Home Sales Down in April

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

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

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

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.

Future for Logan Real Estate Looking Bright

Things are looking bright for the future of Logan Utah Real Estate. It was the best December for home sales in four years and real estate inventory is at its lowest point since March of 2008. It really looks like we have seen the worst of the housing market crash and things are really starting to rebound.

December Home Sales

As recorded on the Utah MLS last month, 69 Cache County Homes sold. This is up 4.35% from last month, and 5.8% from December of a year ago.

Under Contract Listings

Right now there are 98 pending home sales, or under contract homes in Cache County Utah. While this is lower than we have seen in the past few months, It is up substantially from January of last year when there were just 70 homes under contract.

Cache County Real Estate Inventory

Real Estate Inventory is the lowest its been in years. When the number of homes for sale goes down, competition for homes increases, which drives prices up. If the number of new home listings continues to drop at this rate, we may even see a buyers market in 2012. There are just 576 Cache County Homes for Sale right now.

The current indicators of the Logan Real Estate market indicate that the last few years of a heavy buyers market will end soon. Fortunately, mortgage interest rates are still at all time lows, and housing is currently very affordable. It's a great time to buy real estate in Logan Utah.

Logan Inventory, and Home Prices are Down

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.


Home sales during November were better than November of last year. In total, 66 residential homes sold, up 18.18 percent from last year. There are 110 homes currently under contract. A good December could make 2011 home sales stronger than 2010, despite the slow start.

Logan Real Estate Inventory at Lowest Level Since April of 2008

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.