Though I evaluate local sales statistics (pertaining just to Cache Valley) weekly, I’ve been neglectful in giving timely updates on the state of the market this year. Several past clients have recently chided me – promoting this article…
The market here is doing well…Not winning any races, but on a steady, upward climb. The number of residential homes sold year to date is very slightly less than last year, but home values have increased by nearly 4% over last year and are nearing 2009 prices with a median price per foot of $79.
The median home sale price rose clear up to $175,000 the 2nd quarter of this year! In 2011 the 2nd quarter median home sale price was just $155,000. This figure does not reflect actual home value (ie… price per foot), but does show that larger, more expensive homes are selling again – see the breakdown below. Year to date there have been 57 home sales above $350,000 – compared to some markets that’s certainly not impressive, but compared to 2010 & 2011 when sales above $350,000 were in the single digits – its great news for people desiring to sell a larger home.
Cache Valley Home Sale Price Breakdown 2014
Sales Price Under $150,000 (36% of total sales), Sales Price $150,000 – $200,000 (31%), Sales Price $200,000 – $250,000 (17%), Sales Price $250,000 – $300,000 (8%), Sales Price $300,000-$350,000 (4%), Sales price over $350,000 (5%).
The fact that both home values & median homes sales prices are rising is even more positive when you consider the number of new homes being built. I haven’t had the opportunity to see new home permit stats for the year, but I know through personal interaction with many builders here that they are having a stellar year. The market is truly improving when both new-builds and existing home sales are thriving. Land sales have also been hot… exact numbers are hard to determine because sales in developments are often not reflected on the MLS, but in the past two years parcel sales of the lots listed on the MLS have been very good.
BUYERS: The market is getting better, but home affordability is still extremely strong – In Cache Valley you still get a lot of home for the money, the interest rates are below 4% for a 30 year fixed with good credit, and the inventory is great!
Please call me if you want any further information on the market, need an evaluation on your home, are ready to purchase or have any other Real Estate needs. Terri Sizemore 435-770-9407