Short Sale Numbers Up in Logan

The number of homes listed as short sales has risen in Logan over the past month. While the total number of Cache County real estate listings is nearly identical to a month ago, the percentage of these homes requiring bank approval has increased. 4.75 percent of the listed homes in Cache Valley are short sales.

How Do Cache County 2010 Home Sales Compare With Previous Years?

Those who read my blog regularly know that Cache County Home sales were way down last month. I decide to run a little comparison, to see how this years Logan Real Estate sales compare with the average over the previous five years. Here are the results:

Overall, home sales are down, but were down just slightly before the Tax Credit Expiration. May home sales were above the average, as that is the month when most of the last minute tax credit recipients closed. But July home sales were pitiful. As you can see July is usually the second best month for closings. August, which is traditionally the best month for home sales appears as if it won't be much better than July. Hopefully things will get closer to end the year off as the results of the Tax Credits wear off.

Logan July Home Sales Were Really Low

From watching the statistics and market trends over recent months, I knew that July home sales were going to low. But, I didn't think they would be this bad. I look outside, and the 90 degree temperatures sure don't indicate that its the middle of winter. My unofficial statistics show that last month was the worst July for home sales in Logan Utah since the MLS started keeping stats in 1997.

July Cache County Home Sales were down 47% compared with July of 2009, and were less than half of last months home sales. Clearly, the tax credit had a drastic impact on the movement of home sales. Historically, July is one of the biggest months for Logan UT Real Estate.

The sad news is that it doesn't look like this is just a one month statistical blip either. So far, August sales don't look like they will be much improved. When I did my statistics at the beginning of last month there were 98 under contract homes in Cache County. Right now there are just 98.

The number of Utah Homes for Sale is rising. Cache County now has 906 residential homes for sale, which is an all time high. At July's home sales pace this represents more than 17 months of active inventory. If you are one of the 900 Cache Valley home sellers, and need to sell, now is the time to do something drastic. It looks like it is going to be a long winter for Real Estate in Cache Valley.

One really peculiar stat that stuck out to me was the average days on market. This may have just been an anomaly from a limited sample size, but the average days on market during July was down. This doesn't indicate that homes are selling faster, it just shows that many of the recently listed homes priced their homes right from the beginning and were able to sell.