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.