Home Sales Heating Up!

Cache County Home Sales broke the century mark in May for the first time this year. If you don't count the artificially stimulated May sales of 2010, this is also the first time more than a hundred homes have sold during May since 2008.

The 108 residential home sales represent a 32.4% increase from April, and a 13% increase from May of 2012.



All around the country we are seeing the housing market boom. The Salt Lake area is seeing ultra low inventory and double digit price appreciation. Fortunately, Cache Valley has not yet seen the extreme housing shifts being felt along the Wasatch Front. Compared with one year ago, the median price of homes sold during May is up 5.5%. The average sales price is down by almost 2%. One thing preventing rapid price appreciation despite the increase in sales is that real estate inventory in Cache County is also increasing. The supply of newly listed homes for sale is helping to meet the increase in demand. Right now there are 691 residential listings found on the MLS. This is an 6.5% increase from a month ago, and puts us at about the same level we saw in June of last year. While mortage interest rates are still incredibly low, we are starting to see a slight rise in rates which is motivating many potential buyers to begin the house hunting process. It's a great time to buy Cache County real estate.

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.