Utah Real Estate Update and Market Condition Watch

The number of homes for sale in Logan Utah continue to drop. Right now there ore only 617 listings on the MLS. Real Estate Inventory hasn’t been this low since April of 2008.While real estate inventory is down, so are home prices. During November the average sales price was just $157,299 with a median at $149,650. The list price of the Cache County homes for sale has also declined substantially. The current median price of homes for sale in Cache Valley is $172,900. The Average price per square foot of Cache County Homes has dropped to $72.4 per square foot.

via Logan Utah Real Estate Market Conditions: Logan Inventory, and Home Prices are Down.

The number of homes for sale in Logan Utah is at its lowest level since April of 2008. That was at the height of the real estate boom for Cache Valley when homes prices were rapidly appreciating. It is typical for real estate inventory to decline during the fall and winter months, but inventory hasn’t been this low in years. This is great news for people who currently own Logan Real Estate and is a sign that home values should start stabilizing.

As you can see in the chart below, while inventory at the front of the year was at its highest January level ever, it is now well below November levels at any time during the last four years.
While the reduced real estate inventory in Cache County is good news for homeowners, overall home sales also continue improving.

During October, 78 residential homes sold. This is a 42% increase from October of a year ago. This is the fifth straight month where we have seen a year over year increase in home sales. It actually appears that annual home sales will actually be better this year than they were last year.

If these signs towards recovery continue, the current low home prices combined with the all time low mortgage interest rates might make right now the best time to buy ever. Chances are that home prices will continue to drop throughout the winter, home price trends always lag behind sales. But if inventory remains low and demand continues to increase, we will see stable if not rising prices by the latter half of 2012.

via Logan Utah Real Estate Market Conditions: Logan Real Estate Inventory at Lowest Level Since April of 2008.

Home sales during September in Cache County were pretty impressive. September was the second best month of the year for total home sales. On an annual basis, they were up 32.18% compared with September of last year, as 87 residential homes sold. This marks the fourth straight month that year over year home sales are up.

October looks like it will also be a fairly strong month for home sales. There are 141 homes under contract right now, last year at this time there were just 99. At last months sales pace, we have just over 8 months of active inventory. This is slightly higher than a balanced market, but compared with what we have seen, this is something to be optimistic about.

The amount of real estate inventory is also down, and HOME PRICES ARE UP. That’s right the median and average list price of homes for sale in Cache County Utah is higher than it has been in months. The median list price rose $4,000 to $179,000, while the average list price increased from $218,135 to $223434. Sales prices last month were also up. The average sold price last month was $182,833 while the median sales price was $168,000. August of 2010 was the last time home prices were that high.

Things could change over the winter, but with the way things are looking, it appears as if the Logan Utah Real Estate market has bottomed out and we are near recovery. Real estate inventory is declining, and with 30 year mortgage interest rates hovering around 4%, this could be the best time EVER for buying Cache Valley Real Estate.

via Logan Utah Real Estate Market Conditions: October 2011.

Logan Home Sales in August were substantially better than they were during July. There was nearly a 32% increase of home sales as 97 residential homes sold. Home sales were also up by nearly 30% from August of a year ago when just 68 Cache County homes sold.

August homes sales were up, and it appears as if they will continue to increase in the near future. Currently Cache County has 155 homes under contract. At this time a month ago there were 140 pending sales. This is the highest month of pending sales since June of 2010.

The number of Cache County Homes for Sale has also declined. Right now there are just 755 homes for sale compared with 810 at this time last month. Part of that has to do with more homes going under contract and actually selling.

While the current market conditions in no ways indicate that the housing market is out of the woods, these are some positive signs that the downward trends in real estate values are likely to come to and end soon. If you’re looking for the best deal possible on Logan Utah Real Estate, it may be wise to start looking for homes for sale now while home prices and interest rates are so low.

via Logan Utah Real Estate Market Conditions: Logan Home Sales Improved: Future Looks Better.

July home sales looked really good. It looked like things for Logan Real Estate had started to turn around, it appeared as if home sales would actually pick up, but they didn’t. Were people just too busy to buy during July, just coincidence, or is it an indication of lack of confidence in the economy? Historically July is one of the top 3 months for home sales in Cache County.

July was a very poor month for home sales in Cache Valley. There were only 66 homes that actually sold. This is down nearly 40% from last month! On the positive, year over year July home sales were actually improved with last year; but last year was result of the home buyer tax credit hangover.

The good news is that the number of Under Contract homes is up, indicating that future home sales will be better than July. All time low interest rates should help to stimulate some home buying activity, these low interest rates are already making a big impact on the refinance market. Cache County currently has 140 residential properties under contract compared with 124 a month ago.

Home prices in the Cache Valley continue to drop. The median list price of the 810 homes for sale is just $174,900. This is down $5,000 from a month ago. With more than 12 months of current real estate inventory, prices will likely continue to decline.

