If you’re one of the many Cache County real estate owners anxious for real estate values to finally rise again, you may be waiting for a few more years.
One of the key factors that causes real estate appreciation is the number of homes for sale in relation to the number of buyers. When supply (houses for sale) is down, home prices go up. When supply exceeds demand, prices fall.
The current 734 homes for sale in Cache County marks the highest inventory level we’ve seen since September of 2011. The good news is that the number of pending home sales (under contract properties) are also rising. The number of buyers are increasing at about the rate of inventory, meaning that until economic factors change, real estate values will remain steady.
For buyers looking for the perfect property, this is good news as home prices shouldn’t be seeing rapid appreciation any time soon. For owners who may not actually need to sell, it might be best to keep your home off the market for a few more years.
Right now there are 206 residential homes listed as “under contract.” This is the highest level we’ve seen in years, and bodes well for a strong summer of home sales.
The 94 homes sold in June were up slightly from June sales of 2012. Compared with May of this year, home sales were down nearly 13%.
The recent pricing trend for Cache count hoemes for sale is rising, however, last month these prices were down. During June the average sales price was $171,260 with a median at $152,350. The average list price is $239,660 with a median at $183,600.