (435)752-7115
Fax (877)752-7116

Good Morning,
Fannie Mae announced a new, national policy on down payment requirements for conventional,
conforming mortgages the company will purchase or guarantee. Starting June 1, 2008, Fannie
Mae will accept up to 97% LTV ratios for conventional, conforming mortgages processed through
DU, and 95% LTV ratios for loans underwritten outside of DU, in all geographic locations in the
United States. “The new national down payment requirements of 3 or 5 percent will apply to loans
for purchase of single-family, primary residences. Down payment requirements will vary for other
occupancy, property and transaction types. The company will implement systems and operational
changes over the summer to accommodate the new national policy. ‘We are able to adopt this
new, national down payment requirement, even in markets where home prices are declining,
because our new automated underwriting risk assessment model DU Version 7.0 will limit risk
layering and assess each loan more precisely.””
However, most mortgage insurance companies current guidelines will only accept an LTV higher
than 95% with a 700+ Mid Score.
Consumer sentiment has fallen to 59.5 this month, it's lowest level in 28 years. This is great
news for mortgage prices. Single Family housing starts fell 1.7%. Jobless Claims continue high,
U.S. Industrial Production (factories, mines, and utilities) was -0.7%, twice as weak as anticipated
by economists, and capacity utilization, which measures the proportion of plants in use, fell to
79.7 percent, the lowest since September 2005. Lastly yesterday we had the Philadelphia Fed
Index come out at -15.6 in May, better than forecast, from -24.9 in April. (Readings less than zero
signal contraction.)

Weekly Mortgage Rates

Here is the Weekly update on mortgage rates by Brad White at Northern Utah Mortgage:

15 Year Fixed: 5.5%
30 Year Fixed: 5.875%
Rural Housing, No Money Down: 6%

It looks like rates are declining a little. Great news for buying Real Estate in Logan Utah as the Weather in Logan is finally starting to look better.

Logan Home Sales Numbers April 2008

It's hard to believe that May is already here. The weather sure doesn't think so.

Compared to 2007 numbers Cache County April Home Sales were down about 25%, but the average price of April Homes sold was up about 15% to an average sold price of $219,150. This was the highest average monthly sold price ever recorded in Cache County.

There are currently 569 single family homes, and 43 Condos on the Market in Cache County.

At Aprils home sales rate, without any new listings, it would take almost 7 months to exhaust the present supply of MLS inventory.

Mortgage Rates Drop Slightly

As far as rates, it’s really a volatile time, it seems rates don’t know where to land.

30 Year Fixed: 5.875

15 Year Fixed: 5.5

Rural Housing 100% Financing: 6%

Brad White,
Northern Utah Mortgage

Weekly Mortgage Rates April 21st

Rates appear to be on a slight upward trend. Get qualified and LOCKED as soon as we can! Weather doesn’t quite look like it, but spring is here and with it, buyer’s are out!!

Brad White
Northern Utah Mortgage and Loan

30 Year Fixed - 6%

15 Year Fixed - 5.875%

Rural Housing - 6.125%

75/20 No mortgage insurance 7.625%/10.25%

Weekly Mortgage Rates

Here are the weekly mortgage rates reported by Brad White of Northern Utah Mortgage and Loan

15 Year Fixed

5.375%

30 Year Fixed

5.625%

Rural Housing 100% Financing, Can work in Rural Areas of Cache County.

5.75%

Interest rates are great when you have money to put down. They're a little harder to get now without at least a 5% down payment.

Logan Welcomes Cornerstone Real Estate Professionals

A new real estate brokerage has entered Cache Valley, Cornerstone Real Estate Professionals. The offices of Cornerstone Real Estate Professionals are conveniently located on the south end of Logan by the Logan River Golf Course.

Cornerstone is a full service real estate brokerage that only hires high quality, dedicated, professional real estate agents. Cornerstone Real Estate also uses the most innovative technology to assist in marketing, transaction facilitation, and client communication. It is looking behind the real estate paradigm of yesterday, and embracing the real estate world of tomorrow.

