Logan Real Estate Market Heating Up

Cache County Home Sales broke the century mark in May for the first time this year. If you don’t count the artificially stimulated May sales of 2010, this is also the first time more than a hundred homes have sold during May since 2008.

The 108 residential home sales represent a 32.4% increase from April, and a 13% increase from May of 2012.

All around the country we are seeing the housing market boom. The Salt Lake area is seeing ultra low inventory and double digit price appreciation. Fortunately, Cache Valley has not yet seen the extreme housing shifts being felt along the Wasatch Front. Compared with one year ago, the median price of homes sold during May is up 5.5%. The average sales price is down by almost 2%. So far, real estate values have remained very stable.

One thing preventing rapid price appreciation despite the increase in sales is that real estate inventory in Cache County is also increasing. The supply of newly listed homes for sale is helping to meet the increase in demand. Right now there are 691 residential listings found on the MLS. This is an 6.5% increase from a month ago, and puts us at about the same level we saw in June of last year. While mortgage interest rates are still incredibly low, we are starting to see a slight rise in rates which is motivating many potential buyers to begin the house hunting process.

via Logan Utah Real Estate Market Conditions: Home Sales Heating Up!.