Logan Utah Real Estate Market Conditions

Home Sales Up In February

2014-03-06T09:36:00.000-08:00

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

January 2014 Home Sales Report

2014-02-06T14:44:00.003-08:00

The residential real estate market in Cache County is experiencing a winter slow down. There were only 49 homes sold during January, which is down 38% from December, and 27% from January.

Not only are the number of home sales down, but so is the average price of those homes sold. Lots of low end homes sold during January as the median sales price was just $139,000 while the average sales price was $154,863. These price levels are substantially less than normal monthly averages.

The good news for real estate agents and those trying to sell their homes is that it looks like the real estate market will pick up a little this month. Right now 114 residential homes are under contract compared with 90 at this time last month.

Reposted from Real Estate Logan.com

December 2013 Market Conditions Report

2014-01-06T14:59:00.000-08:00

Well, December home sales are up a little bit anyways. 80 residential home sales were reported on the MLS for December 2013. This represents a 7.5% increase from December of 2012, and a 2.5% increase from last month.

The number of homes for sale in Cache County dropped substantially over the last month, and there are now 559 homes listed for sale – the lowest the inventory level has been since March.
It appears as if the 2014 real estate market will start slower than things did last year. The 90 homes currently under contract are down slightly from the 127 pending home sales at this time one year ago. We haven’t seen this few homes under in nearly three years.

Reposted from RealEstateLogan.com

Cache County Sales Stats Consistent

2013-12-05T12:40:00.003-08:00

As I was calculating November home sales numbers I thought that I had an error in my formula as it was showing a 0% increase in both year over year and month over month home sales. It turns out the formula was right, Cache County had exactly 78 home sales in November, 78 home sales in October, and 78 home sales in November of 2012.

The notable difference between now and one month ago is the large decrease in homes for sale. Right now Cache County has 641 residential homes listed on the MLS. At this time last month, there were nearly 700. The drop in active listings isn’t because more homes are selling, but is a seasonal trend. During the Holidays and Cold weather, people just aren’t as motivated to try and sell and so often take their homes off the market. Many of these homes will likely be listed again next spring. Last year at this time there were actually only 545 residential listings, 15% less than what we have right now.

Reposted from RealEstateLogan.com

October Market Conditions Report

2013-11-06T11:08:00.000-08:00

As the air gets colder and the days get shorter, home sales are on the decline in Cache County. During October, 78 residential homes sold, a decrease of 37% compared with September, but up slightly compared with October of 2012 when 77 homes sold. With 130 under contract properties, it looks like home sales in November will be pretty similar. Right now there are 697 residential homes for sale; down slightly from one month ago, but up 19% from this time last year. At October's home sales pace, we have nearly nine months of active inventory. With the current inventory levels and sales pace, it doesn't appear as if real estate values will be appreciating any time soon. During October, the average sales price of single family homes was $165,564 with a median price at $157,700. The average sales price over the previous six months was $186,027 while the median was $169,000. This doesn't necessarily mean that home prices went down during October as there were a higher number of inexpensive homes that sold. Reposted from RealEstateLogan.com

Solid Month For Real Estate Sales. Values Rising

2013-10-04T13:02:00.000-07:00

September was a solid month for home sales in Cache County Utah. The 124 residential homes sold marked a 36% increase from September of last year. This was the best September of for home sales since 2006.

While home sales are up, we’re also starting to see an increase in real estate values. During September, the average sales price of residential homes was $175,899 with a median of $166,662.
The average sales price of 415 homes sold during the summer of 2012 was $181,947 with a median at $162,000. The average sales price of 478 residential homes sold this summer is $190,426 with a median price at $171,000. Depending on the metric you use to measure, home values are up between 4.5 and 5.3%.

At Septembers home sales pace, the local real estate market is considered “neutral.” There is currently a 5.37 months supply of residential homes for sale. The 705 actively listed homes is up from 621 in October of last year. Reposted from RealEstateLogan.com

August Home Sales at 6 Year High

2013-09-05T15:05:00.001-07:00

August was the best single month for home sales in the last six years. The last time we saw more residential homes sell, was at the height of the housing housing boom in August of 2007. 130 homes have been reported as sold on the MLS.

