Thursday, June 3, 2010

Cache County Home Sales Up 36%, Inventory Also Way Up

Home sales in Cache County during May were way up. The 114 Cache County homes reported sold on the WFRMLS mark the highest single month of home sales in Cache County in nearly 22 months, with the exception of July of last year when 117 residential homes sold. Many of these home sales can be attributed to the expiration of the home buyer tax credit at the end of April. For the number of homes that sold, this represents a 36% increase compared with May of last year, and a 16.67% increase compared with April.

Prices of May home sales was down by 6% compared with May of last year. The average price of Cache Valley homes sold was $168,614 while the median price was $153,220. The median price was one of the lowest monthly medians since early 2006. The homes that sold were also smaller than normal, with an average square footage of 2,098 square feet.

Because many of the home purchases were advanced as result of the government stimulus, the future Logan Real Estate market isn't looking quite as bright. Real Estate inventory is way up, there are 58 more homes on the market than there were just a month ago. The current 839 Cache County Homes for Sale is getting close to the highest number of home listings Cache County has ever had.

Home sales in the next few months should be down for Cache Valley Real Estate. The 162 homes that are currently under contract is down 29% from last month. We should expect a drop in real estate activity during June and July as hangover from the tax credit. It will be interesting to see what happens with the local real estate market at the end of the summer.