Logan Real Estate Values Remain Stable

If you're one of the many Cache County real estate owners anxious for real estate values to finally rise again, you may be waiting for a few more years. One of the key factors that causes real estate appreciation is the number of homes for sale in relation to the number of buyers. When supply (houses for sale) is down, home prices go up. When supply exceeds demand, prices fall. The current 734 homes for sale in Cache County marks the highest inventory level we've seen since September of 2011. The good news is that the number of pending home sales (under contract properties) are also rising. The number of buyers are increasing at about the rate of inventory, meaning that until economic factors change, real estate values will remain steady. For buyers looking for the perfect property, this is good news as home prices shouldn't be seeing rapid appreciation any time soon. For owners who may not actually need to sell, it might be best to keep your home off the market for a few more years. Read More at RealEstateLogan.com

Prices Down, Sales Down for Cache County Real Estate

Cache County home sales during February weren't exactly great. I thought we were going to see an improvement in home sales during February, but it wasn't the case. Home sales were down 19% compared with February of last year and 8.7% compared with January.

Real estate inventory did see an increase since my last post, but it is still substantially down compared with February of last year. Right now Cache County has 711 MLS homes for sale. This is down by 5.5% compared with last month, and is even less than real estate inventory in March of 2009. Last years inventory may have been artificially high though as many sellers listed their homes early in homes of finding a buyer who was looking to take advantage of the home buyer tax credit. At February's sales pace, the 711 homes for sale gives Cache County 16.9 months of active inventory.



The good news for Logan UT Real Estate is that home sales look like they will improve this month. There are currently 102 home listings under contract. At this time last month, there were only 71 under contract properties. This is the highest monthly total since November.



Of the homes sold during February the median sold price was $158,000 and the average sales price was $167,773. This is down nearly 7 % from a year ago.

Lots of Homes "Under Contract" in Logan - April Should be Huge Month for Home Sales

April is looking like it is going to be a huge month for Cache County Real Estate. Tons of Homes are going under contract every day. There are lots of new listings hitting the market, as is typical during spring, but the amount of total real estate inventory has only risen slightly because so many homes are going under contract.

In just the last two weeks, 59 residential properties in Cache Valley have had accepted offers. In the last 30 days, 106 properties went under contract. In total there are 143 properties under contract in Cache County Utah.

While some of these under contract properties will fall through do to financing or due diligence reasons, most of these will result in actual sales for the end of March and April. The way things are set up, April should have more than a hundred total home sales. There hasn't been more than a hundred homes sold during April in Cache Valley since 2007.

Many of these home sales can be attributed to the upcoming expiration of the home buyer tax credits, which are scheduled to expire at the end of April. Regardless of the reason, this is very positive news for the Logan Real Estate market, especially in regards to inventory levels.