Cache County Real Estate Inventory At 5 Year Low

If you’ve been looking for real estate in Cache County, and haven’t been able to find that perfect home, you’re not alone. Real estate inventory in the Logan area is the lowest it’s been since January of 2008. December home sales were up nearly 7% compared with a year ago.

Right now there are 502 residential homes for sale in Cache County, Utah. During August of 2010, there were 906 residential homes listed on the MLS. The current inventory is down 45% from the peak.

What does this mean? It means the real estate market is shifting towards that of a “sellers market”. When there is limited inventory (right now), multiple buyers compete for the same properties — giving the negotiating advantage to sellers. During sellers markets, home prices rise.

If you’re looking to buy, don’t panic, but get serious. Home prices always lag behind sales, and most people don’t want to go house hunting during bitter cold Cache Valley winters. Right now real estate prices are still very low. In fact, during December the median home sales price of $148,500, was one of the lowest we’ve seen in the last five years.

The other good thing is that mortgage interest rates are still at all time low levels. Thirty year fixed mortgage rates can be obtained for less than 3.5%, and 15 year fixed mortgages are available for less than 3%.

via Logan Utah Real Estate Market Conditions: Cache County Real Estate Inventory At 5 Year Low.

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