Actually….Real Estate hasn’t been nearly as stormy as the Weather! – It’s a dramatic headline (you know that’s expected) for not-so-dramatic information.
In Cache Valley, the 1st quarter Real Estate sales numbers were a little disappointing…they did in fact fall short of the 2013 1st quarter sales, but April sales saw an increase of 22% over April 2013! We had 96 single family homes sell in April – up from 75 last year.
A bit more upsetting was the lack of improvement in home values…. In April the median price per foot was $76.61, lower than the previous 4 months’ values and still 8% lower than our home value high in 2007 which was $84-$85 per foot. Especially notable was the list price to sales price in certain price ranges – particularly in the $150,000 – $200,000 price range. There have been more homes on the market in that price range – thus more competition and lower prices…good for buyers, but a hard pill to swallow for sellers.
Thus far in May though things are looking pretty sunny! Thirty homes have sold and the median price per foot has been $80.00! Standing inventory is much lower than normal for this time of year – meaning homes that come on the market (if priced right and in good condition) are selling quickly. The inventory is only 8.9 months (low) and median “days on market” (average time it takes to sell) is only 59 days! It appears the homes in the $150,000 – $200,000 price range do have the most competition and may not appreciate as quickly – but things can change in a short time… There are currently 188 homes in Cache Valley under contract – indicating very strong sales for the rest of May and June. The home building market is also showing great promise this year.
Buyers, if you’re able to purchase – let’s get you on the hunt… Home affordability is still excellent – home prices are still good, but they will go higher, and interest rates are fantastic – around 4.5%.
Sellers, it’s getting better all the time… if you want to move up, act soon. If your home is clean, repaired, well-priced and marketed – it will sell quickly.
If you need a market analysis/home evaluation to determine your home’s value, feel free to give me a call. 435-770-9407