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.