Cache Valley Real Estate is selling at a slower pace than it has the past couple of years. Home sales are down by about 15% compared to last year at this point. There is also more inventory and selection than there has been in a while. However home prices continue to remain stable and the average sales price in Cache Valley is hovering around $200,000. ---------------------------------------------------------------------------------------- Although home sales are down in much of Utah for the first month of 2008, They are up in one of Utah's most affordable areas, Cache Valley. This is especially impressive as you consider Utah's especially harsh and snow filled January. Home sales were actually up almost 10% over the 2007 amount of sold single family homes, and marks the most MLS houses sold ever in the month of January in Cache County. The average single family sold price was $190,493, 98% of the list price and at an average square footage of 2,193.
The Cache Valley 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 Valley 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 Logan Utah 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) for sale in Cache Valley 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, especially if you're looking for a newer home on the higher end.
For the first quarter of 2007, Cache Valley Home Prices are up almost 11%. The average price of a single family home sold in Cache Valley Utah 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.
Interest rates are still at unexpected lows, and home prices will likely continue to increase at this pace throughout the summer.
Real Estate in Cache Valley is continuing to go up in value at a moderate rate. Through the first 2 months of 2007, home sales have been on an almost identical sales pace as they were in 2006. With interest rates surprisingly low, and looking to perhaps drop even lower, expect home sales, and appreciation to exceed 2006 numbers.
2006 was a record year for home sales in Cache Valley. Home Sales increased 10% for single family homes, and 35% for condo sales. In addition to increased volume, the cost of the average single family home increased 9% from $165,585 in 2005 to an average sales price of $182,190 in 2006. In 2007, Home prices will continue to increase in Cache Valley because: 1. Real Estate is Cheaper than Surrounding Areas.
Cache Valley had great appreciation in 2006, but compared to the rest of the state, it only appreciated half as much. The average single family home in Cache County is about 30% less than the average home in Salt Lake or Utah Counties. 2. Less Inventory.
There are presently more than a hundred fewer Cache County homes on the market (404) than there were at the same point in 2006. Less inventory could lead way for a slight sellers market. Seller markets always increase the price of real estate. 3. Interest Rates Remain Low.
Forecasts predict interest rates will average around 6.5% for 2007. The rates should fluctuate from 6 to 6.8% on primary 30 year fixed products. These interest rates will be very comparable to 2006 interest rates. They should not jump at a rapid pace and therefore should not deter buyers. 4. Increased Building Costs
Builders I talk to continually complain about increased building costs. From more difficult permit processes to increased cost of concrete, the cost to build is becoming more expensive. More expensive new homes, will increase demand on existing homes.
No Real Estate Slow Down in Cache Valley. Through the first 10 months of 2006 Home sales are up 15% from 983 sales to 1145. 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.
August Real Estate market the second hottest month for homes sold in Cache County History. 159 residential homes were sold at an average price of $178,089. Prices continue to creep up, but there is an ample supply of available homes for sale and plenty of new construction that keep us from having a sellers market.
Real Estate in Cache Valley Reached an all time peak for July. 150 Homes were sold in Cache County. The most ever sold. In addition Cache Valley Real Estate appreciatated at almost 9% during the second quarter of 2006. The market is heating up and its a great time to own Cache Valley Real Estate.
June marked the second most homes ever sold in Cache Valley (129 homes sold in). It also had a record average sold price of $178,707. The average home sold was on the market for 61 days, and was 98% the listed price. Almost half of homes sold sold within the first month. The number of homes on market has also decreased to 541. There is still ample inventory, and we don't have a sellers market here, but despite increased interest rates home prices continue to creep up, and affordibilty goes down for Cache Valley Real Estate ---
Hot May Sales keeps Cache Valley 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 for Cache Valley Real Estate, 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 Valley Utah. 99 homes were sold at an average sales price of $175,908. The second highest sales average in Cache Valley 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.
Year to date, 2006 has still been better year for home sales in Cache Valley than any other year in history despite increased interest rates. Presently, 337 homes have sold vs. 323 last year. Nationally, 2006 is only predicted to be the third best home sales year on record.
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 real estate market conditions of the first two months of 2006 had less homes sold than the same months in 2004, and had more homes listed. Presently, there are 571 residential homes for sale in Cache Valley, slightly less than last month.
March was a strong month for Real Estate in Cache Valley. 105 Homes were sold, the most ever for a March in Cache Valley. 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. 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.
To view houses for sale on the market visit www.SearchLoganHomes.com
Approximate Location Boundaries: Cache Valley Utah
Location Characteristics: The small towns comprising the Cache Valley of Northern Utah and Franklin County Idaho.
About Alan Barker - Cache Valley Real Estate:
I specialize in working with buyers with residential and investment properties in Cache Valley. I focus on providing the best communication and technology to assist us in the real estate transaction. I focus on serving my clients, and on being available whenever needed. I am a licensed real estate agent in both Utah and Idaho. To find out more about me visit my website www.AlanSharpBarker.com.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
