Real Estate Sales have been slow for the first quarter of the year in Cache Valley. Interest rates are ridiculously low, but it hasn't been enough to stimulate buyer activity.
Inventory in Cache Valley is at the highest its been for the winter ever. There are currently more than 725 active residential listings in Cache Valley. This gives lots of selection for buyers looking for a great home.
The first half of 2008 shows that although home sales were down 21% in Cache County, the actual sold price rose 3.5% compared to the first 6 months of 2007.
The average price of sold homes is actually up 3.5% compared to the first six months of '07. So far the real estate market in Cache County was a little slower than it was last year as just 470 homes were sold compared to 588 homes sold January-June of last year.
The median sold price so far this year is $179,375. In my opinion, home prices are not actually up, just the average price of homes sold. There are many more expensive homes on the market than beaters. The average list price of homes in Cache County is $272,000. These aren't selling fast, but when the expensive homes sell it does drive the average sold price up. From my knowledge of the local market, if you bought a home at the end of last summer you could probably now get a slightly nicer home for the same price. ----------------------------------------------------------------------------------------------
Home Sales during the first quarter of 2008 were slow in Cache County. Down 16.3% over number of residential homes sold in the first quarter of 07. This even includes the best selling January ever.
Currently has more homes on the Market in Cache County than there has ever been since I have been a real estate agent. Lots of inventory, it is still moving, just a little slower than last year.
------------------------------------------------------------------------------------------ Home sale stats for Cache Valley Real Estate market indicate that so far the real estate market is doing great. In fact, it is ahead of 2007's pace and had the most single family houses sold ever.
The first month of '07 had just 70 single family homes sold. In '08 we had 77, despite the much harsher winter. With the incredibly low interest rates, things are looking good for the real estate economy in Cache Valley this year. Presently, 30 year fixed mortgages can be obtained for almost 5.5% interest.
January's sold homes had an average price of a little more than $194,000, these houses were on the market for an average of 60 days. Presently there are 476 single family homes for sale on the market. The average sold price is actually down over '07's January price of $197,084, but the average 2007 house sold in January was 300 square feet bigger. Home prices overall have not gone down. The average price per square foot was at an all time high for January.
The Cache County Utah Real Estate market is slowing. Not stopping, not sliding, just moderately slowing. September 2007 market the first time since February that there were less than 100 single family homes sold in Cache County. In 2006 there were 126 homes sold in the month of September vs. 96 this year. A decrease of nearly 25%. Inventory of availabe homes for sale in Cache County is also on the rise. As of October 5th there were 503 single family homes on the market in Cache County. In June there were less than 400. At the same time, demand for Logan Utah Houses for Rent is extremely high.
----------------------------------------------------------------------------------------------- The Real Estate Marking for Cache County is changing. Mortgages are now significantly harder to get for sub-prime and stated income buyers, and as result less homes are being purchased. As of September 1st there are more single family homes (505) in the Logan area on the market now than any other time this year. Our time of rapidly increasing home prices has come to an abrupt halt. Real Estate trends will lean to more to a buyers market for the remainder of the year. There is plenty of inventory and lots of selection for home buyers. If sellers want their homes sold they will have to be willing to negotiate and accept a little less than earlier in the year. Home sales traditionally slow down in the winter months, so it should be a great time to buy this fall.
For the month of April 2007. 120 Single Family Residence were sold in Cache County. Average sales price was $184,460, 99% of the asking price, and the homes sold were on the market for an average of 68 days. As of May 15th, there were 395 single family homes on the market.
For the first quarter of 2007, Cache County Home Prices are up almost 11%. This is great news if you own a home, not so great if you've been postponing buying.
The average price of a single family home sold in Cache County during the first 3 months of 2007 was $198,702 ($81 sq foot). This is up nearly 11% from an average sales price of $177,193 ($73 sq foot) during the same period in 2006.
The number of single family homes sold in 2007 vs 2006 has also increased almost 9%. 226 homes sold in '07 vs 206 in 2006. There is also less inventory on the market right now. Last year there were almost 580 residential properties for sale in Cache County, right now there are only about 420.
Perhaps most disturbing for potential home buyers, is that the average price of homes on the market right now is at an all time high of $226,114. It is very hard to find anything in great condition for less than $150,000 and is almost impossible to find a liveable single family home for less than $100,000.
Interest rates are still at unexpected lows, and home prices will likely continue to increase at this pace throughout the summer.
February 2007 had the lowest number of Cache County homes sold since Jan 2006. Only, 67 homes were sold during February. The average sold price was $175,442 and sold in 69 days. As of March 15th, there are 423 residential homes for sale on the market in Cache County.
January market the first time in 8 months there were less than 100 homes sold in Cache County. In fact there were far less, only 68 residential homes sold. Is the housing market cooling down? Will there be a slump? Not likely.
The 68 residential homes sold was actually a record for the county for the month of January. The dollar amount these homes sold for was also a record; the average single family detached home sold for $209,020 ($82 per square foot.) Now this is only one months figures, and there were probably a lot more high end homes sold than normal, but the fact is, the price of housing here is no longer considerably lower than the national average.
As of February 15th there were 413 residential homes on the market in Cache County. More than 100 less than at this point in '06.
