Half way through 2009 it is clear that demand for Cache Valley Land is way down.
For all parcels of land, sales are down 58.44% compared to the first six months of last year. For residential lots on less than half an acre, land sales are down 42.86%. Prices of the residential lots selling is significantly down as well. The median price of lots less than half an acre sold for $48,950, down 11.4% from last year.
Expect land prices to continue to drop. There are currently 209 residential lots listed for sale in Cache County on less than half an acre. This doesn't include the hundreds of available lots that aren't listed. At the rate lots sold in the first half of the year, Cache County has more than 5 years worth of listed inventory. Until things drastically change, only the most affordable land will sell. If you're looking to buy land, don't be afraid to offer low.
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