Logan Inventory, and Home Prices are Down

The number of homes for sale in Logan Utah continue to drop.
Right now there ore only 617 listings on the MLS. Real Estate Inventory hasn't been this low since April of 2008.



While real estate inventory is down, so are home prices. During November the average sales price was just $157,299 with a median at $149,650. The list price of the Cache County homes for sale has also declined substantially. The current median price of homes for sale in Cache Valley is $172,900.



The Average price per square foot of Cache County Homes has dropped to $72.4 per square foot.


Home sales during November were better than November of last year. In total, 66 residential homes sold, up 18.18 percent from last year. There are 110 homes currently under contract. A good December could make 2011 home sales stronger than 2010, despite the slow start.

Logan Real Estate Inventory at Lowest Level Since April of 2008

The number of homes for sale in Logan Utah is at its lowest level since April of 2008. That was

at the height of the real estate boom for Cache Valley when homes prices were rapidly appreciating. It is typical for real estate inventory to decline during the fall and winter months, but inventory hasn't been this low in years. This is great news for people who currently own Logan Real Estate and is a sign that home values should start stabilizing.

As you can see in the chart below, while inventory at the front of the year was at its highest January level ever, it is now well below November levels at any time during the last four years.

While the reduced real estate inventory in Cache County is good news for homeowners, overall home sales also continue improving.

During October, 78 residential homes sold. This is a 42% increase from October of a year ago. This is the fifth straight month where we have seen a year over year increase in home sales. It actually appears that annual home sales will actually be better this year than they were last year.

If these signs towards recovery continue, the current low home prices combined with the all time low mortgage interest rates might make right now the best time to buy ever. Chances are that home prices will continue to drop throughout the winter, home price trends always lag behind sales. But if inventory remains low and demand continues to increase, we will see stable if not rising prices by the latter half of 2012.

More Positive Signs for Logan Real Estate Future

Home sales during September in Cache County were pretty impressive. September was the second best month of the year for total home sales. On an annual basis, they were up 32.18% compared with September of last year, as 87 residential homes sold. This marks the fourth straight month that year over year home sales are up.



October looks like it will also be a fairly strong month for home sales. There are 141 homes under contract right now, last year at this time there were just 99. At last months sales pace, we have just over 8 months of active inventory. This is slightly higher than a balanced market, but compared with what we have seen, this is something to be optimistic about.



The amount of real estate inventory is also down, and HOME PRICES ARE UP. That's right the median and average list price of homes for sale in Cache County Utah is higher than it has been in months. The median list price rose $4,000 to $179,000, while the average list price increased from $218,135 to $223434. Sales prices last month were also up. The average sold price last month was $182,833 while the median sales price was $168,000. August of 2010 was the last time home prices were that high.



Things could change over the winter, but with the way things are looking, it appears as if the Logan Real Estate market has bottomed out and we are near recovery. Real estate inventory is declining, and with 30 year mortgage interest rates hovering around 4%, this could be the best time EVER for buying Cache Valley Real Estate.

Start searching Logan Homes for Sale.

Logan Home Sales Improved: Future Looks Better

Logan Home Sales in August were substantially better than they were during July. There was nearly a 32% increase of home sales as 97 residential homes sold. Home sales were also up by nearly 30% from August of a year ago when just 68 Cache County homes sold.



August homes sales were up, and it appears as if they will continue to increase in the near future. Currently Cache County has 155 homes under contract. At this time a month ago there were 140 pending sales. This is the highest month of pending sales since June of 2010.



The number of Cache County Homes for Sale has also declined. Right now there are just 755 homes for sale compared with 810 at this time last month. Part of that has to do with more homes going under contract and actually selling.

While the current market conditions in no ways indicate that the housing market is out of the woods, these are some positive signs that the downward trends in real estate values are likely to come to and end soon. If you're looking for the best deal possible on Logan Utah Real Estate, it may be wise to start looking for homes for sale now while home prices and interest rates are so low.

Ouch.... Only 66 Cache County Home Sales in July

What Happened?

July home sales looked really good. It looked like things for Logan Real Estate had started to turn around, it appeared as if home sales would actually pick up, but they didn't. Were people just too busy to buy during July, just coincidence, or is it an indication of lack of confidence in the economy? Historically July is one of the top 3 months for home sales in Cache County.

