Monday, August 3, 2009

July Home Sales Down for Cache County

Real Estate in Cache Valley saw a slow down in July compared with June, and year over year sales were down by 27% compared with July of last year.

The good news is that it looks like active inventory may have peaked and is on its way down. There are currently 833 home listings in Cache County including: Logan Utah Real Estate, Providence Utah Real Estate, Smithfield Utah Homes, Hyrum Utah Real Estate, Nibley Utah Real Estate, Hyde Park Utah Real Estate, Richmond Utah Real Estate, Lewiston Utah Real Estate, and the other outlying towns in Cache Valley Utah. At one point during July there were 855 residential listings for sale.

Despite the fact that listings are down, there are still too many for a healthy real estate market. At July's sales pace, Cache County has more than 9 months of inventory.

Prices of Cache Valley Real Estate have also declined. The average price of homes sold during July was $181,135, down 5.77% from July of last year. The median July sold price was $170,500, which is actually the highest single month median this year. The average home sold at $81 per square foot.

1 comment:

CoachingByPeter said...

Any investment can be overpriced no matter how great its fundamental value or how secure its prospects. In the absence of a more thorough analysis, it's reasonable to suspect that investments in a market that has been rising for a long time are overpriced. In itself that guideline isn't a signal to sell, it is a signal to make a closer examination.