While the number of home sales are up, I don’t expect prices to rise as the supply of active real estate is also increasing. One month ago there were 713 listed homes for sale. Right now we are at 714. This isn’t a big difference, but the number of active listings during September is almost always less than the number of listings in August. In 2012 there were 677 homes for sale at the beginning of August and 650 in September.

The relationship between active inventory and home sales isn’t the only factor that leads me to believe that home prices won’t be rising. Both the median list price as well as the median price of homes under contract are down from last month.

While August was likely the best month for real estate in Cache Valley in 2013, home sales for the remainder of the year should still be above average. At August’s home sales pace, we currently have 5.49 months of inventory which indicates a balanced real estate market. I expect home prices to stay about the same over the winter, but we will just have to wait and see.

Mortgage interest rates have risen slightly over the last few months but are still well below normal interest rates. Good selection, and prices remaining slow still make it a good time to by Logan Utah real estate.

Originally posted at realestatelogan.com

Are Cache County Home Prices on the Rise?

2013-08-05T12:41:00.000-07:00

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

2013-07-08T10:15:00.001-07:00

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!

2013-06-03T14:32:00.001-07:00

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

2013-05-07T14:51:00.003-07:00

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

2013-03-05T15:24:00.002-08:00

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

2013-02-05T11:18:00.001-08:00

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

2013-01-07T13:54:00.002-08:00

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

November Home Sales Rise

2012-12-05T10:39:00.001-08:00

After a slight blip in the positive sales trends last month, once again Cache County home sales have improved.

November home sales are up 15.38% compared with November of last year, and up 1.28% from October sales.
The average price of homes sold last month was $180,960 with a median price at $169,450. Logan real estate inventory continues to decline. Right now there are 545 residential properties listed for sale on the MLS. The median list price of these homes is $179,850.

At Novembers home sales pace, we have a "balanced" real estate market with 6.99 months of active inventory.

The positive real estate trends should continue in December and January as their are currently 164 under contract homes. The number was 110 at this time last year.

It doesn't look like real estate values will substantially rise any time soon, but it certainly doesn't look like we will see values drop any more.

If you can find a good property, it's a great time to buy Cache Valley Real Estate. Click this link to start your home search now.

Cache County Real Estate Inventory at 4 Year Low

2012-11-06T15:02:00.000-08:00

Right now there are just 564 residential homes for sale in Cache County, Utah that are listed on the MLS. This is the lowest real estate inventory has been since March of 2008. There are more than a hundred less homes than were listed at this time last year, and 280 less homes listed than November of 2010.

As fall turns to winter it's common for real estate inventory to decline -- lets face it, nobody wants to move in the middle of a Cache County winter. But, the rate of decline is a big indicator of the recovering local real estate market.

While the real estate market is clearly recoverying, October wasn't exactly the strongest month for real estate sales. 77 residential homes sold, which is down 1.28% from last year and 2.53% from last month.

The average price of residential homes sold during October was $170,319, with a median price at $155,000.

It looks as if November and December real estate sales will be better than average. Right now there are 169 pending home sales. This is up from 148 under contract homes at this time last month. Homes are still inexpensive, and real estate mortgage rates are still at all time lows. Start your home search by clicking this link.

Great Home Sales Trend for Logan Doesn't Last Long

2012-10-04T13:45:00.000-07:00

After the huge home sales numbers we saw in August, I was pretty sure the real estate market had completely turned around....

Well, September numbers put a damper on the optimism. Cache County home sales were down 39% compared with August; 79 residential homes sold compared with 129. Total residential home sales were even down 9.2% from September of 2011 when 87 homes sold.
While there were less homes that sold during September compared with August, the median price of these homes was substantially higher at $174,850. Just three months ago the median sales price was $152,500.

