Thursday, July 29, 2010

Cache County Tops 900 Home Listings

The Home Buying Tax Credit has clearly had its impact on Logan Utah Real Estate. Unfortunately, not all of it is positive. Because many buyers moved their home purchases forward, we have seen a decrease in home sales over the normally heavy summer months. While home sales are slower than they've been recently, there has still been a high number of new home listings hit the market. This has brought us to a record high level of real estate inventory.
There are more homes for sale right now than there has ever been in Cache County. Right now 907 residential Cache Valley Homes for Sale appear on the MLS. As you can see from the graph, inventory levels dropped below 2009 levels during May, right at the end of the second home buying tax credit. Since that point they have steadily trended up. Overall, these high levels of inventory are creating a high absorption rate and will place downward pressure on home values. How low they will go, nobody knows. I just know that there are lots of homes for sale in Logan Utah.

Thursday, July 8, 2010

Cache County Multi Family Home Sales Jan-June

Multi Family Home Sales in Cache County have been pretty slow through the first six months of the year. Just five Logan duplexes, and 8 four-plexes have sold thus far. The duplex sales numbers are actually down from a year ago when six duplexes sold in the first six months of the year. Right now there are 15 duplexes for sale in the Logan area. The median list price of these duplexes is $155,000, with an average price of $167,000. The duplexes that have sold this year have been very inexpensive with an average sales price of just $122,690.

Fourplex sales are up a little bit compared with a year ago, but most of the fourplexes that have sold were less expensive than previous years. The median price of the 8 fourplexes sold was just $228,450.

Click this link if you're interested in investing in real estate and want to view multi-family properties for sale in Cache County

Wednesday, July 7, 2010

Cache County Land Sales Improved! Just 5 Years of Real Estate Inventory

There is some improved news for Land Owners in Cache Valley, 2010 land sales are up 33% compared to the first six months of last year.

So far there has been 48 land parcels sold in Cache County this year. 17 of these were residential lots less than half an acre. The median price of these residential lots was $56,000 and the average sales price was $53,517. There are 11 plots of land under contract right now.

While Cache Valley land sales are improved, it still has a long way to go to before the Logan real estate market is balanced and land owners can expect their properties to sell for what they want, and in a timely manner. There are currently 203 lots less than half acre currently for sale, and an additional 302 lots for sale on parcels bigger than .5 acres. At this sales pace, Cache County has about five years worth of active real estate inventory.

Friday, July 2, 2010

June Sales Still Good - But Summer Sales in Logan Will Be Down

Cache County home sales for June were pretty good. 105 MLS homes have been reported sold thus far, an improvement of 5.71% compared with June of last year. June home sales numbers weren't quite as good as May's numbers, and were down by about 8%.

The average price of home sales in Cache County was substantially up during June compared with the last four months. This is a sign that many of the June home sales were not first time buyers, and were not effected by the home buying tax credits. The average price of Cache County Homes Sold during June was $180,724, with a median price of $161,000.

While home sales for the first half of 2010 were pretty positive, so far, the second half of the year doesn't happen to look so good. July is traditionally one of the strongest months for home sales. This month, there will probably be less than a hundred Cache County Homes sold. Right now Cache County has just 99 homes under contract. This is less than half the number of under contract homes as there were in May. Only about 70% of Under Contract properties actually close.

Logan Real Estate also has a record high number of listings on the market. Right now there are 883 active residential homes for sale in Cache County Utah. The price of these homes for sale has dropped. The median price of Cache County residential real estate is $189,900 and the average price is $244,129. If buyer activity doesn't start picking up, we will likely see prices continue to drop this winter.