Home Sales Up In February

As February goes, it was a good one for real estate in Cache County. We saw a 17.65% increase in home sales compared with February of last year and a 28% increase compared with January. February is traditionally the slowest month for Cache County real estate, so the fact that the numbers were this good bodes well for 2014.


While the home sales during February were up, there was also a good number of more expensive homes that sold. The average price of homes sold was $194,464 and the median price was $162,500.
The number of homes for sale is on the rise as spring enters. Right now there are 609 residential homes for sale and 119 properties under contract. We have 21 more homes listed right now than one month ago and 78 more properties listed than March of last year. Home buyers now have more options to choose from, and real estate prices are remaining steady.



At February’s home sales rate, Cache County currently has about 9 months of inventory. It looks as if home sales during March will be slightly better than they were during February.

Reposted from Real Estate Logan  

Real Estate Inventory Rising

With the improving weather, the number of people listing their homes for sale is on the rise. There are about sixty more homes for sale in Cache County than a month ago.
While the number of listings is up, the 647 residential homes for sale is less than the 681 that were listed during May of last year.

April was a fairly quiet month for residential real estate sales. Seventy three homes sold which is up slightly from April of 2012 when 71 properties sold.

Cache County real estate prices apear to be on the rise. Month over month prices are up for both list and sales prices. During April, the median sales price was $162,500, and the average sold price was $173,364.

 While mortgage interest rates saw a slight rise, they seem to be back down again. Qualified buyers can obtain thirty year fixed rate mortgages for just 3.375%. It's a great time to buy, and the selection of real estate for sale is on the rise.

February Home Sales Much Improved

Good News. It looks like January's awful home sales numbers were an anomaly. February home sales were much improved compared with January. The 58 reported home sales was an increase of 27.59% compared with February sales of 2011. This gives year over year monthly home sales improvements for eight of the last nine months.

The Logan Real Estate market really looks as if has bottomed out and is recovering. February Home sales were up by 32% compared with January.



Year over year home sales improvements look as if they will continue into the future as there are 26 more homes under contract than there was at this time last year.

The amount of real estate inventory in Cache County rose slightly from last month. There are currently 583 homes for sale listed on the Utah MLS. At this time last month there were 570. This is normal as the spring season is traditionally the most popular time for new listings. At February's home sales pace, the current inventory has an absorption rate of ten months. There are 120 less homes for sale than there was at this time last year.



Home prices are still quite low in Cache Valley, although list prices are on the rise. The median list price of Cache County homes is $178,000 with an average list price of $224,000. Mortgage interest rates are still at historic lows, and 30 year fixed loans can be obtained for less than 4%.

The overall real estate market conditions make it a great time to buy Logan Utah Real Estate.

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.

Are '08 Utah Home Sales Sagging? Not in Cache Valley.

With January's home sales stats in, the Cache Valley Real Estate market isn't sagging thus far, in fact, it is ahead of 2007's pace and had the most single family houses sold ever.

The first month of '07 had just 70 single family homes sold. In '08 we had 77, despite the much harsher winter. With the incredibly low interest rates, things are looking good for the real estate economy in Cache Valley this year. Presently, 30 year fixed mortgages can be obtained for almost 5.5% interest.

January's sold homes had an average price of a little more than $194,000, these houses were on the market for an average of 60 days. Presently there are 476 single family homes for sale on the market. The average sold price is actually down over '07's January price of $197,084, but the average 2007 house sold in January was 300 square feet bigger. Home prices overall have not gone down. To view homes for sale, visit Cache Valley Homes for Sale.com

Archive of Logan Market Conditions

For the first quarter of 2007, Logan Area Home Prices are up almost 11%. The average price of a single family home sold in Cache County during the first 3 months of 2007 was $198,702 ($81 sq foot). This is up nearly 11% from an average sales price of $177,193 ($73 sq foot) during the same period in 2006.

The number of single family homes sold in 2007 vs 2006 has also increased almost 9%. 226 homes sold in '07 vs 206 in 2006. There is also less inventory on the market right now. Last year there were almost 580 residential properties for sale in the Logan Area, right now there are only about 420.

Perhaps most disturbing for potential home buyers, is that the average price of homes on the market right now is at an all time high of $226,114. It is very hard to find anything in great condition for less than $150,000 and is almost impossible to find a liveable single family home for less than $100,000.

Interest rates are still at unexpected lows, and home prices will likely continue to increase at this pace throughout the summer. It's not too late to take advantage of rapid home appreciation, and get in a house while you can still afford it, but I wouldn't recommend waiting much longer.

Through the first 2 and a half months of 2007 home sales are actually up 32% within Logan City, and the 84321 zip code. However, the average sales price is actually less $167,776 vs. $170,952 for the same period in 2006. Home prices aren't declining, there just happens to be a lot more smaller homes sold this year.

2006 was an excellent year for Logan Real Estate. Single family home sales increased 14%, and the price of the average home increased 6.5% from $155,908 to $166,846. The market still remains fairly neutral and home prices are anticipated to continue to appreciate at a healthy 5-10% for 2007.

The Real Estate market in Logan is still kicking strong. Through October, home sales are up 16% in 2006 vs. the same time in 2005. In addition the average home sold is 7.2% more expensive. There is still a healthy supply of inventory to allow the market to continue gradual appreciation while remaining a neutral market. The average home is on the market for about two months. Presently there are 131 single family homes for sale in Logan.

