Logan Real Estate is Busy - 205 Under Contract Homes

Logan Real Estate is busy right now. With the expiration of the home buyer tax credits, buyers and real estate agents are rushing to get things done. While there hasn't necessarily been a huge number of closings in the last week, there has been a very large number of homes go under contract.

On Monday there were 820 listed homes in Cache County. Right now, there are just 807. This is really positive to see the inventory moving in the downward direction, especially being that it is normally such a big season for listing homes. Cache County Real Estate Inventory has dropped substantially over the last few days.

The biggest reason inventory has gone down, is because so many properties are going under contract. Two weeks ago there were 172 Logan Homes for Sale Under Contract, right now there are 205! This bodes well for future Logan Real Estate sales.

Over the last week there were only 13 homes listed on the MLS that were reported sold. I'm betting this number is actually higher, but many of the agents are so busy right now that they haven't had time to update the stats.

All the tax credit craziness will end in just two days, and the real estate market will be reliant on its own power again. There will definitely be a little lag for seasonal levels for home sales during July and August as many buyers advanced their home purchases to qualify for the tax credits. It will be really interesting to see how Northern Utah Real Estate fares this summer.

800 Homes on the Market in Cache County

It is official. There are now 800 homes for sale in Cache County Utah. In the last week, 21 homes went under contract, in total 171 homes are now under contract. The end of April looks like it will be even stronger for total home sales.

Number of Short Sale Homes Down in Logan

The Number of Homes listed as Short Sales in Logan Utah is down compared with last month. There are currently just 11 Short Sale homes for sale in Logan. The percentage of total Short Sales in Cache County is also down, 5.66% of the 799 properties for sale in Cache County are Short Sales. The total number of short sales is actually slightly up, as many of the outlying cities in Cache Valley saw an increase. In total, there are 44 listed short sale homes for sale.

Home Sales, Under Contracts, and # Of Listings in Cache County Up

The number of homes sold in Cache County during March was up 16.25% compared with March of last year. 80 residential Cache County homes sold, which is up 35% from February's home sale numbers. The number of homes under contract has also risen in the last month. There are currently 167 residential properties under contract in Cache Valley. This is up 15% from just two weeks ago. A lot of buyers are active right now in effort to beat the expiration of the homebuyer tax credit. This means that we will see strong home sales numbers over the next few months.

While increased number of home sales is positive for the recovery of the Logan Real Estate economy, there are also more homes currently for sale.

Right now Cache County has 794 residential homes for sale. This is more actively listed MLS homes than there has ever been at the beginning of April.

Prices of homes sold in Cache County has declined recently. During March, homes sold for about 10% less than they did during March of last year. The average sold price was $170,902 and the median point was $152,250.

The price per square footage has also dropped. The average home that sold in Cache County during march was 2,263 square foot, and sold for just under $76 per square foot.

Cornerstone Real Estate #1 Brokerage for Q1 Home Sales

The numbers are in, and for the first quarter of 2010 Cornerstone Real Estate Professionals is the number one Logan Utah Real Estate brokerage in terms of total home sales.

Even more impressive is the huge advantage Cornerstone has for the number of buyer transactions among the major Cache Valley Real Estate brokerages. For the second quarter, Cornerstone had nearly three times more buyers transactions than Parker Real Estate, Youngblood Real Estate, and ERA Advantage Realty. It also had nearly twice as many transactions as Century 21, @Home Realty Network, and Coldwell Banker.

From: Cornerstone #1 Cache County Real Estate Brokerage.

Home Sales Up, Prices Down for Cache Valley Real Estate in Q1

Total home sales in Cache County were up by about 9 and a half percent in the First Quarter of 2010, compared with the first quarter of 2009. There were 16 more residential homes sold this year compared with last year when just 155 homes sold during Q1. February and March were relatively strong months for Cache County Real Estate after a slow January.

While home sales are up, the price of Cache Valley Real Estate is down by quite a bit. The median sold price this year was just $152,150; 8.34% less than last year. The average sold price was also down by 7.62% from $184.796 to $170,721. The average third quarter sales price was almost as low as 2006.

While Q1 home sales are improved compared with last year, they are still substantially less than 2006, 2007, and 2008. 261 Cache County homes sold during the first quarter of 2007.