Cache Valley Homes in 2008 took a little bit longer to sell than they did in 2007. This year the average home that sold was on the market for 71 days compared with 45 days last year. Less homes sold in the first month on the market this year, and a greater percentage of homes were on the market for for more than 121 days. The pie charts below show the comparison of the number of days on market in 2007 and 2008.
One interesting note is that there were actually more total listings in '08 (2217) than '07 (2171). That just means that there were more unsold homes this year than last.
Another interesting thing is that the current active listings have already been for sale for an average of 125 days. Many of these homes have been on the market for more than a year. Nearly half the listings for sale have already been on the market for more than four months. Some of thes listings will be on the market for much longer as they are in price ranges that just don't have the buyers. The numbers for the active listing days on market also appears much more out of line because of the season. There are just plain less homes listed during the winter months in Cache Valley.
Even with the demand for rentals in Cache County, Multi Family Homes, Duplexes, Triplexes, and Fourplex Sales went down in 2008 compared with 2007. One reason may be that obtaining financing for non owner occupied properties became substantially more difficult. 42 Multi Family properties in Cache County sold in 2008. Down 19% from 2007. Home prices of duplexes actually increased while prices of fourplexes declined.
There is currently more inventory (45 multi family properties) for sale in Cache County than sold all of last year, giving multi family properties 12.86 months of active inventory. Here is the break down of these numbers.
One of the biggest shifts with the real estate market in Cache County has been with land. 2008 land sales were almost half of what they were in 2007. Surprisingly, sales prices have remained fairly stable, but the active inventory of land is far greater than the number of land sold. When compared with 2008 land sales numbers, Cache County currently has more than 52 months of inventory. These stats might even be an underestimate as in most developments, not all lots for sale are listed on the MLS. Subdivisions usually only list a few lots at a time when there might be hundreds of available lots for sale. In the higher acreages, the numbers mean very little as the comparison of the different parcels of land can be entirely different. One thing for certain is that it is a BUYERS MARKET for land in Cache County, and there is a surplus of lots for sale in all price ranges.
Here is a chart showint the comparison of land for sale in Cache Valley for different lot sizes, and the sales results for the past two years.
2008 is nearly over. The Cache Valley Real Estate Market has shifted, but homes are still being bought and sold. These numbers are not official but they're probably pretty accurate. Overall, single family home sales in Cache County were down by about 18% compared to 2007, and the average price was down by 3.8%.
Here is a chart showing the comparison of Cache Valley Homes sold in 2007, 2008 (thus far), and active Cache Valley Home Listings. It also shows how different price ranges are selling, and the months of inventory for each price range. This data can help Cache Valley Sellers to realize the state of the market we're in, which price ranges are steadily selling, and which are struggling the most.
The $180,000 to $220,000 price range actually had an increase of sales this year. The Logan Real Estate market is considered "balanced" between $140,000 and $220,000, where there is currently six months worth of active inventory.
Surprisingly, the below $100,000 market has been very slow this year. This market segment has 18 months of active inventory, and sales were down by 46%. This could be in large part because the demand for fixer uppers and investment properties has gone down substantially with more difficult financing guidelines. It is a buyers market for anything priced above $220,000, and a heavy buyers market for listings priced above $350,000. There weren't any single family homes sold in Cache County priced above $750,000 even though there are currently 21 on the market.
I hope everyone had a great Christmas break and are getting excited for the new year. I've had some great luck the past couple of days....I like to look at it as seeing results for my hard work :) I put two homes for sale in Logan Utah under contract the day after Christmas!
One is a Yorkshire Townhome I have listed at $115,250 and the second is a beautiful home in the Cliffside area of Logan. Both home buyers are getting great rates for their loans and the sellers are excited to get their homes off of the market!
If you still aren't convinced that it is a GREAT time to buy consider this:
With the low interest rates prices have just gone substantially down. Consider this a "year end close out sale" on real estate.