Cornerstone Real Estate Professionals offer services too:

Prospective Home Buyers
Home Sellers
Owners Selling by FSBO
Real Estate Investors
Distressed Homeowners
Rental Property Owners

For more information about the Logan Utah Real Estate Services of Cornerstone Real Estate Professionals LLC. visit their website at www.UtahCornerstone.com

Home Sales Graph for first Quarter 2008

Cache Valley home sales started 2008 with a great January, a slower february, and now a sluggish March. In all, it looks like home sales will be down about 20% from their 2007 numbers. The average price of homes sold is also down slightly from 2007 first quarter numbers of $198,542 and 2008 average single family sold price of about $194,000.


See more Logan Home Sale Graphs

Hyrum PreForeclosure House

This preforeclosure house in Hyrum Utah is in great shape. It has 3 bedrooms, 2 bathrooms, and almost $2,000 square feet. It is the best deal in Cache Valley for a newer house. See more pictures at HomesforSaleLogan.com

Must sell quickly. Call me at (435) 881-0277 for more info.

Are '08 Utah Home Sales Sagging? Not in Cache Valley.

With January's home sales stats in, the Cache Valley Real Estate market isn't sagging thus far, in fact, it is ahead of 2007's pace and had the most single family houses sold ever.

The first month of '07 had just 70 single family homes sold. In '08 we had 77, despite the much harsher winter. With the incredibly low interest rates, things are looking good for the real estate economy in Cache Valley this year. Presently, 30 year fixed mortgages can be obtained for almost 5.5% interest.

January's sold homes had an average price of a little more than $194,000, these houses were on the market for an average of 60 days. Presently there are 476 single family homes for sale on the market. The average sold price is actually down over '07's January price of $197,084, but the average 2007 house sold in January was 300 square feet bigger. Home prices overall have not gone down. To view homes for sale, visit Cache Valley Homes for Sale.com

What's the difference between Preforeclosures and Foreclosed Homes?

Foreclosures are common place in our world today. With the mortgage crisis of 2007, and declining home prices where many people bought homes they couldn't afford based on speculation that the value would increase so much it would be a great investment.

There are also loads of get rich quick foreclosure schemes. These don't work. Foreclosure homes can be purchased, and at a discount, but you likely won't get them for pennies on the dollar or even half off. To know how to get deals on foreclosure properties you need to understand the different types of foreclosure properties: Preforeclosures, Foreclosure Auctions, and Foreclosed Homes.

Pre-foreclosures

Preforeclosures are homes in distress. Borrowers have missed payments and the loan is in default. It is these types of houses that, investors get the best deals on. However, the tricky thing is that these properties aren't usually for sale. Real Estate investors contact these owners directly to work out a deal to prevent the foreclosure.

Foreclosure Auctions

This is where the foreclosure takes place. This is a public auction where anyone can bid. Sometimes these houses can be purchased for great deals, but somethimes the starting auction price is more than the property is worth. These are risky purchases as many investors purchase houses at foreclosure auctions without even seeing them.

Foreclosed Houses

Foreclosed houses are those properties that don't get picked up at the foreclosure auction. The bank buys them back and then sells them. Banks want to get rid of homes quickly, but these properties will be sold near market value. They are always listed by Realtors, and are rarely sold for less than 5-10% of market value. These properties are referred to as REO homes, HUD Homes, and bank owned properties.

Logan Market 2007 Real Estate Recap

2007 is History... It started as the hottest year of home sales ever for Logan, but ended with less flare than expected.

Home sales were down, home prices are up, and surprisingly, interest rates are also down.

The national housing economy has taken some interesting twists. Defaults and Foreclosures are up, Subprime is a thing of the past, and the economy looks like it may soon be in recession as result of the housing extremes. The national housing market has had a rippling effect on our local market. As sellers were unable to sell out of state, they were unable to buy in Cache Valley.

Here are the unofficial home sales statistics for Cache County in 2007 and their change from 2006 numbers.

Number of Houses Sold: 1,136 Down 6%
Average Sold Price: $197,668 UP 8%
Median Sales Price:$171,500
Average Days on Market:61 Down 10 days.

