Logan Utah Real Estate

Cache Valley Homes in 2008 took a little bit longer to sell than they did in 2007. This year the average home that sold was on the market for 71 days compared with 45 days last year. Less homes sold in the first month on the market this year, and a greater percentage of homes were on the market for for more than 121 days. The pie charts below show the comparison of the number of days on market in 2007 and 2008.

 

One interesting note is that there were actually more total listings in '08 (2217) than '07 (2171). That just means that there were more unsold homes this year than last.

 

Another interesting thing is that the current active listings have already been for sale for an average of 125 days. Many of these homes have been on the market for more than a year. Nearly half the listings for sale have already been on the market for more than four months. Some of thes listings will be on the market for much longer as they are in price ranges that just don't have the buyers. The numbers for the active listing days on market also appears much more out of line because of the season. There are just plain less homes listed during the winter months in Cache Valley.

To search all active Cache Valley MLS listings visit www.UtahCornerstone.com

 

Even with the demand for rentals in Cache County, Multi Family Homes, Duplexes, Triplexes, and Fourplex Sales went down in 2008 compared with 2007. One reason may be that obtaining financing for non owner occupied properties became substantially more difficult. 42 Multi Family properties in Cache County sold in 2008. Down 19% from 2007. Home prices of duplexes actually increased while prices of fourplexes declined.

There is currently more inventory (45 multi family properties) for sale in Cache County than sold all of last year, giving multi family properties 12.86 months of active inventory. Here is the break down of these numbers.

To search Cache Valley Multi Family properties for sale visit www.UtahCornerstone.com

One of the biggest shifts with the real estate market in Cache County has been with land. 2008 land sales were almost half of what they were in 2007. Surprisingly, sales prices have remained fairly stable, but the active inventory of land is far greater than the number of land sold. When compared with 2008 land sales numbers, Cache County currently has more than 52 months of inventory. These stats might even be an underestimate as in most developments, not all lots for sale are listed on the MLS. Subdivisions usually only list a few lots at a time when there might be hundreds of available lots for sale. In the higher acreages, the numbers mean very little as the comparison of the different parcels of land can be entirely different. One thing for certain is that it is a BUYERS MARKET for land in Cache County, and there is a surplus of lots for sale in all price ranges.

Here is a chart showint the comparison of land for sale in Cache Valley for different lot sizes, and the sales results for the past two years.

 

To Search Cache County MLS Land Listings visit: www.LandinCacheValley.com

2008 is nearly over. The Cache Valley Real Estate Market has shifted, but homes are still being bought and sold. These numbers are not official but they're probably pretty accurate. Overall, single family home sales in Cache County were down by about 18% compared to 2007, and the average price was down by 3.8%.

Here is a chart showing the comparison of Cache Valley Homes sold in 2007, 2008 (thus far), and active Cache Valley Home Listings. It also shows how different price ranges are selling, and the months of inventory for each price range. This data can help Cache Valley Sellers to realize the state of the market we're in, which price ranges are steadily selling, and which are struggling the most.

The $180,000 to $220,000 price range actually had an increase of sales this year. The Logan Real Estate market is considered "balanced" between  $140,000 and $220,000, where there is currently six months worth of active inventory.

Surprisingly, the below $100,000 market has been very slow this year. This market segment has 18 months of active inventory, and sales were down by 46%. This could be in large part because the demand for fixer uppers and investment properties has gone down substantially with more difficult financing guidelines. It is a buyers market for anything priced above $220,000, and a heavy buyers market for listings priced above $350,000. There weren't any single family homes sold in Cache County priced above $750,000 even though there are currently 21 on the market.

These numbers are NOT official. The also only represent properties sold by Realtors and don't reflect homes for sale by owner in Cache Valley.