As I was calculating November home sales numbers I thought that I had an error in my formula as it was showing a 0% increase in both year over year and month over month home sales. It turns out the formula was right, Cache County had exactly 78 home sales in November, 78 home sales in October, and 78 home sales in November of 2012.
The notable difference between now and one month ago is the large decrease in homes for sale. Right now Cache County has 641 residential homes listed on the MLS. At this time last month, there were nearly 700. The drop in active listings isn’t because more homes are selling, but is a seasonal trend. During the Holidays and Cold weather, people just aren’t as motivated to try and sell and so often take their homes off the market. Many of these homes will likely be listed again next spring. Last year at this time there were actually only 545 residential listings, 15% less than what we have right now.
Real Estate values appear to be down slightly. During November the average price of homes sold was $168,899 with a medium of $151,750. In November of 2012 the average sales price was 180,960 with a median at $169,450.