Number of Condos Sold: 128 Down 14%
Average Sold Price: $111,207 UP 9.5%


Number of Houses Presently on the Market:
Average asking price: $273,907
Median List Price: $240,000
Average Days on Market: 98 Days

Like much of the state, the houses on the market now have a much higher average asking price than the sold price of the previous year. Too many builders and real estate investors have built high end spec homes. These homes have been on the market for a long time, and will continue to be on the market as the demand of high end homes does not match the supply.

The Logan area is not at as much risk for a bubble burst as other Utah markets as the price did not appreciate as much, and the percentage of houses on the market in relation to home sales statistics is much more inline. Presently there are 476 single family houses on the market in Cache County. At 2007's sales pace, the current inventory of houses would be exhausted in five months if there were no additional homes listed.

Here are a few statistics from some of the other Utah Metro areas:

Provo/Orem Home Sales

Single Family Home Sales: Down 25.5% Over '06
Condominium Sales Down: Down 6.3%
Average Sold Price: Up 9.6%

At the 2007 pace of homes sold, if no additional properties were listed it would take nine months to liquidate all Utah County houses for sale. The average price of houses on the market is $415,664 vs a '07 sold average of $289,000, that's a whopping $125,000 price difference.

Salt Lake Valley

The numbers of actual homes sold was down 22%, but average sales price was up 9%. In '06 there were 15,180 homes and 3,272 condos sold. The average sold price was $269,692 for single family homes and $163,213 for condos.

As of Jan 7nd, there are 5,860 Single Family Homes listed on the MLS in Salt Lake County. The average price of these homes is $443,961, and a median sales price of $329,900. It would take 6 months to exhaust the present inventory if no additional properties were listed at '07's sales pace.

Ogden/ Weber Homes Sold

# of Weber County Homes Sold
2006 - 4,329
2007 - 3,669
Change -660 15% decline

Average price of homes Sold:
2006 - $166,663
2007 - $184,752
Change +18,089 Appreciation of 9.8%


If no additional homes were listed it would take approximately 6 months to exhaust the existing supply at the 2007 home sales pace.

Of the homes listed on the market right now the average price is $290,012! This is more than $100,000 more than the average sales price of '07.

Davis County Homes Sold


Single Family Houses Sold: 3,794 (Down 18.5%)
Average Sold Price: $254,577 (Up 10.5%)

2006 Home Sales Stats:
Single Family Houses Sold: 4,655
Average Sold Price: $227,960

Right now there are 1,922 homes for sale in Davis County. More than half the number of houses sold last year.

Archive of Logan Market Conditions

For the first quarter of 2007, Logan Area Home Prices are up almost 11%. The average price of a single family home sold in Cache County during the first 3 months of 2007 was $198,702 ($81 sq foot). This is up nearly 11% from an average sales price of $177,193 ($73 sq foot) during the same period in 2006.

The number of single family homes sold in 2007 vs 2006 has also increased almost 9%. 226 homes sold in '07 vs 206 in 2006. There is also less inventory on the market right now. Last year there were almost 580 residential properties for sale in the Logan Area, right now there are only about 420.

Perhaps most disturbing for potential home buyers, is that the average price of homes on the market right now is at an all time high of $226,114. It is very hard to find anything in great condition for less than $150,000 and is almost impossible to find a liveable single family home for less than $100,000.

Interest rates are still at unexpected lows, and home prices will likely continue to increase at this pace throughout the summer. It's not too late to take advantage of rapid home appreciation, and get in a house while you can still afford it, but I wouldn't recommend waiting much longer.

Through the first 2 and a half months of 2007 home sales are actually up 32% within Logan City, and the 84321 zip code. However, the average sales price is actually less $167,776 vs. $170,952 for the same period in 2006. Home prices aren't declining, there just happens to be a lot more smaller homes sold this year.

2006 was an excellent year for Logan Real Estate. Single family home sales increased 14%, and the price of the average home increased 6.5% from $155,908 to $166,846. The market still remains fairly neutral and home prices are anticipated to continue to appreciate at a healthy 5-10% for 2007.

