Are Cache County Home Prices on the Rise?

Nationwide, year over year home prices are substantially up. In Cache County, we haven't really seen real estate appreciation...yet.

July sales numbers might be indicating that Logan real estate values are finally on the rise again.

With 112 residential home sales, July was a strong month. Sales were up nearly 20% compared with July of 2012 and up 16% compared with last month. The interesting thing is that home prices were substantially up. Now our sample size is limited, and there were a few high end homes sold that obviously upped averages, but compared with one year ago home prices were up 12.5%. I'm not saying that real estate values are up by 12 and a half percent, but this years average sales price of $201,431 was 12.5% higher than last July when the average sold price was $176,247.

The average sales price broke the $200,000 mark for the first time since August of 2008. The median sales price during July was $173,450.

Not only was the average sales price up, but so is the average list price. The average list price of homes for sale in Cache County is now $248,531, the highest we've seen since the summer of 2010.

With real estate inventory on the decline (713 active listings compared with 734 a month ago) demand for residential real estate may soon exceed supply. This is not a drastic change, and the overall absorption rate is still at a healthy level. If home sales were to remain at the same level, and no additional homes were listed, it would take 6.37 months to sell off the current supply of homes. This inventory level quantifies Logan as a "balanced" real estate market.

The real estate market looks like it will continue to be hot for the remainder of the summer. There are actually more homes under contract now (207) than there was at this time one month ago (206).

It looks like we are seeing a shift in the real estate market, but it's nothing drastic or extreme. Overall real estate in Cache Valley is very healthy. Buyers are still able to get good deals at incredible mortgage interest rates.

If you're looking to buy, use the most complete home search features at RealEstateLogan.com to find exactly what you're looking for.

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

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.

Home Sales Slow Down During February

The numbers are in, and home sales in Cache County actually slowed down during February. According to MLS statistics, 56 residential properties sold last month. This is down 16.42% from January, and 3.45% from February of 2012.

There are a couple of reasons that might explain why home sales are down this year compared with last year. The limited inventory discourages buyers from actually purchasing. In addition, a year ago we had a very warm January. This year was the third coldest January on record. Weather does influence home buyers attitudes towards house hunting and considering to move.

While sales slowed, the amount of inventory didn't rise much. Right now there are 531 active residential houses for sale, up just nine from a month ago. These inventory numbers are still quite low. There haven't been this few homes for sale at the beginning of March since 2007.

See more at realestatelogan.com

January Home Sales Best in Five Years

January is typically the slowest month of the year for home sales in cold Cache Valley. It’s following the holiday season, when people don’t spend a lot of time house hunting. And lets face it, it’s not very motivating to shop for real estate on cold dark winter days. Nevertheless, home sales during January have started off well.
Sixty seven MLS listed homes sold during January, an increase of nearly 42% from January of 2012. This is the best January of home sales since the stimulus inflated sales of 2008.

With the new year, more people have decided to put their homes on the market. For the first time since July, the number of active real estate listings has actually increased, Right now there are 522 residential homes in Cache County listed on the MLS, up twenty from this time a month ago. This is 54 less homes for sale than January of last year.


Home prices appear to be increasing. We’ve had four straight months, and ten of the last twelve, where year over year sales prices have been up. Depending on what happens with overall inventory, new construction, and purchase demand, we could see a significant impact in real estate appreciation in 2013.


Source: RealEstateLogan.com

Cache County Real Estate Inventory At 5 Year Low

If you've been looking for real estate in Cache County, and haven't been able to find that perfect home, you're not alone. Real estate inventory in the Logan area is the lowest it's been since January of 2008. December home sales were up nearly 7% compared with a year ago.

Right now there are 502 residential homes for sale in Cache County, Utah. During August of 2010, there were 906 residential homes listed on the MLS. The current inventory is down 45% from the peak.



What does this mean? It means the real estate market is shifting towards that of a "sellers market". When there is limited inventory (right now), multiple buyers compete for the same properties -- giving the negotiating advantage to sellers. During sellers markets, home prices rise.

If you're looking to buy, don't panic, but get serious. Home prices always lag behind sales, and most people don't want to go house hunting during bitter cold Cache Valley winters. Right now real estate prices are still very low. In fact, during December the median home sales price of $148,500, was one of the lowest we've seen in the last five years.

The other good thing is that mortgage interest rates are still at all time low levels. Thirty year fixed mortgage rates can be obtained for less than 3.5%, and 15 year fixed mortgages are available for less than 3%.

It's a great time to buy. View all active real estate listings online at UtahCornerstone.com