Tuesday, July 22, 2008

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.























































































































































1 comment:

Megan said...

Alan,
what about land? what price ranges are land lots selling at?

thanks,
Megan