January is typically the slowest month of the year for home sales in cold Cache Valley. It’s following the holiday season, when people don’t spend a lot of time house hunting. And lets face it, it’s not very motivating to shop for real estate on cold dark winter days. Nevertheless, home sales during January have started off well.
Sixty seven MLS listed homes sold during January, an increase of nearly 42% from January of 2012. This is the best January of home sales since the stimulus inflated sales of 2008.
With the new year, more people have decided to put their homes on the market. For the first time since July, the number of active real estate listings has actually increased, Right now there are 522 residential homes in Cache County listed on the MLS, up twenty from this time a month ago. This is 54 less homes for sale than January of last year.
Home prices appear to be increasing. We’ve had four straight months, and ten of the last twelve, where year over year sales prices have been up. Depending on what happens with overall inventory, new construction, and purchase demand, we could see a significant impact in real estate appreciation in 2013.
The national economy appears to be improving, and while mortgage interest rates should stay very low for a while, they do seem to be on the rise. 30 year fixed loans can still be obtained for less than 4%, and 15 year fixed are still hovering below 3%.
If you can find the home you’re looking for, it’s still a great time to buy. Spring is typically the hot time of the year for new listings, so check the market regularly to see what new home listings matching your criteria are listed. If you would like to receive email updates from RealEstateLogan.com of any new listings that hit the market, sign up in the sidebar on the right.