Thursday, July 5, 2012

June Home Sales Mediocre

Cache County Home Sales for the month of June underperformed from the trends we have been seeing recently. Reported on the MLS thus far, only 93 residential homes have been reported as sold. This is down 1% from last month, and down nearly 15% from June of 2011.
July, August, and September are typically the strongest months of the year for Logan Real Estate. It doesn't look like July sales will be much improved compared with June as there are actually four less under contract homes (163) than there was at this time a month ago. We have also seen a slight increase in the number of homes that are currently for sale in Cache Valley. The MLS currently shows 699 residential homes for sale, up from 695 a month ago. Compared with 2011, the number of homes for sale is substantially down.
Home prices continue to remain fairly stable. The average price of homes sold during June was $172,262, while the median point was $159,900. One interesting note is that the median price of Under Contract homes has remained at exactly $159,900 for three consecutive months. While sales and under contract prices have remained stable, the average list price of Cache County homes has actually risen. While the pace of recovery has slowed, the outlook is still much better than it has been at any other time over the past four years. Mortgage interest rates are incredibly affordable, and there are still lots of great deals out there with motivated sellers and distressed inventory. Click this link to search Cache County Real Estate now.