Wednesday, June 6, 2012

May Yields Strong Home Sales

May was the strongest month for Cache County home sales in nearly a year. So far, Realtors have reported 94 residential home sales. This is up  24.47% from this time last month, and up 8.51% from May of last year.

While home sales went up substantially, the number of under contract homes only slightly rose. Right now there are 167 pending home sales, up just two from a month ago. If this is an accurate indicator of future home sales, home sales numbers should be very similar this month. Based on the 94 homes sold last month, Cache County currently has 7.38 months of active inventory; a fairly healthy level. Real Estate inventory hasn't been this low on a month/month level since the Tax Credit expiration in June of 2010. When you look at the actual number of home listings, right now we are even better off than we were in June of 2008 when the housing bubble peaked.
Logan home prices appear to be holding steady, if not rising slightly. The current median list price of Cache Valley homes is $179,900 while the average asking price is $226,260. From the homes sold during May, the average list price was $176,240 while the median list price was $157,950. The Logan real estate market has clearly turned around. While the national economy is still struggling mortgage interest rates are still incredibly low, and it is a great time to start house hunting.

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