The Logan Utah real estate market was the only market in Utah to have appreciating home values in the first quarter of 2009. According to an article written by The Salt Lake Tribune, Logan, UT had a home value appreciation of +0.9%, which was ranked 57th in the nation. The state of Utah, however, was ranked 45th in the nation. Utah seen a drop in home values by -9.25%, with St. George having the largest depreciation at -13.1%.
In contrast, Northern Utah homes, compared to Southern Utah homes, are on opposite sides of the spectrum. Logan, UT homes aren't being affected as mush as the rest of the state. According to the article:
"Only Alaska, Oklahoma, North Dakota and South Dakota saw increases in home prices -- and among them, only Alaska had a gain of more than 1 percent." - Salt Lake Tribune
Although 0.9% isn't what we want to see, it's still one of the better real estate markets in the country. The Logan Utah homes market, being the only market with appreciating home values in the state, is holding strong.
Will homes in Logan, Utah be on the same path next quarter? I actually think, in my professional opinion, the way the market is seeing more activity so far this quarter, we will have a slight increase in appreciation in home values. During the months of April and May, the Logan Utah real estate market has been very active.
If we compare the first 3 months of 2009, to April and May's homes sold. In the first quarter there were 61 homes sold, and so far, up to May 28th, we have already had 57 homes in Logan, UT sold. We are in the middle of the selling season, and home sells are picking up. I don't know where the market is heading, but the numbers indicate this quarter is seeing a lot more activity.
I still wouldn't want to sell my Logan, UT home in this market, but if you need to sell, fortunately for you, our real estate market is still appreciating in value. I am not going to sugar coat it, selling your home in a market like this takes patience, and you may take a loss. Unfortunately, that is just the way it is, and it can be a stressful process. If you have any questions about the Logan Utah real estate market, feel free to contact me, and I will be happy to provide you with a free consultation.
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