Real estate inventory in Cache County continues to decline. Right now there are 621 homes listed on the MLS, this is 83 less listings than at this time a year ago. Many potential home buyers can't find what they are looking for.
While home sales declined substantially compared with last month, October and November should still see above average real estate sales. Right now there are 148 residential homes listed on the MLS that have contracts pending.

Mortgage interest rates are still incredibly favorable for buyers. 30 year fixed mortgages can be obtained for less than 3.5%. The trends are looking like home prices are going to be increasing. If you're on the fence about buying real estate, start now by searching real estate listings here:

Monster Month for Cache County Real Estate - Home Sales up 33%

2012-09-06T13:11:00.003-07:00

Wow. If August numbers are an indication of the current Cache County Housing market then the market has shifted a lot faster than anyone expected.

August was the best single month for home sales in 5 years. The last time there were more homes sold was August of 2007, the height of the housing bubble. Last month we saw 129 residential homes sell in Cache County, up 33.33% compared to August of last year, and up 30.23% compared with last month.

Not only are we seeing an increase in the number of home sales, but home prices are also rising. Of the homes that sold last month, prices were up 8.75% compared with July. The median sales price was $169,900 while the average price sold was $193,375. Overall, active listings are also priced higher than they were a month ago. The current average list price of Cache County homes is $227,573, up from $225,206 in July.

The numbers are indicating that home prices in Cache County will continue to increase in value. Real estate inventory is still declining, and the number of pending home sales continues to remain high. We haven't seen this few homes for sale during September since 2006.

Interest rates are still at historic lows, it's a great time to start shopping for real estate before home prices rise much more. Use this link to get started with your home search now.

July Annual Home Sales Numbers Improve in Cache County

2012-08-03T15:15:00.002-07:00

Over the past few years July has been among the slower months for real estate sales in Cache County. Not sure if it's the holidays, or that many people are busy with family vacations during July, but home sales in June, August, and September are typically better than July; this year being no different.

Reported on the MLS so far, 90 residential homes in Cache County have sold. This is a 26.67% from July of last year, but a 3.23% decline from June Home Sales. The median price of these homes sold was $152,500 with an average at $176,247.

The good news is that under contract home sales are substantially up. Right now there are 186 under contract homes for sale. This is the highest number of pending home sales since the first time buyer tax credit in May of 2010. Home sales in August and September should be the best they've been in years.

Real Estate inventory is on the decline. The Logan area currently has 677 homes for sale listed on the MLS. This is down 22 from this time last month. At July's home sales pace, this represents 7.62 months of active inventory.

Mortgage interest rates hit a new all time low again this week. 30 year fixed mortgages can be obtained for less than 3.5%, 15 year fixed for less than 2.875%. The low cost of financing makes real estate in Logan Utah very affordable. It's a great time to buy, start your home search by clicking this link.

June Home Sales Mediocre

2012-07-05T15:33:00.001-07:00

Cache County Home Sales for the month of June underperformed from the trends we have been seeing recently. Reported on the MLS thus far, only 93 residential homes have been reported as sold. This is down 1% from last month, and down nearly 15% from June of 2011. July, August, and September are typically the strongest months of the year for Logan Real Estate. It doesn't look like July sales will be much improved compared with June as there are actually four less under contract homes (163) than there was at this time a month ago. We have also seen a slight increase in the number of homes that are currently for sale in Cache Valley. The MLS currently shows 699 residential homes for sale, up from 695 a month ago. Compared with 2011, the number of homes for sale is substantially down. Home prices continue to remain fairly stable. The average price of homes sold during June was $172,262, while the median point was $159,900. One interesting note is that the median price of Under Contract homes has remained at exactly $159,900 for three consecutive months. While sales and under contract prices have remained stable, the average list price of Cache County homes has actually risen. While the pace of recovery has slowed, the outlook is still much better than it has been at any other time over the past four years. Mortgage interest rates are incredibly affordable, and there are still lots of great deals out there with motivated sellers and distressed inventory. Click this link to search Cache County Real Estate now.

