Thursday, February 4, 2010

Cache County Real Estate Market Healthy Below $160,000.

Real Estate in Cache County is pretty healthy for homes priced less than $160,000. This price is the median point for home sales, meaning that half of the homes that sold were $160,000 or less. The interesting thing is that of the current active home listings, only 1/3rd are priced below $160,000. This essentially means that if you are buying a home in the higher price ranges, you have twice as much inventory to choose from.

Compared with the homes that sold last year, there is less than 7 months of active inventory for listings priced less than $160,000. Cache County Homes priced between $160,000 and $180,000 see 7.36 months of inventory, and homes priced above $180,000 have more than 10 months of inventory. This chart shows the absorption rate broken down by different price ranges:

As you can see, homes priced above $500,000 are having a very difficult time selling. Last year just eight of these high end homes sold. There are currently 44 homes priced above half a million on the market. On average these homes have already been on the market for 310 days.

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