Real Estate Today

Real Estate in Logan Utah was not doing so good during January compared to months previous. During January only 16 homes were sold, whereas, there were 25 homes sold the previous month. Although home sales went down since December, they were about the same as January of last year. Not only have homes sales dropped in Logan but so has the Average Sales Price of the homes being sold. This January the Average Sales Price was around $125,228 which is down from December when it was $130,716.

 In Logan the amount of homes sold during January was around the same amount as last year but as for the Average Sales Price, that wasn’t the case. Last January the Average Sales Price was $172,173. That is around $57,000 more than January of this year. Other cities in Cache County are experiencing  the same decline in home sales. In Providence, Smithfield and Hyrum the number of homes sales is pretty much always in the single digits anyways but there has still been some decline in their home sales. In Providence, homes sales were barely down from December’s home sales but before December home sales were higher with 7 and 9 home sales rather than only having 3 and 4 home sales like December and January did. But unlike Logan, Providence’s Average Sale Price is up more than $4,500 from last January, not down. In Smithfield and Hyrum, homes sales went down as well. Although both cities already have low home sale numbers anyways, January wasn’t any better. Smithfield went from 11 homes sold during December to 6 homes sold during January. Hyrum went from 5 homes sold during December to 0 homes sold the entire month of January.

Information Thanks to the wonderful Alan Barker!

Here is an update on what is going on in Cache Valley under the $160,000 range. And you really can find some great homes for under $160,000. You just have to be on top of new homes coming on the market because the good one go fast!

Real Estate in Cache County is pretty healthy for homes priced less than $160,000. This price is the median point for home sales, meaning that half of the homes that sold were $160,000 or less. The interesting thing is that of the current active home listings, only 1/3rd are priced below $160,000. This essentially means that if you are buying a home in the higher price ranges, you have twice as much inventory to choose from, including more short sale properties.

Compared with the homes that sold last year, there is less than 7 months of active inventory for listings priced less than $160,000. Cache County Homes priced between $160,000 and $180,000 see 7.36 months of inventory, and homes priced above $180,000 have more than 10 months of inventory.

As you can see, homes priced above $500,000 are having a very difficult time selling. Last year just eight of these high end homes sold. There are currently 44 homes priced above half a million on the market. On average these homes have already been on the market for 310 days.

To Qualify:

1. Buy or enter into a binding contract to buy a principal residence on or before April 30, 2010 and close on the home by June 30, 2010.

2. If purchased in 2010 you can file for the credit on your 2009 or 2010 return.

3. “Long Time Homeowners” who buy a replacement residence may claim a credit of up to $6,500. They must have lived in the same principal residence for any 5 consecutive year period during the eight year period that ended on the date the replacement home is purchased.

4.  “First Time Homebuyer” is a taxpayer who has not owned and occupied another main home at any time during the three years beginning on the date of purchase.

Hopefully that will help straighten out the main concerns. Please ask if you need more details.

This is some information for Alan Barker who is our very own in house market stat coordinator. I thought his finding were interesting and good for current sellers to understand.

Within the last two weeks, the number of homes on the market in Logan, Utah has risen by nearly 5%. Exactly one week ago, Cache County had 687 residential real estate listings. Right now there are 720.

Last year we did hit inventory levels this high until around March, when the Spring listing season typically hits. March and April are typically big months for listing homes for sale.

Some of the increase in inventory can be attributed to the $6,500 move up tax credit. People want to sell by April so they can get the government money when they buy their new homes. However, this sharp spike in the number of homes for sale in Logan is alarming. Home prices will continue to decline as long as there are more homes on the market than there are buyers. At last years pace of home sales, we have more than 9 months of Cache County real estate inventory right now.

via Logan Utah Real Estate Market Conditions, Statistics, and Information: Number of Homes for Sale in Logan Rising Quickly.