Saturday, June 28, 2008

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.

Wednesday, June 25, 2008

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?

Wednesday, June 18, 2008

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

Wednesday, June 4, 2008

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.

Monday, June 2, 2008