Lately you’ve probably read or heard some National real estate reports… some news bad, some good… National articles really like to stress negatives - ie… home sales down in December (never mind that December is rife with Holidays, visitors, bad weather, shopping etc… & should only be compared with other Decembers – not other months).
I want to discuss what’s happening – in Cache Valley Utah! Here are the local Real Estate figures: (I think you’ll be pleased)
Good news A) In 2013, 1119 single family homes were sold. That figure is up 11.5% from 2012, and up 25% from the 895 sold in 2011!
Good news B) Home values are steadily increasing. The sales price per square foot has gone up 4.5% since 2011 (up to an average $78 per foot), and though home values have not reached the 2007-2008 values, they have regained the latter 2009 values. Unfortunately this means if you purchased your home in 2007-2008 you still may not profit if you sell right now – unless you put in some classy upgrades, but just wait another year!
Good news C) The AVERAGE home sale price in 2013 was $185,000 – up 4.5% from 2012’s $177,000 and nearly 9% higher than the average $170,000 in 2011. The average home price is a reflection of interest rates, an improved economy and more buyer confidence. It’s great news for sellers with larger homes… just 3 years ago nearly half of the home sales in the valley were homes under $160,000. The climate is much improved now for selling larger, more expensive homes.
Good news D) In 2013 builders sold the most new homes since 2008! I won’t quote an exact figure – because the figures I’ve seen don’t all jive except to concur that 2013 was a banner year – the best in at least 5 years.
Good news E) There were fewer foreclosures/distressed sales and fewer pending short sales – all indicators of a return to Real Estate normalcy.
Although January local numbers were pretty lackluster…48 single family homes sold – right on par with January 2012 & January 2011, and the average price per foot was $82, this isn’t a cause for concern… The pending sales numbers- though not exceptional (81 under contract), are better– so February sales should be at least a little above average; but with the interest rates back down again (they decreased when the stock market took a dive last week) and home affordability still excellent, I foresee a very positive Real Estate year in Beautiful Cache Valley!