May was the strongest month for Cache County home sales in nearly a year. So far, Realtors have reported 94 residential home sales. This is up 24.47% from this time last month, and up 8.51% from May of last year.
While home sales went up substantially, the number of under contract homes slightly rose. Right now there are 167 pending home sales, up just two from a month ago. If this is an accurate indicator of future home sales, home sales numbers should be very similar this month. Based on the 94 homes sold last month, Cache County currently has 7.38 months of active inventory; a fairly healthy level. Real Estate inventory hasn’t been this low on a month/month level since the Tax Credit expiration in June of 2010. When you look at the actual number of home listings, right now we are even better off than we were in June of 2008 when the housing bubble peaked.
Not only was May the best month for Cache Valley real estate sales in the last eleven months, but it was also the second best month for home sales in the last 23. This is only the second time we have surpassed the 90 sales mark since June of 2010. If you don’t count the stimulus months, this is the second strongest month of home sales since October of 2008 when the market really started to dive.
To make things even more exciting, when I looked at mortgage interest rates this morning, the going rate for 30 year fixed mortgages was just 3.65%. Owning real estate in Cache County is incredibly affordable right now. It’s prime time to buy.