Wednesday, November 6, 2013

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

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