2006 was a record year for home sales in Cache County. Home sales increased 10% from 1,080 single family homes sold in 2005 to 1,204 homes sold in 2006. In addition, the average price of homes for sale increased 9% from $165,585 in 2005 to $182,190 in 2006. Expect home sales and appreciation to continue to increase in 2007 as market conditions appear to be favorible, and there are less homes on the market in January of 2007 (375 single family homes as of January 15th) than there were at the same time in 2006.
Through the first 10 months of 2006 Home sales are up 15% from 983 sales to 1145 in Cache County. In addition, home sales prices have increased approximately 9%. The average sales price of single family homes in the first 10 months of 2005 was $165,875 whereas, the average sales price in 2006 is $182,137. The market is still fairly neutral as the average home is on the market approximately 2 months and there is ample inventory (425 homes on market). Other than the normal winter slow down, It does not appear that the market will change much here.
Real Estate is a hot item in Cache county. The month of August had 157 residential homes sold at an average price of $178,089. We still have an ample supply of homes for sale to prevent us from going into a sellers market, but home prices in Cache County are on the rise. Residential lots, and vacant land in Cache County are especially rising in price as they become more scarce.
June marked the second most homes ever sold in Cache County (129). It also had the highest ever, average sold price at $178,707. The average home sold was on the market for 61 days, and was 98% the listed price. There is still ample inventory that we don't have a sellers market here, but despite increased interest rates home prices continue to creep up for Cache County Real Estate. ---
Hot May Sales keeps Cache County real estate on pace to exceede 2005's record home sales. May had 108 Single Family Homes at an average sales price of $171,010, there were also 11 Condos sold. The average home was on the market for 74 days, but 56% of homes sold in May were sold in less than a month. If you find a home you like, act fast because it will likely be gone soon.
Home prices for starter homes are especially creeping up. The average 2 bedroom home sold for $117,210 through the first 5 months of 2006. In 2005, the average 2 bedroom home sold for $101,780.
It's still a fairly neutral market here in Cache Valley, but down south a mini real estate boom has hit, and Salt Lake City is experiencing a Sellers market. If you are thinking of buying, I would highly recommend doing so now as home prices and interest rates continue to rise.
April was another good month for real estate in Cache County. 99 homes were sold at an average sales price of $175,908. The second highest sales average in Cache County Real Estate history. Sellers averaged 99% of their listing price, and the number of residential homes on market decreased from 579 to 561 in the past month. This tells us we have a healthy market and presently more homes are being purchased than listed which will aid home appreciation.
With home prices continuing to increase at higher than average rates throughout the state, Cache County Real Estate is affordable places to buy.
Housing costs in Utah were up an average of 13.35% in the fourth quarter of 2005. Housing appreciation in Utah actually exceeded the national average. Does this mean we are entering a sellers market? Not in Cache Valley. Atleast not right now. The first two months of 2006 had less homes sold than the same months in 2004, and had more homes listed. Presently, there are 579 residential homes for sale in Cache Valley, more than ever before.
March was a strong month for Real Estate in Cache County. 105 Homes were sold, the most ever for a March in Cache County. Total homes sold for the first quarter of 2006 are now actually higher than they were in 2005. The average home sales price was $162,841 and a Seller typically got 98% of their listed price.
In February there were 59 residential homes sold for an average price of $173,731 in Cache County. Real Estate homes sold were on the market for an average of 77 days. 35% sold within the 1st month and 63% of homes sold within the first two months.
In January there were 55 homes sold for an average price of $166,993. The average home was on the market for 94 days, but 33% of homes sold within the first month, and 57% sold within 60 days on market. There were 334 new listings taken in the first two months of '06.
In comparison, the first two months of 2005, had 131 homes sold and 247 new listings taken.
2005 was an outstanding year for real estate in Cache Valley. It was a record breaking year for homes sold, and the average home appreciated by about 6%. Average home prices continue to increase at a moderate level. With steady growth, and price increases well below national averages the Cache Valley market is very healthy. Utah is presently the 5th fastest growing state and 65% of homes are affordable for Utah's median income.
Although interest rates have increased in recent months, buyers still benefit from historically low rates. The trend is shifting to a greater number of FHA loans. An ample supply of available homes for sale, and sellers motivation to sell in a a slower than normal winter month market is also a benefit to buyers. The average Cache Valley home normally sells in about 2 months, in December the average home sold in 90 days. These winter conditions do slightly favor buyers.
Presently there are 539 residential homes for sale in Cache County with a median sales price of $159,900 and an average sales price of $205,740. All higher than last month indicating that Cache Valley is growing and so is the cost of housing.
To search homes for yourself and to see what is on the market visit www.SearchLoganHomes.com.
ZIP Codes: 84318, 84319, 84321, 84341, 84328, 84335, 84332, 84339, 84333 Approximate Location Boundaries: Cache Valley Utah
Location Characteristics: Cache Valley Utah
About Cache County Real Estate - Alan Barker:
Cornerstone Real Estate Professionals is a group of top Northern Utah Real Estate Agents who focus on providing the best communication and technology to assist us in the real estate transaction. For more information visit: UtahCornerstone.com or Cache Valley Homes
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
