Cache County Tops 900 Home Listings

The Home Buying Tax Credit has clearly had its impact on Logan Utah Real Estate. Unfortunately, not all of it is positive. Because many buyers moved their home purchases forward, we have seen a decrease in home sales over the normally heavy summer months. While home sales are slower than they've been recently, there has still been a high number of new home listings hit the market. This has brought us to a record high level of real estate inventory.

There are more homes for sale right now than there has ever been in Cache County. Right now 907 residential Cache Valley Homes for Sale appear on the MLS. As you can see from the graph, inventory levels dropped below 2009 levels during May, right at the end of the second home buying tax credit. Since that point they have steadily trended up. Overall, these high levels of inventory are creating a high absorption rate and will place downward pressure on home values. How low they will go, nobody knows. I just know that there are lots of homes for sale in Logan Utah.

Record HIGH number of Home Listings in Cache County

Right now there are 854 residential homes for sale in Cache County Utah. By my records, this is the highest amount of Real Estate Inventory Cache County has ever had. The previous high I ever noted was 850 in July of last year.

So what does this mean?

In basic economics, it simply means that there is more supply than demand. When this happens, prices will drop. What it means overall is that it is not a good time to try and sell Logan Utah Real Estate. There will still be hundreds of Cache County homes that can and will sell, but the homes that do sell will be those that offer the best value. If you NEED to sell your home you want to make sure you have it priced low, and have it clean and presentable. Showings will be down, so those showings you get, you need to make count. If you don't NEED to sell, you might be better off by just taking your home off the market and learn to enjoy where you now live.

If you need to relocate, it's better to drastically drop the price on your house now rather than to leave it vacant for months or years. Doing so will reduce the overall loss. The high inventory, especially among the high end homes also means that many sellers may want to consider lease options or renting their homes out if the losses that need to be taken will be too much.

There are other variables, other factors of course, and with real estate what really matters is the amount of competition in a particular price range or area. Next month I plan to do my break down by price ranges, and by home sizes for the amount of real estate inventory. That will give us a better idea of which type of Cache Valley homes for sale have most saturated the market.