Home Sales Up In February

As February goes, it was a good one for real estate in Cache County. We saw a 17.65% increase in home sales compared with February of last year and a 28% increase compared with January. February is traditionally the slowest month for Cache County real estate, so the fact that the numbers were this good bodes well for 2014.


While the home sales during February were up, there was also a good number of more expensive homes that sold. The average price of homes sold was $194,464 and the median price was $162,500.
The number of homes for sale is on the rise as spring enters. Right now there are 609 residential homes for sale and 119 properties under contract. We have 21 more homes listed right now than one month ago and 78 more properties listed than March of last year. Home buyers now have more options to choose from, and real estate prices are remaining steady.



At February’s home sales rate, Cache County currently has about 9 months of inventory. It looks as if home sales during March will be slightly better than they were during February.

Reposted from Real Estate Logan  

January 2014 Home Sales Report

The residential real estate market in Cache County is experiencing a winter slow down. There were only 49 homes sold during January, which is down 38% from December, and 27% from January.

Not only are the number of home sales down, but so is the average price of those homes sold. Lots of low end homes sold during January as the median sales price was just $139,000 while the average sales price was $154,863. These price levels are substantially less than normal monthly averages.



The good news for real estate agents and those trying to sell their homes is that it looks like the real estate market will pick up a little this month. Right now 114 residential homes are under contract compared with 90 at this time last month.

Reposted from Real Estate Logan.com

December 2013 Market Conditions Report

Well, December home sales are up a little bit anyways. 80 residential home sales were reported on the MLS for December 2013. This represents a 7.5% increase from December of 2012, and a 2.5% increase from last month.


The number of homes for sale in Cache County dropped substantially over the last month, and there are now 559 homes listed for sale – the lowest the inventory level has been since March.
It appears as if the 2014 real estate market will start slower than things did last year. The 90 homes currently under contract are down slightly from the 127 pending home sales at this time one year ago. We haven’t seen this few homes under in nearly three years.



Reposted from RealEstateLogan.com

Cache County Sales Stats Consistent

As I was calculating November home sales numbers I thought that I had an error in my formula as it was showing a 0% increase in both year over year and month over month home sales. It turns out the formula was right, Cache County had exactly 78 home sales in November, 78 home sales in October, and 78 home sales in November of 2012.


The notable difference between now and one month ago is the large decrease in homes for sale. Right now Cache County has 641 residential homes listed on the MLS. At this time last month, there were nearly 700. The drop in active listings isn’t because more homes are selling, but is a seasonal trend. During the Holidays and Cold weather, people just aren’t as motivated to try and sell and so often take their homes off the market. Many of these homes will likely be listed again next spring. Last year at this time there were actually only 545 residential listings, 15% less than what we have right now.


Reposted from RealEstateLogan.com

October Market Conditions Report

As the air gets colder and the days get shorter, home sales are on the decline in Cache County. During October, 78 residential homes sold, a decrease of 37% compared with September, but up slightly compared with October of 2012 when 77 homes sold. With 130 under contract properties, it looks like home sales in November will be pretty similar. Right now there are 697 residential homes for sale; down slightly from one month ago, but up 19% from this time last year. At October's home sales pace, we have nearly nine months of active inventory. With the current inventory levels and sales pace, it doesn't appear as if real estate values will be appreciating any time soon. During October, the average sales price of single family homes was $165,564 with a median price at $157,700. The average sales price over the previous six months was $186,027 while the median was $169,000. This doesn't necessarily mean that home prices went down during October as there were a higher number of inexpensive homes that sold. Reposted from RealEstateLogan.com

Solid Month For Real Estate Sales. Values Rising

September was a solid month for home sales in Cache County Utah. The 124 residential homes sold marked a 36% increase from September of last year. This was the best September of for home sales since 2006.


While home sales are up, we’re also starting to see an increase in real estate values. During September, the average sales price of residential homes was $175,899 with a median of $166,662.
The average sales price of 415 homes sold during the summer of 2012 was $181,947 with a median at $162,000. The average sales price of 478 residential homes sold this summer is $190,426 with a median price at $171,000. Depending on the metric you use to measure, home values are up between 4.5 and 5.3%.



At Septembers home sales pace, the local real estate market is considered “neutral.” There is currently a 5.37 months supply of residential homes for sale. The 705 actively listed homes is up from 621 in October of last year. Reposted from RealEstateLogan.com

August Home Sales at 6 Year High

August was the best single month for home sales in the last six years. The last time we saw more residential homes sell, was at the height of the housing housing boom in August of 2007. 130 homes have been reported as sold on the MLS.


While the number of home sales are up, I don’t expect prices to rise as the supply of active real estate is also increasing. One month ago there were 713 listed homes for sale. Right now we are at 714. This isn’t a big difference, but the number of active listings during September is almost always less than the number of listings in August. In 2012 there were 677 homes for sale at the beginning of August and 650 in September.


The relationship between active inventory and home sales isn’t the only factor that leads me to believe that home prices won’t be rising. Both the median list price as well as the median price of homes under contract are down from last month.

While August was likely the best month for real estate in Cache Valley in 2013, home sales for the remainder of the year should still be above average. At August’s home sales pace, we currently have 5.49 months of inventory which indicates a balanced real estate market. I expect home prices to stay about the same over the winter, but we will just have to wait and see.


Mortgage interest rates have risen slightly over the last few months but are still well below normal interest rates. Good selection, and prices remaining slow still make it a good time to by Logan Utah real estate.

Originally posted at realestatelogan.com