Home Sales Up Again. Future Looks Good

Home sales during September in Cache County were pretty impressive. September was the second best month of the year for total home sales. On an annual basis, they were up 32.18% compared with September of last year, as 87 residential homes sold. This marks the fourth straight month that year over year home sales are up.

October looks like it will also be a fairly strong month for home sales. There are 141 homes under contract right now, last year at this time there were just 99. At last months sales pace, we have just over 8 months of active inventory. This is slightly higher than a balanced market, but compared with what we have seen, this is something to be optimistic about.

The amount of real estate inventory is also down, and HOME PRICES ARE UP. That’s right the median and average list price of homes for sale in Cache County Utah is higher than it has been in months. The median list price rose $4,000 to $179,000, while the average list price increased from $218,135 to $223434. Sales prices last month were also up. The average sold price last month was $182,833 while the median sales price was $168,000. August of 2010 was the last time home prices were that high.

Things could change over the winter, but with the way things are looking, it appears as if the Logan Real Estate market has bottomed out and we are near recovery. Real estate inventory is declining, and with 30 year mortgage interest rates hovering around 4%, this could be the best time EVER for buying Cache Valley Real Estate.

via Logan Utah Real Estate Market Conditions: October 2011.

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