The low interest rates, low prices, and high selection of available homes for sale make it a great time to buy. To get started, use this link to search Homes for Sale in Logan Utah.

via Logan Utah Real Estate Market Conditions: Ouch…. Only 66 Cache County Home Sales in July.

The monthly home sales numbers for Logan Utah Real Estate during June the best they’ve been in over a year. As reported from the MLS, 109 residential homes in Cache County have sold. This is the highest single month of home sales since May of 2010 when 114 residential homes sold.

Unfortunately, it looks like this increased home sales trend might not last for too long. Normally, July, August, and September are the best months of the year for number of home sales. Right now there are less homes under contract (124), than there were a month ago (151).

Fewer under contract homes means that there will be less home sales in the future months. The number of homes for sale in Cache County has risen. There are currently 816 MLS home listings compared with 802 a month ago. If inventory continues to rise while home sales don’t, home prices will continue to decline.

One interesting thing about June home sales was the increased size of homes sold. The average square footage was more than 2,400 square feet. This is a few hundred square feet bigger than the average home sold a year ago. During June the average sales price of Cache County Homes was $182,079. The median sales price was $160,000.

via Logan Utah Real Estate Market Conditions: Best Month For Logan Home Sale in a Year.

We are seeing more positive signs for the Logan Real Estate Market, the number of homes for sale, the active inventory is down from levels in June of last year as well as June of 2009. There are currently 802 homes for sale in Cache County Utah. At this time a year ago there were 839 MLS listed properties.

The reduced number of homes for sale is one indicator that we have seen a bottom in the market, and that things are starting to improve. This doesn’t necessarily mean that home prices wont’ drop more, in fact they likely still will, prices almost always lag behind home sales.

For some more positive real estate news, home sales were improved last month compared with April, and the number of homes currently under contract is up from a month ago. May saw 86 residential homes sale, up from just 66 in April. Right now there are 151 under contract properties, up from 148 a month ago. This indicates that June sales will be improved over May.

The homes that sold last month had the highest median and average prices we’ve seen since January. The Average sales price was $172,430, while the median sales price was $155,950.

This doesn’t mean prices are going up, just that there were more expensive homes that sold last month.

Nationwide home prices are now at levels they were in 2002. The housing bubble nationally has completely erased, and then some. However that statistic doesn’t really apply to us. This isn’t Atlanta Real Estate, this is Cache Valley Real Estate. Our real estate values haven’t fallen that far. May’s average sales price of $172,430 is at about the average price we saw in the Summer of 2006.

Originally posted at: Logan Real Estate Blog

The real estate sales numbers for Weber County Utah look pretty good right now. Home sales were up during April compared with March, and there are 73 more homes under contract. The number of Weber County homes for sale is also down from a month ago.

The most surprising change, is the fact that the median and average list prices of homes for sale in Weber County, UT are up. Other than a slight blip during the expiration of home buying tax credit, this is the first time in years we have seen list prices increase. The current median list price of $157,900 is up $3,000 from last month. The average list price of $214,576 is up $3,500 from a month ago.

While this is a sign that the real estate market is improving, things are definitely not completely turned around yet. Home sales prices still probably won’t be going up for a while. April’s average sales price of $159,200 was down nearly 9% compared with the average sales price of a year ago.

At Aprils home sales pace, there is still 9.83 months of Weber County Real Estate inventory. Compared with last year at this time there are not nearly as many homes under contract.

arket Improving | Weber County Utah Real Estate.

After a fairly strong March, April home sales in Cache County were really pretty dismal. They were down 15% compared with last month, and 32% from April home sales of a year ago. Last year April home sales were higher than normal as result of the Home Buying Tax Credits.

The good news is that May home sales should be much improved. There are now 148 homes under contract. If 70% of these under contract homes close during May, that will represent more than 100 home sales.

Logan Real Estate inventory is also on the rise as home sales are slow and more people are listing their homes now that the weather is actually starting to get nice. There are currently 786 homes for sale in Cache County. This is 12 more listings than at this time a year ago, and eleven months of inventory at Aprils sales pace.

The list price of homes for sale in Cache Valley has remained stable over the last month, but the average sales price during April was abnormally low. The average sales price in April was just $160,756, while the median sales price was just $144,025. Right now the average list price of Cache County Homes is $218,844. Home prices aren’t expected to rise anytime soon, as long as the amount of real estate inventory remains this high.

via Logan Utah Real Estate Market Conditions: Home Sales Way Down, But Future Should Be Better.

March Home Sales in Cache County did pretty good compared with the last eight months. The 76 residential homes sold was the highest single month we’ve seen since June of last year. Compared with February, home sales were up by a whopping 44%.

via Logan Utah Real Estate Market Conditions: Logan Home Sales UP 44%.