While home sales were up compared with last year, the median and average price of Cache County Real Estate was substantially down. It was the lowest fourth quarter levels in four years actually. The median home sales price was $154,800, down 7.36% from the median sales price during Q4 of 2008. The average sold price of Cache County Homes was $170,743, down 4.82% from the average 2008 price of $179,743.
Showing posts with label 2009. Show all posts
Showing posts with label 2009. Show all posts
Monday, January 4, 2010
Q4 Cache County Home Sales up 16%
Home Sales in Cache County were up by 16% compared with the fourth quarter of 2008. So far, the there have been 249 Cache County Homes that have reported as sold on the MLS. These home sales numbers are very comparable with the fourth quarter of 2007 when the housing crisis in Logan really began.
While home sales were up compared with last year, the median and average price of Cache County Real Estate was substantially down. It was the lowest fourth quarter levels in four years actually. The median home sales price was $154,800, down 7.36% from the median sales price during Q4 of 2008. The average sold price of Cache County Homes was $170,743, down 4.82% from the average 2008 price of $179,743.
While home sales were up compared with last year, the median and average price of Cache County Real Estate was substantially down. It was the lowest fourth quarter levels in four years actually. The median home sales price was $154,800, down 7.36% from the median sales price during Q4 of 2008. The average sold price of Cache County Homes was $170,743, down 4.82% from the average 2008 price of $179,743.
Friday, December 4, 2009
November Home Sales up 37% from 2008
Cache County home sales were up 37% compared with November of last year when just 51 residential homes in Cache Valley sold. So far, 81 Cache Valley homes have been reported sold by the MLS.
The huge increase in home sales can largely be attributed to the scheduled expiration of the first time buyer tax credit. Although it has been extended, many people purchased Logan real estate because they were trying to beat the expiration.
With many of the homes purchased by first time buyers, the median price of homes sold in Logan was also substantially down. The median sold price was just $150,000, the lowest it has been in years.
The huge increase in home sales can largely be attributed to the scheduled expiration of the first time buyer tax credit. Although it has been extended, many people purchased Logan real estate because they were trying to beat the expiration.
With many of the homes purchased by first time buyers, the median price of homes sold in Logan was also substantially down. The median sold price was just $150,000, the lowest it has been in years.
Even though home sales were up compared with last year, they were down compared with October. The amount of homes for sale in Logan only declined slightly during November. At November's home sales rate, there is currently 9.3 months of active real estate inventory in Cache Valley. The actual number of homes on the market has gone down, but as a ratio the inventory is up.
Thursday, September 3, 2009
Logan Summer Home Sales Numbers on Par With 2008
Summer is the busiest time for real estate sales in Cache Valley. From June 1st through the end of August 2009 home sales were almost identical to home sales numbers in 2008. The difference, is in the type of homes that sold.
The average sold price for Cache Valley Homes in 2009 was down 6.28%. The median home sold price was down 4.52%. This doesn't necessarily mean that home values are down this much, what this shows us is that the lower priced homes are the ones selling.
I broke home sales down into four categories typical for Cache County Homes. These are generalizations, and just categories put together by price. Homes less than $120,000, I considered Low End Homes. Homes for Sale between $120,001-and $180,000 are Starter Homes, $180,001-$250,000 are Moderate Homes, $250,000-$400,000 are classified as High End Homes, and Homes above $250,000 I classified as Luxury Homes.
This year home sales of the "Low End" and "Starter Homes" were up by about 10%. Many of these home sales can be attributed to the $8,000 first time home buyer tax credit. Home Sales for All other price ranges was down. Only 3% of the homes that sold during the summer were "Luxury Homes," however, nearly 12% of the active Logan Home Listings are in the Luxury Home price range. This represents a huge surplus in the Luxury inventory.
As you can see, from the current homes for sale in Cache Valley, there is a much smaller piece of the pie for the Low end and starter homes compared with the homes that have sold during 2009.
If you are ready to buy or sell a home in Cache Valley, contact a Cornerstone Real Estate Agent today.
The average sold price for Cache Valley Homes in 2009 was down 6.28%. The median home sold price was down 4.52%. This doesn't necessarily mean that home values are down this much, what this shows us is that the lower priced homes are the ones selling.
I broke home sales down into four categories typical for Cache County Homes. These are generalizations, and just categories put together by price. Homes less than $120,000, I considered Low End Homes. Homes for Sale between $120,001-and $180,000 are Starter Homes, $180,001-$250,000 are Moderate Homes, $250,000-$400,000 are classified as High End Homes, and Homes above $250,000 I classified as Luxury Homes.
This year home sales of the "Low End" and "Starter Homes" were up by about 10%. Many of these home sales can be attributed to the $8,000 first time home buyer tax credit. Home Sales for All other price ranges was down. Only 3% of the homes that sold during the summer were "Luxury Homes," however, nearly 12% of the active Logan Home Listings are in the Luxury Home price range. This represents a huge surplus in the Luxury inventory.
As you can see, from the current homes for sale in Cache Valley, there is a much smaller piece of the pie for the Low end and starter homes compared with the homes that have sold during 2009.
If you are ready to buy or sell a home in Cache Valley, contact a Cornerstone Real Estate Agent today.
Friday, July 3, 2009
Logan Duplexes Didn't Sell During the First Half of The Year
Like most Cache County Real Estate, multi family property sales are down this year.
In fact, duplex sales during the first six months of 2009 are almost non existent despite the fact that rents are up. Only 6 duplexes and 5 fourplexes sold between January and June. Duplex sales were down by nearly 79% compared to last year.
Thursday, January 8, 2009
Logan Utah Predicted to be #8 Nationally in Housing Appreciation
Only 17 US real estate markets are predicted to appreciate in 2009 according to housingpredicter.com. Logan Utah is among them ranking #9. This criteria is determined by income levels, employment trends and changes, school enrollment, business trends, regional political influences, real estate sales history and current housing market velocity. The factors are all considered to come up with each local market forecast.
This is good news for the Logan Utah Real Estate market. Even if home prices did drop slightly, it is a great time to buy with interest rates as low as they are.
This is good news for the Logan Utah Real Estate market. Even if home prices did drop slightly, it is a great time to buy with interest rates as low as they are.
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