Interest rates are at rock bottom right now, you can purchase a $250,000 house for the same monthly payment you would have on a $200,000 house just a few months ago.
At 6.5% interest, (a historically low rate for mortgage loans) the Principal and Interest payment on a 30 year fixed loan with 20% down would be $1011 a month on for a $200,000 house.
At 4.5% interest, the PI payment on a $250,000 home would be $1013 a month with 20% down.
Now in this example the property taxes and insurance would likely be down, and the down payment on the $250,000 house would be an additional $10,000, but the point is that home prices are incredibly affordable for those who qualify for loans. Also consider that Homes in Cache Valley in the $250,0000 plus range have dropped in value considerably over the past year. For the payment of $200,000, house you can buy what would have been a $300,000 house (and what will be again in a year or two) a year ago.
Merry Christmas Logan Utah! It's the middle of a huge blizzard and I wanted to take a few minutes to share some thoughts on the Logan Utah Real Estate Market and Homes for sale in Cache County. It's been a little slower year in 2008 but with interest rates at an all time low it's shaping up to be a great 2009.
Real Estate Investors should be ready to jump on some great deals with excess inventory on the market and low rates. Their are still great first time home buyer programs available as well as the typical convential and FHA programs.
The average American has their home as their biggest investment. There are a lot of factors which determine a home's value including condition, location, size etc. Here is a list of smaller remodeling projects that home buyers find value in when searching for a home.
Change/Update Fixtures: New faucets, light fixtures, hardware etc., all give your home a modern and updated feel.
Refinish Or Install New Kitchen Cabinets: Simply putting new hardware and a fresh coat of paint can do wonders.
Install New Doors: Makes a huge difference in the feel of a room.
Add a Bedroom: Not always possible but if there is extra square footage, 3-4 bedroom homes almost always sell faster than 2 bedroom homes.
New Shower: A great way to bring your bathroom up to date.
Re-Grout Tile: New grout brings out the best in tile!
New Windows: One of the first things buyers look at...also lowers your energy bill.
Entryway: Paint the front door, add a new handle....great first impression.
Deck: Can transform a backyard...a great use of entertainment space.
There are many more things you can do to increase home value. One key is to try to keep pace with your neighborhood. You don't want to be the most expensive home...but you don't want to be the 'cheapest' either.
If you're in the market for Real Estate in Logan Utah please visit my website at Logan Utah Real Estate
Mortgage rates have been quoted today at 4.75%......who would have thought that we would see this EVER! A lender friend of mine today told me that they are swamped with clients coming in to refinance. My question is this: When are all the buyers going to realize that it is a great time to purchase Real Estate in Logan Utah? Buyers who can qualify need to get off the fence and take advantage of the low rates and motivated sellers. What are they waiting for?
There are numerous homes for sale in Logan Utah which means there is a huge OPPORTUNITY to invest in Real Estate! Even if homes remain at the same prices and are slow to appreciate for a little while....rates aren't guaranteed to stay this low.
Selling Real Estate with Cornerstone Professionals
Cornerstone Real Estate Professionals have the home selling solutions you are looking for. Cornerstone agents are the best in Cache Valley. They have extensive knowledge of the real estate market, housing trends, and marketing knowledge to give you the information you need to sell your house for maximum profits in the timeliest manner. Here is just one of the many advantages of Listing Your Home with Cornerstone Real Estate Professionals:
Marketing
• The Most Comprehensive Internet Marketing in Cache Valley- The Cornerstone Real Estate websites get more traffic and have the best exposure of any Real Estate Websites in Cache Valley. In addition your listing will be submitted to over 50 different high traffic national Real Estate Websites including Zillow.com, Trulia.com, Craigslist, KSL Classifieds and more.
• Professional Yard Signs - An attractive, high quality yard sign helps create a good impression of a quality attractive home for sale.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Logan Utah Real Estate (Kaleb Kunz - Cornerstone Real Estate Professionals)
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Logan Utah Real Estate
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