Number of Cache County Homes for Sale High

Number of Logan Homes for Sale Alarmingly High | Logan Homes – Free Logan Home Search:

"I conduct market condition stats for Logan Real Estate during the first part of every month. One of the things I pay attention to is the number of homes for sale in Logan Utah. This number has more significance on future pricing trends than anything else. It is simple economics. When there are more homes and less buyers, prices will go down. When there are more buyers than there are homes for sale, prices go up. While doing some statistics today to calculate the percentage of short sales in Logan, I noticed that there are currently 747 homes for sale in Cache County right now.

Just two weeks ago, there were 718 active residential listings in Cache County. That’s a net list vs. under contract of more than two new listings a day. At the rate we are going, we will likely see a record number of homes on the market, and will see more than 900 listings at once by the time summer hits.

In comparison, last year Cache County had less than 700 homes on the market. February of 2008 had 514 homes listed, and February of 2007 had around 400 listed homes, almost half the number we have right now.

It is possible that many of these homes were listed by people who want to take advantage of the move up tax credit. If this is the case, after April we may see a reduction in Logan Utah Real Estate inventory."

This article was taken from LoganHomes.info

Cache Valley Short Sales Remain Stable

For the third straight month there are exactly 47 short sales in Cache County Utah. 13 of these short sale homes are found in Logan while the remaining 34 are found in the outlying communities in Cache Valley. While the number of short sale homes for sale has remained the same, the percentage of Cache County homes for sale that are short sales has actually declined, because the number of total residential home listings has gone up. There are currently 747 active residential listings in Cache Valley, meaning that 700 of the homes for sale are not short sales. 6.29 percent of the current listings are seeking short sale approval.

Click this link if you would like to view the current short sale homes for sale in Cache Valley.

Cache County Real Estate Market Healthy Below $160,000.

Real Estate in Cache County is pretty healthy for homes priced less than $160,000. This price is the median point for home sales, meaning that half of the homes that sold were $160,000 or less. The interesting thing is that of the current active home listings, only 1/3rd are priced below $160,000. This essentially means that if you are buying a home in the higher price ranges, you have twice as much inventory to choose from.

Compared with the homes that sold last year, there is less than 7 months of active inventory for listings priced less than $160,000. Cache County Homes priced between $160,000 and $180,000 see 7.36 months of inventory, and homes priced above $180,000 have more than 10 months of inventory. This chart shows the absorption rate broken down by different price ranges:

As you can see, homes priced above $500,000 are having a very difficult time selling. Last year just eight of these high end homes sold. There are currently 44 homes priced above half a million on the market. On average these homes have already been on the market for 310 days.

Logan Utah Real Estate Sales start 2010 off..... poorly?

Nobody knows exactly how well the Logan Real Estate market will do this year. Most of the Realtors I've talked too are optimistic that it is starting to improve, that things will be better. The last half of last year were much improved with their year over year comparisons.

Well the numbers for the first month of 2010 are mostly in. And so far, the numbers look pretty dismal. I normally don't do market condition stats quite this early simply because there are always some slow Logan Realtors out there who just forget to update their listings in the MLS. But, if these numbers hold accurate, home sales this January are worse than last year, and mark the single worst month for number of Cache County Home sales in nearly nine years.

Thus far, only 39 residential MLS listings in Cache County have been reported as sold. This is down nearly 5% from January last year, which was the worst month of the year for home sales.

The average price of homes sold during January was also down. The 39 homes that sold had an average price of $166,581 and a median sold price at just $146,250. This is the lowest single month average since May of 2006.

While home sales and prices were down, the amount of Logan Utah Homes for Sale was up. Cache County currently has 718 residential homes for sale. This is nearly 30 more homes for sale than we had during February of last year.

Cache County Residential Land - Far From Recovery

While the housing market in Cache County is doing pretty well, Cache County Land is far from recovery. For residential lots of less than an acre, we're looking at more than three YEARS of active inventory. The prices of these Cache County lots still need to come down in price by about 15-30%. Here is a break down of Cache County Land Sales Number and prices for lots less than an acre.

Lot's Less Than .25 Acres

Lots smaller than a quarter acre are rarely sold individually. Neighborhoods with smaller lots are generally owned buy builders and developers. But, for the few lots that actually did sell last year, this was one of the bright spots. Nine smaller lots sold last year, and there are less than seven currently for sale. That's less than a years worth of inventory!

Prices of the Lots for Sale are also doing well. As you can see from the graph below, the list price of the current Cache County Properties for sale is about par, or even less than the average sold price the last three years.

Lots Between .26-.5 Acres

Now this is where it starts to get ugly. There are currently 113 residential lots for sale in Cache County. Only 34 properties in this range sold last year. That is nearly 40 months of inventory. Not only is there a huge surplus of these types of lots for sale, but the average price of the active listings is $22,00 higher than the average sold price last year. The most ridiculous thing is that these list prices are still higher than lots of this size have EVER sold for. Sellers need to face reality and substantially lower their prices.

Lots Between .5-.74 Acres

Between half an acre and .74 acres there are 55 lots for sale. Last year, only 8 sold. That is 132 months of active inventory. The median list price of these type of lots is $33,000 higher than the median price of the ones that sold last year.

Lots Between .75-.99 Acres

The larger lots less than an acre are also struggling. Only five of these properties sold last year. There are 28 properties currently for sale. The average list price of these properties is higher than they have ever sold before. The current median list price is $169,000. Four lots sold in 2009 and these lots had a median sales price of $76,000.

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Logan Short Sale Numbers Constant

The number of short sale homes in Logan Utah has remained pretty constant over the last four months. Currently Cache County has 47 homes for sale that require "short sale" bank approval. This is the same amount of short sale homes as were on the market last month.

Percentage wise, the number of short sales is actually up slightly as there are now less total homes for sale. Last month there were 738 total residential MLS listings, this month there are just 720. Logan City itself has 13 short sale homes, the remaining cities in account for 38 Cache County short sales.

Number of Homes for Sale in Logan Rising Quickly

I just ran a quick check of the number of homes for sale in Cache County, and was astonished to see that in just a week, the number of Logan Real Estate inventory had risen by nearly 5%. Exactly one week ago, Cache County had 687 residential real estate listings. Right now there are 720.

Last year we didn't hit inventory levels this high until the March when the Spring listing season typically hits. March and April are typically big months for listing homes for sale.

Some of the increase in inventory can be attributed to the $6,500 move up tax credit. People want to sell by April so they can get the government money when they buy their new homes. However, this sharp spike in the number of homes for sale in Logan is alarming. Home prices will continue to decline as long as there are more homes on the market than there are buyers. At last years pace of home sales, we have more than 9 months of Cache County real estate inventory right now.