I’ve been neglectful in reporting on the Cache Valley Real Estate market…. That neglect is purely due to lack of time (or poor time management), not because of mediocre movement or a lack of positive news.
The local Cache Valley market is GOOD! The number of homes sold this year through May (496) is 19% higher than Jan-May of last year, and the average sale price has increased to $189,483 with an average price per foot exceeding $80. The price per foot averages are almost back to 2009 prices (great news for sellers!) with foreclosure and short sales decreasing nearly to pre market-crash frequency.
The number of residential homes for sale has not exceeded 540 at any time in 2015 (very low – especially for the summer months). This is not indicative of a housing shortage, but a very strong/balanced supply and demand. Well maintained, well priced homes are selling quickly – with an overall county average days on market at just 118 days, and in the past 2 months, 37% of homes listed went under contract in less than a month!! There are still plenty of homes for buyers to choose from, but buying decisions need to be made fairly quickly to avoid missing out on the right home.
Homes in all price ranges have been selling well, however homes priced over $500,000 – because of a higher-than-normal inventory and a smaller buyer pool-typically have a longer “days on market”.
If you’ve been contemplating up-sizing or downsizing, the timing may be right. Interest rates are still low (hovering in the low 4% ranges) making home buying very affordable. Lending guidelines are tight, but not unreasonable.
If you want to know the value of your home, please feel free to call me for a comparative market analysis, and I am always ready-willing to help with any Real Estate needs! (I am now with Youngblood Real Estate, but still have the same phone & email… 435-770-9407 firstname.lastname@example.org)