After a fairly strong March, April home sales in Cache County were really pretty dismal. They were down 15% compared with last month, and 32% from April home sales of a year ago. Last year April home sales were higher than normal as result of the Home Buying Tax Credits.
The good news is that May home sales should be much improved. There are now 148 homes under contract. If 70% of these under contract homes close during May, that will represent more than 100 home sales.
Logan Real Estate inventory is also on the rise as home sales are slow and more people are listing their homes now that the weather is actually starting to get nice. There are currently 786 homes for sale in Cache County. This is 12 more listings than at this time a year ago, and eleven months of inventory at Aprils sales pace.
The list price of homes for sale in Cache Valley has remained stable over the last month, but the average sales price during April was abnormally low. The average sales price in April was just $160,756, while the median sales price was just $144,025. Right now the average list price of Cache County Homes is $218,844. Home prices aren’t expected to rise anytime soon, as long as the amount of real estate inventory remains this high.
via Logan Utah Real Estate Market Conditions: Home Sales Way Down, But Future Should Be Better.…