Tuesday, March 30, 2010

Number of Cache Valley Homes for Sale Up

There has been a substantial increase in the number of new home listings in Cache Valley recently; yesterday there were 15 new properties in Cache County listed on the MLS.

Right now there are 784 residential homes for sale in Cache County. Last Tuesday there were just 759 active listings.

Right now Cache County has about 40 more homes for sale than we had at this time last year.

Tuesday, March 23, 2010

Logan Ranks 7th Nationally for Population Growth

    • Provo-Orem and Logan were two of the nation's fastest-growing metro areas last year, according to Census Bureau estimates released Tuesday.

      Provo-Orem ranked No. 6 and Logan was No. 7 among the nation's 366 metro areas in percentage change of growth between 2008 and 2009

    • The high ranks came even though population growth in Utah last year slowed to a comparative crawl, at least by local standards. The actual population increase in Utah dropped in half over the past two years. But growth was still robust compared with the rest of the nation.

      "While in-migration slowed down in Utah like most states in the nation during the recession, we continue to have the highest fertility rate in the nation," said state demographer Juliette Tennert. "So even in a time of economic downturn, we are usually a leader in the nation for growth."

    • Logan is also home to Utah State University, Tennert noted that "Logan was an area not quite as impacted by the recession as other places in Utah. Everywhere felt some impact, but Logan was doing a little better than most," so it also may have attracted more immigration than other places by drawing people to jobs there.
    • The Logan metro area had an increase of 3,583 residents for a total population of 127,945. Logan ranked No. 296 in population among metro areas, up from No. 299.
This is good news for the Logan real estate market. A growing population will always help maintain real estate values.

Wednesday, March 17, 2010

Lots of Homes "Under Contract" in Logan - April Should be Huge Month for Home Sales

April is looking like it is going to be a huge month for Cache County Real Estate. Tons of Homes are going under contract every day. There are lots of new listings hitting the market, as is typical during spring, but the amount of total real estate inventory has only risen slightly because so many homes are going under contract.

In just the last two weeks, 59 residential properties in Cache Valley have had accepted offers. In the last 30 days, 106 properties went under contract. In total there are 143 properties under contract in Cache County Utah.

While some of these under contract properties will fall through do to financing or due diligence reasons, most of these will result in actual sales for the end of March and April. The way things are set up, April should have more than a hundred total home sales. There hasn't been more than a hundred homes sold during April in Cache Valley since 2007.

Many of these home sales can be attributed to the upcoming expiration of the home buyer tax credits, which are scheduled to expire at the end of April. Regardless of the reason, this is very positive news for the Logan Real Estate market, especially in regards to inventory levels.

Monday, March 15, 2010

Cache County Short Sales Declining

The number of Homes for Sale as Short Sales in Cache County is declining. Right now there are three less short sale homes in Cache Valley than there was a month ago. The amount of total homes for Sale in Cache County has risen to 760 active listings, making the percentage of homes listed as Short Sales down. 5.66% of the current Cache Valley homes listed require short sale approval.

Wednesday, March 10, 2010

Logan Real Estate Selling for 11% Less than List Price

  • The Number of Days Homes are on the Market, and the difference between list and sold price don't indicate that the Logan Real Estate market has bottomed out yet.

    tags: real estate, logan utah, list price, home price

    • For the first few months of 2010, the average selling price for homes in Logan Utah is substantially less than the original asking price. Last month the homes that sold in Cache County had an original list price of $203,098. These homes had an average selling price of $180,232.50. This is 11% less than the initial listed price. During January the difference was even greater. The average original list price of homes in January was $183,756, and the actual sold price of these properties was $160,197. That’s a 13% difference in price.

      The number of days it takes for homes to sell in Cache County has also risen. Last month it took 164 days on the market before a home actually sold. During January, homes that sold were on the market for 171 days. One interesting thing you can note from this graph is that the days on market dipped down a built right around the expiration of the first home buyer tax credit. This is evidence that the tax credit has made an impact on the Cache Valley Real Estate market.

Tuesday, March 9, 2010

February Cache County Home Sales UP

Home Sales in Cache County for February were much improved over January. They weren't stellar by any means, but they improved compared with February of last year.

52 residential Cache County Homes sold last month as reported on the WFRMLS. This is up by more than 17% compared with February of last year when just 43 residential homes sold. The average price of these properties was $180,232, and the median sales price was at $164,495. This is the highest monthly average for home prices in five months. It is also up by 4% compared with the average sold price in February of last year.

Some positive news is that the amount of new listings in Cache Valley only slightly increased compared with last month. There are currently 752 homes for sale in the Logan Utah area. At February's home sales pace this represents an absorption rate of a little over 14 months.