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Logan/Cache Valley Real Estate News

So How’s the Cache Valley Real Estate Market?

Winter Dec2010Lately 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!

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