July was a very poor month for home sales in Cache Valley. There were only 66 homes that actually sold. This is down nearly 40% from last month! On the positive, year over year July home sales were actually improved with last year; but last year was result of the home buyer tax credit hangover.



The good news is that the number of Under Contract homes is up, indicating that future home sales will be better than July. All time low interest rates should help to stimulate some home buying activity, these low interest rates are already making a big impact on the refinance market. Cache County currently has 140 residential properties under contract compared with 124 a month ago.



Home prices in the Cache Valley continue to drop. The median list price of the 810 homes for sale is just $174,900. This is down $5,000 from a month ago. With more than 12 months of current real estate inventory, prices will likely continue to decline.



The low interest rates, low prices, and high selection of available homes for sale make it a great time to buy. To get started, use this link to search Homes for Sale in Logan Utah.

Best Month For Logan Home Sale in a Year

The monthly home sales numbers for Logan Utah Real Estate during June the best they've been in over a year. As reported from the MLS, 109 residential homes in Cache County have sold. This is the highest single month of home sales since May of 2010 when 114 residential homes sold.



Unfortunately, it looks like this increased home sales trend might not last for too long. Normally, July, August, and September are the best months of the year for number of home sales. Right now there are less homes under contract (124), than there were a month ago (151).



Fewer under contract homes means that there will be less home sales in the future months. The number of homes for sale in Cache County has risen. There are currently 816 MLS home listings compared with 802 a month ago. If inventory continues to rise while home sales don't, home prices will continue to decline.



One interesting thing about June home sales was the increased size of homes sold. The average square footage was more than 2,400 square feet. This is a few hundred square feet bigger than the average home sold a year ago. During June the average sales price of Cache County Homes was $182,079. The median sales price was $160,000.

Year over Year Inventory is Down

We are seeing more positive signs for the Logan Real Estate Market, the number of homes for sale, the active inventory is down from levels in June of last year as well as June of 2009. There are currently 802 homes for sale in Cache County Utah. At this time a year ago there were 839 MLS listed properties.



The reduced number of homes for sale is one indicator that we have seen a bottom in the market, and that things are starting to improve. This doesn't necessarily mean that home prices wont' drop more, in fact they likely still will, prices almost always lag behind home sales.

For some more positive real estate news, home sales were improved last month compared with April, and the number of homes currently under contract is up from a month ago. May saw 86 residential homes sale, up from just 66 in April. Right now there are 151 under contract properties, up from 148 a month ago. This indicates that June sales will be improved over May.

The homes that sold last month had the highest median and average prices we've seen since January. The Average sales price was $172,430, while the median sales price was $155,950.



This doesn't mean prices are going up, just that there were more expensive homes that sold last month.

Nationwide home prices are now at levels they were in 2002. The housing bubble nationally has completely erased, and then some. However that statistic doesn't really apply to us. This isn't Atlanta Real Estate, this is Cache Valley Real Estate. Our real estate values haven't fallen that far. May's average sales price of $172,430 is at about the average price we saw in the Summer of 2006.

Home Sales Way Down, But Future Should Be Better

After a fairly strong March, April home sales in Cache County were really pretty dismal. They were down 15% compared with last month, and 32% from April home sales of a year ago. Last year April home sales were higher than normal as result of the Home Buying Tax Credits.



The good news is that May home sales should be much improved. There are now 148 homes under contract. If 70% of these under contract homes close during May, that will represent more than 100 home sales.

Logan Real Estate inventory is also on the rise as home sales are slow and more people are listing their homes now that the weather is actually starting to get nice. There are currently 786 homes for sale in Cache County. This is 12 more listings than at this time a year ago, and eleven months of inventory at Aprils sales pace.



The list price of homes for sale in Cache Valley has remained stable over the last month, but the average sales price during April was abnormally low. The average sales price in April was just $160,756, while the median sales price was just $144,025. Right now the average list price of Cache County Homes is $218,844. Home prices aren't expected to rise anytime soon, as long as the amount of real estate inventory remains this high.