May Yields Strong Home Sales

2012-06-06T09:19:00.000-07:00

May was the strongest month for Cache County home sales in nearly a year. So far, Realtors have reported 94 residential home sales. This is up 24.47% from this time last month, and up 8.51% from May of last year.

While home sales went up substantially, the number of under contract homes only slightly rose. Right now there are 167 pending home sales, up just two from a month ago. If this is an accurate indicator of future home sales, home sales numbers should be very similar this month. Based on the 94 homes sold last month, Cache County currently has 7.38 months of active inventory; a fairly healthy level. Real Estate inventory hasn't been this low on a month/month level since the Tax Credit expiration in June of 2010. When you look at the actual number of home listings, right now we are even better off than we were in June of 2008 when the housing bubble peaked. Logan home prices appear to be holding steady, if not rising slightly. The current median list price of Cache Valley homes is $179,900 while the average asking price is $226,260. From the homes sold during May, the average list price was $176,240 while the median list price was $157,950. The Logan real estate market has clearly turned around. While the national economy is still struggling mortgage interest rates are still incredibly low, and it is a great time to start house hunting.

Home Sales Down in April

2012-05-07T16:17:00.000-07:00

April home sales for Cache County Utah are not quite as good as they were during March. Compared with April of a year ago, home sales improved 7%. 71 homes sold during April compared with 66 in April of 2011.
The number of homes for sale has also risen, but this is typical for spring. Their are currently 681 residential homes for sale in Cache County. This is up from 635 a month ago, but down by 13.3% from the 786 listings a year ago. Some positive news for the Cache Valley Real Estate market is that the number of under contract homes is at its highest level since May of 2010. That was right before the expiration of the home buying tax credit. Cache County currently has 165 pending home sales. This means that we should have strong home sales in the next few months.
If you would like to take a look at all of the homes currently for sale in the Logan Utah area, visit our home search site at HomesForSaleLogan.com

Decent Month For Cache County Real Estate

2012-04-06T13:03:00.002-07:00

Real Estate in Cache County is moving along strong. Home sales during March were up nearly 4% compared to last year, and were up 27% from February. So far, 79 residential homes have been reported as sold.

Real estate inventory has risen since last month, but that is typical for Spring. Currently, Cache County has 635 residential home listings. This is up from 583 a month ago. Last year at this time there were 711 houses for sale in Cache Valley. At March's home sales pace, this represents just over 8 months of active inventory.

The reduced inventory is trending more towards a buyers market for many home price ranges. In fact, the median list price right now is actually up compared with a few months ago. During February the median list price was just $172,950. Right now it is $179,497.

Mortgage interest rates are still very low. It's a great time to shop for Homes for Sale in Logan Utah.

February Home Sales Much Improved

2012-03-05T11:50:00.006-08:00

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.

Rough Start for 2012 Logan Real Estate

2012-02-03T13:17:00.000-08:00

As I ran the monthly sales stats this morning I was shocked at just how low the monthly home sales were for Logan Real Estate during January. Over the last few months, things looked like the real estate market had really turned a corner. It looked as if the days of super low monthly home sales were behind us. Unless January was a statistical aberration, I was wrong.

January tied for the single lowest monthly home sales in the last decade. There were just 39 residential homes that sold in Cache County during January, the same as January of 2010.

The good news is that despite the low home sales numbers, real estate inventory is lower than it was last month. Right now Cache County has 570 homes for sale. This is six less than at this time a month ago. However, this is the time of year where we usually see an increase in new listings as people begin preparing their homes for spring selling.

February appears as if it will be better for home sales. Right now there are 112 under contract homes. If half of these properties close during February, we will see nearly 65 home sales for the month.

Home prices continue to drop. During January the homes that sold had an average sales price of just $69.64 per square foot. This is the lowest per foot price since 2005.

While 2012 started out slow for Logan Utah Real Estate sales, I fully expect 2012 to be a better year for the Cache Valley Real Estate market.