Real Estate for Logan reached an all time high in July. The entire county had 144 homes sold including, 65 in Logans Zip Code 84321. Home appreciation reached nearly 9% for the second quarter of 2006, and I'm predicting that this trend will continue for a while. It's a great time to own Logan Utah Real Estate

June marked the second most homes ever sold (129) in the Logan Area. It also had a record average sold price of $178,707. The average home sold was on the market for 61 days, and sold for 98% of the listed price. Almost half of homes sold sold within the first month. The number of homes on market has also decreased to 541. There is still ample inventory, and we don't have a sellers market here, but despite increased interest rates home prices continue to creep up, and affordibilty goes down for Logan Real Estate. ---

April continued the trend of a healthy Logan Real Estate Market. 46 homes were sold at an average price of $142,473. To see logan homes for sale visit SearchLoganHomes.com

March was a strong month for real estate in Logan. 32 Homes were sold at an average sales price of $144,848 and was on the market for 72 days.

Housing costs in Utah were up an average of 13.35% in the fourth quarter of 2005. Housing appreciation in Utah actually exceeded the national average. Does this mean we are entering a sellers market? Not in Logan. Atleast not right now. The first two months of 2006 had less homes sold than the same months in 2004, and had more homes listed. Presently, there are 229 residential homes for sale in the Logan Area, more than ever before.

In February there were 59 residential homes sold for an average price of $173,731 in Cache County. Homes sold were on the market for an average of 77 days. 35% sold within the 1st month and 63% of homes sold within the first two months.

In January there were 55 homes sold for an average price of $166,993. The average home was on the market for 94 days, but 33% of homes sold within the first month, and 57% sold within 60 days on market. There were 334 new listings taken in the first two months of '06.

In comparison, the first two months of 2005, had 131 homes sold and 247 new listings taken.

The first month of 2006 is setting way for another great year for Logan Utah real estate. In the Logan Zip Code, 84321, January yielded the highest average monthly home selling price ever. The average Logan area home sold for $175,761 and was on the market for 87 days. There were 24 homes sold in January. In comparison, January of 2005 had 23 homes sold for an average price of $143,327, and was on the market for 85 days.

2005 was an outstanding year for real estate in Logan. It was a record breaking year for homes sold, and the average home appreciated by about 6%. Average home prices continue to increase at a moderate level. With steady growth, and price increases well below national averages the Logan market is very healthy. Utah is presently the 5th fastest growing state and 65% of homes are affordable for Utah's median income.

Although interest rates have increased in recent months, buyers still benefit from historically low rates. The trend has also shifted towards a greater number of FHA Loans. An ample supply of available homes for sale, and sellers motivation to sell in a a slower than summer winter market is also a benefit to buyers. The average Cache Valley home normally sells in about 2 months, in December the average home sold in 90 days. These winter conditions do slightly favor buyers.

The average sales price of Logan Homes in December was $152.700. Sellers typically got 99% of their asking price. There were 37 homes sold, and they were on the market for an average of 113 days. On average, a Logan house is normally on the market a little over two months.

As winter continues and temperature's continue to remain cold market conditions tend to slightly favor those buying a home. Homes are generally on the market for a longer period of time (Average of 78 days on market from Oct-March, vs. 69 DOM from April-Sept). This can be favorable for those buying a home, as those selling a home become more motivated as their home goes unsold longer than anticipated. This is especially true for vacant homes, where owners selling a home must continue to make payments and more costly utility bills during the winter.

If you are buying a home, there are presently 230 homes listed in zip code 84321, Logan, River Heights, and Nibley. The average home has 2,167 square feet, 3 bedrooms and 2 bathrooms and a median price of $139,900 an average price of $174,204 and has been on the market for 96 days.

To see Logan Real Estate and homes for sale with pictures and descriptions visit: www.SearchLoganHomes.com.

The Logan Utah Real Estate Market is Slowing... Why?

The Logan Utah Real Estate market is slowing. Not stopping, just slowing. September 2007 market the first time in 7 months that there were less than 100 single family homes sold in Cache County. In 2006 there were 126 homes sold in the month of September vs. 96 this year. A decrease of nearly 25%.

Inventory of availabe homes for sale is also on the rise. As of October 5th there were 503 single family homes on the market in Cache County. In June there were less than 400. At the same time, demand for Logan Utah Houses for Rent is extremely high.

In my opinion the slowing is coming from:

1. Nationwide media and market speculation. The national media constantly brings up the fact that foreclosures are at all time high and that home prices are declining in major markets. This is true, but not the case in Cache Valley. We must realize that real estate is a local thing. Prices are not dropping here, and the rate of foreclosures is far below the national average. Many buyers feel that they can wait a little longer for prices to drop and then can get a better deal. For Cache Valley I recommend buying when you find the right house. Prices will be fairly stable here for the next few months.

2. A trickle effect from struggling national markets. The "crisis" markets do have an effect on our market. Many people wanting to move here from California, Las Vegas, etc. would buy here, but they cannot sell their houses. This especially effects the high end and luxury home markets. I have clients from these markets who have had their homes on the market for over a year. They have dropped the price $50,000 and yet the house still won't sell.

3. The mortgage meltdown and sub-prime crisis. Interest rates are great right now if you have good credit and documented income. You can get a 30 year fixed mortgage for near 6%. But, the window of opportunity has closed for people with questionable credit and very little money to put down. It's a small percentage of home buyers, but it does nevertheless decrease the demand for housing.