Wednesday, January 2, 2008

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.

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