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.
Cache County Real Estate Starts 2010 Slowly
2010 has started off slowly for Cache County Real Estate. The number of total residential home sales in Cache County during January was just 39. This is the lowest single month total since February of 2001. Last January, which was also slow, had 41 total residential real estate sales.
The median sales price of homes sold during the last year in Cache County of $160,100, is nearly $30,000 less than the $189,900 median price of homes currently listed. The previous year had a median sold price of $169,900. In the last year, homes sold have been 6.25 percent less expensive.
Homes in Cache Valley are also on the market for longer. Over the last year homes that sold were on the market for 134 days. A year ago the average was just 101 days. The amount of real estate inventory is also rising. There are currently 719 residential listings for sale; there are nearly 30 more homes for sale than there were a year ago. Until the amount of inventory goes down, it will continue to be a buyers market in Cache Valley.
This buyers market will only last so long though. If you want to take advantage of the large selection, tax credits, and really low interest rates. Start your search for Logan Utah Homes for Sale now!
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