Friday, January 29, 2010

Cache County Residential Land - Far From Recovery

While the housing market in Cache County is doing pretty well, Cache County Land is far from recovery. For residential lots of less than an acre, we're looking at more than three YEARS of active inventory. The prices of these Cache County lots still need to come down in price by about 15-30%. Here is a break down of Cache County Land Sales Number and prices for lots less than an acre.

Lot's Less Than .25 Acres

Lots smaller than a quarter acre are rarely sold individually. Neighborhoods with smaller lots are generally owned buy builders and developers. But, for the few lots that actually did sell last year, this was one of the bright spots. Nine smaller lots sold last year, and there are less than seven currently for sale. That's less than a years worth of inventory!

Prices of the Lots for Sale are also doing well. As you can see from the graph below, the list price of the current Cache County Properties for sale is about par, or even less than the average sold price the last three years.
Lots Between .26-.5 Acres

Now this is where it starts to get ugly. There are currently 113 residential lots for sale in Cache County. Only 34 properties in this range sold last year. That is nearly 40 months of inventory. Not only is there a huge surplus of these types of lots for sale, but the average price of the active listings is $22,00 higher than the average sold price last year. The most ridiculous thing is that these list prices are still higher than lots of this size have EVER sold for. Sellers need to face reality and substantially lower their prices.

Lots Between .5-.74 Acres
Between half an acre and .74 acres there are 55 lots for sale. Last year, only 8 sold. That is 132 months of active inventory. The median list price of these type of lots is $33,000 higher than the median price of the ones that sold last year.

Lots Between .75-.99 Acres
The larger lots less than an acre are also struggling. Only five of these properties sold last year. There are 28 properties currently for sale. The average list price of these properties is higher than they have ever sold before. The current median list price is $169,000. Four lots sold in 2009 and these lots had a median sales price of $76,000.


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Logan Utah Homes said...

Wow. I can't believe land sales are so slow.