Tuesday, May 4, 2010

Logan Real Estate Market Looking REALLY Good

The Logan Utah Real Estate market is looking really good. It's partially due to the homebuyer tax credit, but might also be partially due to an improved economy and more optimism for the future of Utah Real Estate.

During April, Cache County Real Estate sales were up almost 18% compared with last April. They were up almost 16% compared to the good sales numbers we had during March. So far, 95 residential homes on the MLS have been reported as sold.

In the near future, don't expect home sales to slow down. Right now there are 227 residential homes for sale under contract in Cache County. While some of these will fall through, that represents a substantial number of closings that will happen over the next few months.

The prices of homes that have sold in recent months is down, this is in large part due to the large number of purchases involved with first time home buyers. The average price of the homes sold during April was $163,795, down 6.48% from last years average price.

For other positive news, real estate inventory is also down, finally. This is in large part due to the increased buyer activity and the large number of homes that are under contract. It's possible that a lot of sellers took their homes off the market when didn't sell during the tax credit time. There are currently 774 Cache County Homes for Sale. And this actually includes a good number of "phantom listings" where the homes don't actually exist. This is actually less homes than were for sale during May of last year when the Logan area had 787 residential homes listed.

After seeing these numbers, I am very optimistic about the future of the Logan housing market. It looks like things have really turned around and are headed towards a balanced, normal, real estate market.


Nik said...

Great post! It looks like Logan would be a great place to buy a primary residence or even an investment property


Trey Langford said...

I have been reviewing the data for teh Boise Idaho Market. I believe we have gotten overly optimistic as there are more homes being built then there are sales. This will slow the recovery and diminish home values further.

Granite Calgary said...

Ok good...