Logan Home Sales UP 44%

March Home Sales in Cache County did pretty good compared with the last eight months. The 76 residential homes sold was the highest single month we've seen since June of last year. Compared with February, home sales were up by a whopping 44%.

Compared with a year ago, March home sales were actually down slightly. We have to remember that a year ago at this time the home buyer tax credit was just about to expire, so those numbers were artificially high. Overall these home signs are a good sign for the Logan Real Estate market.

While home sales are up, the number of home for sale are as well. The total number of Cache Valley MLS listings has risen to 754 homes for sale, up from 711 last month. At March's sales pace, this gives Cache County a total of 9.92 months of inventory. The good news is that this inventory is down substantially from a year ago when there were 818 residential listings. Inventory is still high, but if home sales continue to increase throughout the summer we will see a decrease in real estate values dropping.

Short Sales Rising as Home Prices Declining

The number of short sale homes in Logan Utah continues to rise as home prices decline. Nationwide, the average median home sales price is now at 2002 levels, it's not that low in Logan, but over the last three months the median sales price of $156,250 is the lowest Cache County has seen since 2007. The current average list prices are the lowest they've been in even longer.


Cache County currently has 64 short sale listings in Cache Valley, or 8.82% of the 726 Logan MLS listings.

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.

Less than 700 Homes for Sale in Cache Valley

Good news. Real Estate Inventory in Cache Valley Utah continues to drop. There are now just 699 MLS listings in Cache Valley.



This is the lowest Logan real estate inventory levels have been in more than a year. Traditionally, there are more listings at the end of February than the beginning. This year the trend has reversed as at the beginning of the mont there were 704 Logan homes for sale. This is a positive sign that the housing market might return to balanced levels near the end of the year.

The number of listed short sale homes in Cache County has declined one home, but with less homes for sale, the percentage of short sales actually rose. 8.58% of the active home listings are short sales including 29 properties in Logan, and 35 homes in the outlying Cache Valley communities.

January Year Over Year Home Sales Improved

The Logan Real Estate market is clearly not recovered from the great housing recession yet, but there are some positive signs.

January Home Sales were the best they've been since 2008, and up by 15% from last year. Reported thus far, 46 residential homes in Cache County have been reported as sold.

Logan Real Estate inventory has actually dropped over the last month from 716 listed homes to 714. Typically, the number of homes for sale increases from January to February, this is also a good sign for the real estate market. Although inventory is down from a month ago, there are still 17 more homes for sale in Cache County than there was at this time last year. At January's sales pace this represents 15 months of active inventory, which is quite high.



The list price of real estate in Cache Valley continues to drop. Last month the median price of homes for sale was $179,900. This month that median price is down $5,400 to $174,500.

Short Sales Spike in Logan

With home prices declining, and more people who bought during the housing boom that need to sell now, the number of short sale homes in Logan, UT is rising.

Over the last month, the percentage of Cache Valley Short Sales rose by 16.4%. There are now 61 homes on the MLS listed as "short sales." As a percentage of total listings, the number of short sale listings has risen to 8.38% of all residential listings.

If more homes don't start selling, and if home prices don't start going up soon the number of foreclosures in Cache Valley will also see increases in the near future.

December Best Month for Logan Home Sales Since August

There is some good news for the Logan Real Estate market. Home sales were actually improved during December. It was the best month for home sales since August as 64 MLS homes have been reported sold so far.

Some other good news is that inventory is also substantially down. At Decembers home sales pace the 716 active listings represent just over 11 months of active inventory. This inventory is higher than at this time a year ago when there were 687 Cache Valley Homes for Sale.

Real Estate prices in Cache County, Utah continue to decline. The current average list price of homes for sale is $216,103, with a median list price at $179,900. During January of last year the average list price was $238,338, and the median list price was $189,250.

January of 2010 was one of the worst single months for home sales ever. Expected home sales for this month will likely be better than those of a year ago, but should be down from December. There are currently just 70 under contract listings in Cache County at the moment. This is 23 less pending homes than Cache Valley had at this time a month ago.

The time is still ripe to get great home deals and mortgage rates on Utah Real Estate. To start your home search visit Utah Homes for Sale today.