The Real Estate market in Logan is still kicking strong. Through October, home sales are up 16% in 2006 vs. the same time in 2005. In addition the average home sold is 7.2% more expensive. There is still a healthy supply of inventory to allow the market to continue gradual appreciation while remaining a neutral market. The average home is on the market for about two months. Presently there are 131 single family homes for sale in Logan.

Real Estate for Logan reached an all time high in July. The entire county had 144 homes sold including, 65 in Logans Zip Code 84321. Home appreciation reached nearly 9% for the second quarter of 2006, and I'm predicting that this trend will continue for a while. It's a great time to own Logan Utah Real Estate

June marked the second most homes ever sold (129) in the Logan Area. It also had a record average sold price of $178,707. The average home sold was on the market for 61 days, and sold for 98% of the listed price. Almost half of homes sold sold within the first month. The number of homes on market has also decreased to 541. There is still ample inventory, and we don't have a sellers market here, but despite increased interest rates home prices continue to creep up, and affordibilty goes down for Logan Real Estate. ---

April continued the trend of a healthy Logan Real Estate Market. 46 homes were sold at an average price of $142,473. To see logan homes for sale visit SearchLoganHomes.com

March was a strong month for real estate in Logan. 32 Homes were sold at an average sales price of $144,848 and was on the market for 72 days.

Housing costs in Utah were up an average of 13.35% in the fourth quarter of 2005. Housing appreciation in Utah actually exceeded the national average. Does this mean we are entering a sellers market? Not in Logan. Atleast not right now. The first two months of 2006 had less homes sold than the same months in 2004, and had more homes listed. Presently, there are 229 residential homes for sale in the Logan Area, more than ever before.

In February there were 59 residential homes sold for an average price of $173,731 in Cache County. Homes sold were on the market for an average of 77 days. 35% sold within the 1st month and 63% of homes sold within the first two months.

In January there were 55 homes sold for an average price of $166,993. The average home was on the market for 94 days, but 33% of homes sold within the first month, and 57% sold within 60 days on market. There were 334 new listings taken in the first two months of '06.

In comparison, the first two months of 2005, had 131 homes sold and 247 new listings taken.

The first month of 2006 is setting way for another great year for Logan Utah real estate. In the Logan Zip Code, 84321, January yielded the highest average monthly home selling price ever. The average Logan area home sold for $175,761 and was on the market for 87 days. There were 24 homes sold in January. In comparison, January of 2005 had 23 homes sold for an average price of $143,327, and was on the market for 85 days.

2005 was an outstanding year for real estate in Logan. It was a record breaking year for homes sold, and the average home appreciated by about 6%. Average home prices continue to increase at a moderate level. With steady growth, and price increases well below national averages the Logan market is very healthy. Utah is presently the 5th fastest growing state and 65% of homes are affordable for Utah's median income.

Although interest rates have increased in recent months, buyers still benefit from historically low rates. The trend has also shifted towards a greater number of FHA Loans. An ample supply of available homes for sale, and sellers motivation to sell in a a slower than summer winter market is also a benefit to buyers. The average Cache Valley home normally sells in about 2 months, in December the average home sold in 90 days. These winter conditions do slightly favor buyers.

The average sales price of Logan Homes in December was $152.700. Sellers typically got 99% of their asking price. There were 37 homes sold, and they were on the market for an average of 113 days. On average, a Logan house is normally on the market a little over two months.

As winter continues and temperature's continue to remain cold market conditions tend to slightly favor those buying a home. Homes are generally on the market for a longer period of time (Average of 78 days on market from Oct-March, vs. 69 DOM from April-Sept). This can be favorable for those buying a home, as those selling a home become more motivated as their home goes unsold longer than anticipated. This is especially true for vacant homes, where owners selling a home must continue to make payments and more costly utility bills during the winter.

If you are buying a home, there are presently 230 homes listed in zip code 84321, Logan, River Heights, and Nibley. The average home has 2,167 square feet, 3 bedrooms and 2 bathrooms and a median price of $139,900 an average price of $174,204 and has been on the market for 96 days.

To see Logan Real Estate and homes for sale with pictures and descriptions visit: www.SearchLoganHomes.com.