Thursday, March 3, 2011

Prices Down, Sales Down for Cache County Real Estate

Cache County home sales during February weren't exactly great. I thought we were going to see an improvement in home sales during February, but it wasn't the case. Home sales were down 19% compared with February of last year and 8.7% compared with January.

Real estate inventory did see an increase since my last post, but it is still substantially down compared with February of last year. Right now Cache County has 711 MLS homes for sale. This is down by 5.5% compared with last month, and is even less than real estate inventory in March of 2009. Last years inventory may have been artificially high though as many sellers listed their homes early in homes of finding a buyer who was looking to take advantage of the home buyer tax credit. At February's sales pace, the 711 homes for sale gives Cache County 16.9 months of active inventory.

The good news for Logan UT Real Estate is that home sales look like they will improve this month. There are currently 102 home listings under contract. At this time last month, there were only 71 under contract properties. This is the highest monthly total since November.

Of the homes sold during February the median sold price was $158,000 and the average sales price was $167,773. This is down nearly 7 % from a year ago.

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