I was comparing 2008 4th quarter sales to the 4th quarter sales in 2007 in Cache County, Utah. I was surprised to see that the Average Sale Price only dropped 1.16%. I thought it would have been a larger drop then that.
I think we will continue to see the average price drop at about the same rate going into the 1st and 2nd quarters of 2009. There were 20.8% fewer homes sold and the days on the market were 48% higher, 60 days in '07 to 89 days in ‘08.
The good news is that the number of new homes coming up for sale is also down. I think by the end of the 2nd quarter we should have a better balance between buyers and sellers and home prices will stabilize. We might even see a slight increase in prices by the end of 2009.
If you are thinking of buying a home in the Logan, Utah area this year, I think you will get the best deal if you buy before April or May.
I would be happy to show you the homes for sale in Cache Valley and help you get the best deal possible.
Johnnie Rosser
RE/MAX Excel
Comments(0)