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.

Record Number of Homes on the Market in Cache County

As I checked the MLS this morning, there were 775 residential homes for sale in Cache County Utah. According to my records, this is almost a record high. Last October we got up to 778 residential homes for sale. This is good news for buyers, but not good news if you're trying to sell a home in Cache Valley.
If the number of homes on the market continues to rise, expect declines in home values for most price ranges in Cache Valley. If the number of homes on the market starts to decline, we may have hit bottom.

It's a great time for first time buyers, or buyers looking to move up. There are a lot of excellent deals out there, especially when you consider that interest rates can be obtained for less than 5%. It's nearly impossible to time the bottom of the market, so start looking now before you miss out.
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