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.
Tags: april 2012
Yesterday, the division of real estate came and spoke to Realtors, Mortgage Lenders, and Appraisers in Cache Valley. They gave us an update of the Utah Real Estate market as well as the Utah Economy as a whole. In general, they had very many positive things to say, among them:
- Utah was ranked the number #1 state for business and careers.
- #1 for Economic Dynamism
- #1 Best Managed State
- Salt Lake City is in top 15 areas in the world for Business. There were only two cities in the US that met this criteria
- The Salt Lake and Provo Metro areas have seen substantial improvement.
- Building permits, prices and employment have all grown.
- The Total Inventory of Homes for Sale in Utah is down 24% compared with a year ago.
- Utah has 7 months of active inventory as a whole. That indicates a balanced market.
It’s a great time to buy real estate in Utah.
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.
via Logan Utah Real Estate Market Conditions: Decent Month For Cache County Real Estate.
Spring is Here in Cache Valley. The real estate market is picking up and the weather is actually nice on some days. It’s this time of year where we all remember why we love living in this great area.
Here are the articles published in Cornerstone Real Estate Professionals monthly newsletter.
These articles are nationally written, and may not exactly apply to Logan Real Estate, but hopefully you’ll find something useful.
- “What Can You Do To Get Your Home Sold?“;
- “Remodeling Improvements That Entice Buyers“;
- “Mortgage Interest Deduction“;
- “Should I Accept This Offer?“;
- “March Mortgage Interest Rates”;
- “First Time Buyers: Preparing To Move Forward“;
- “The Pre Inspection Inspection“:
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.
via Logan Utah Real Estate Market Conditions: Decent Month For Cache County Real Estate.
Tags: home sales
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.
via Logan Utah Real Estate Market Conditions: February Home Sales Much Improved.
Tags: april 2012
We the Locals Know that Logan Utah is a pretty great place to live. But it looks like people at Cornell University think so as well. Check out this article:
By definition, college towns are fun. Get a bunch of teens and twenty-somethings together in an environment free of parents, and you have a recipe for a good time.However, not all college towns are created equal. There are the obviously awesome ones, like Cambridge, Massachusetts home to Harvard and MIT and Manhattan, home to NYU, Columbia, Cooper Union, and several others, but the town doesn’t need to be in the middle of a major metropolis in order to offer students an unforgettable four years at school.
1. Logan, Utah — Home to Utah State University According to the university’s website, more than a third of the population in Logan is between the ages of 18 and 24, which means the town revolves around students. Many local stores and restaurants show their appreciation by offering student discounts and specials. The town has a bus system that runs almost entirely on natural gas and offers service to campus, grocery stores, hospitals, the downtown area and other locations. Logan is home to an ice center that was developed as a training facility for the 2002 Salt Lake City Winter Olympics, as well as a zoo, aquatic center, bowling alleys, rock climbing facility, movie theaters, recreation centers, spas, golf courses, a batting cage, a mall, and a nature center.
Logan is not just a great place to go to school, it’s a great place to live forever. Now if only we could do something about the long winters….
Just when we thought mortgage interest rates couldn’t get any lower, they did. It looks like the European debt crisis is having a positive effect on US mortgage rates. It’s interesting how that works.
Here are the results from last weeks Freddie Mac Survey:
- 30 Year Fixed: 3.87%
- 15 Year Fixed: 3.14%
- 5/1 ARM: 2.8%
Overall, it’s just a great time to buy Utah Real Estate. Experts are predicting that Salt Lake Real Estate will actually see some slight home appreciation this year. Low interest rates make housing very affordable, and offer a great opportunity for homeowners to really build wealth by paying their homes off. It’s a great time to lock in with a 15 year fixed mortgage.
via Utah Real Estate Mortgage Information » New Low Mortgage Rates: 3.87% 30 Year Fixed.
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.
via Logan Utah Real Estate Market Conditions: Rough Start for 2012 Logan Real Estate.
Tags: 2012
Here are the links to the articles in our February Newsletter:
- “How Does Your Home Compare to Others on the Market?“;
- “Housing at Forefront of Concerns With Presidential Election“;
- “Why Buy a Home Now?“;
- “Relying On Your Agent“;
- Homes and New Babies:
- “Top 10 Tips for Sellers“;
There is some good information. I particularly like the first article about comparing your home with other properties on the market. When it comes to selling real estate, this is one of the most important things to consider. To a potential buyer, it doesn’t matter what similar homes have sold for in the past. What matters is how your home compares in price and quality to the other houses that they could potentially buy.
Cornerstone Real Estate ‘s Real Estate Update.
Tags: Newsletter
