North Logan Utah Real Estate Market Snapshot
These are the most recent North Logan Utah real estate statistics as of April 15th, 2010. The numbers compiled here represent just single family homes.
North Logan Utah Active Listings: 61
North Logan Homes Under Contract: 7
Sold Last 30 Days March 14 - April 14, 2010: 9
Average Price Per SQFT March: $68.01
North Logan Homes Sold Last 180 Days: 22
North Logan Homes Sold Last 365 Days: 56
Sold Price Compared To List Price March: 89%
Average Days On Market March: 88
The North Logan real estate market is showing some great signs of increased activity as we are heading into the spring and summer selling seasons. Just like most areas in Cache Valley, North Logan will see increases activity throughout the warmer months. As we can see from the graph above, the average price of sold homes has gone below $200,000 which hasn't been the case since mid 2007. This is an indicator that the first time home buyers are where the most activity is coming from. With the first time home buyer tax credit expiring April 30th, it will be interesting to see if the average sales price will jump above the $200,000 levels again.
An interesting number to consider; out of the 9 homes sold in the last 30 days, only 2 of them were over $200,000. Out of the 7 North Logan Utah homes for sale under contract, only 1 of them is over $200,000. There are two completely different market places right now. There is the mild sellers market of homes priced below $200,000 while homes priced over $200,000 is a strong buyers market. The reason there are two different market places is because of government programs which are targeted at first time home buyers and the difficulty of getting a loan for higher priced homes.
As we move into the recovery over the next year, you could probably expect to see a slump in home sales after these government programs begin to fade away. The good news is, once we get government intervention out of the market, the market can start to correct itself naturally, which is the only way the market is going to sustain a recovery. There may be another slump in home sales, and possibly declining home values over the next year, but it's the only way to get back to a natural market. If you have any more questions about the North Logan UT real estate market or Cache Valley real estate, please feel free to contact us at 435-213-9335 or email Lisa@LisaUdy.com.