Thursday, January 7, 2010

2009 Home Sales in Cache County Down 9%

While the last quarter of the year saw improvements in home sales in Cache County, overall 2009 real estate sales were substantially down compared with 2008.

For MLS listed homes, there were just 979 Cache County Homes sold, down 9% from the 1073 homes sold in 2008. Compared with 2007, when 1295 residential homes in Cache County Sold, home sales were down almost 25%. This is the lowest year of total home sales since 2003.

Prices of homes sold were down by 4.78%. This doesn't necessarily mean that all Cache County Real Estate depreciated 5%, but it does tell us that the homes that sold were less expensive. In all reality starter homes just slightly depreciated, and more expensive homes likely depreciated in value much more than 4.98%.

It will be interesting to see what happens with real estate sales in 2010. Many economists are predicting that Utah Real Estate will have bottomed out by the end of the summer.

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