Logan/Cache Valley Real Estate update May 2017

Commerce is all about supply and demand.  Here in Cache Valley, the demand for homes continues to exceed the supply – especially the supply of affordable homes.  Today there are 253 homes active on the market (listed on the MLS).  That’s 27.5% less than the 349 on the market exactly 1 year ago…. and we thought the home inventory was low then!

Although the inventory is much lower than it has been in the past 17 years (yes, the last time active listings were this low was pre- 1999), home sales for the first quarter of 2017  (259 sales) were still higher than the first quarter sales of 2009 through 2015!  (First quarter sales in 2016 were 12% higher at 290).  There were more sales in April this year (119) than any other April since the big boom in 2007 – illustrating just how quickly homes are selling.  The average days on market is just 64, and for the lower priced homes (under $150,000) it’s just 37 days.  

The increased demand for homes has continued to drive home prices upward.  In April the average price per foot increased to $97, and the average sold home price was $220,000 ( In April, 2010 the average sold price was $172,000).  There have been appraisal problems arising with the rapid appreciation rates.  Homes still need to appraise so the values must be substantiated – this will keep rising home prices in check.

Mortgage interest rates, while expected to increase, have really remained stable so far this year and are still hovering around a very affordable 4%.  Now is the perfect time to sell a smaller home and move up.  Of the 253 homes listed, 108 of them (43%) are priced above $300,000.  Homes priced under $225,000 are going like hot cakes.

Newly built homes are adding to the home inventory, and I expect the number of homes active on the market to increase – stabilizing prices…While I don’t have firm statistics on the number of homes built in the Valley in the past year, it’s not hard to see builders are working at a frenzied pace to keep up with demand.

As I look back through old stats and reflect on the real estate market the past 8 years, … it’s a great thing to see seller’s once again realizing profits through home appreciation, and in Cache Valley home affordability is still excellent compared to most of the US.  This is a desirable and beautiful place to live.

Please feel free to ask for help in determining the value in your home if you’re contemplating selling, or help in looking for a home if you think it’s time to purchase.

Enjoy the warmth to come!

Terri Sizemore 435-770-9407

 

 

 

 

 

Status of the Logan/Cache Valley Real Estate Market

Yet another Year has flashed by, and our local Real Estate Market was a real “rip snorter”!                         img_0892

In 2016, home sales were up 10.7% over 2015 (1607 homes sold in Cache Valley), and sold prices were up 9.6%!!  The average sold price per foot in 2016 was $92 and the last 6 months it averaged $95 per foot.  Our previous market high (late 2007) was an average price per foot of $88.  Please keep in mind, these average prices include new homes, single level, 2 story etc… It’s important to have a Real Estate professional or appraiser evaluate your specific home/location to determine your home’s value.

Factors contributing to the increased home prices are: low inventory – there has been a 13.1% decrease in the average number of homes available on the market since 2015 (at this moment in time there are just 226 homes on the market in Cache Valley), and increased demand for homes as Utah continues to benefit from an influx of new home buyers.  15,000 people reportedly moved to the state last year, and Utah ranks 2nd in the US in Millennial (those born between 1982 and 2004) home buying.

Prime mortgage interest rates, while up .75-1% the past several months, are still very affordable. According to The Mortgage Report (an unbiased, very useful mortgage news publication) they are expected to hover between 4-4.32% in 2017.  Government backed loans (FHA, VA & USDA) actually provide even lower rates currently, but have accompanying mortgage insurance premiums).freddie-mac-rates-long-term

All signs point to the Real Estate market remaining strong. Housing appreciation in Utah overall is projected to slow in 2017 to a more sustainable 5-6% as builders continue to add to the home inventory – which is good news for buyers.

Best Wishes for a Happy and Prosperous 2017!

 

 

 

Logan/Cache Valley Real Estate Market update

labor-dayWhat a wonderful time of year: crisp air, turning leaves, football, hunting, & putting gardens to bed!

Here is a re-cap on the last couple of months: Cache Valley Real Estate in July continued on the high sales/increasing home price trajectory.  In August buyers were less active.  Just 112 homes went under contract in the month and inventory numbers increased about 5% (up to 384).  This first week in September has seen buyers jump back in the market however.  Inventory is down to 364 active listings and 50 homes have already gone under contract.

Here is a break down of  price ranges of the available homes and the sales history in those price ranges for the past 90 days:

Active listings                                          Price                        Sold in the past 90 days

38                                                         Up to $150,000                              106

76                                                          $150,000-$200,000                       163

66                                                         $200,000-$250,000                       99

41                                                          $250,000-$300,000                      68

41                                                          $300,000-$350,000                      25

40                                                          $350,000-$400,000                      24

23                                                          $400,000-$500,000                      9

39                                                          $500,000 +                                   11

This demonstrates the competition in the various price ranges.  The most activity occurs under $200,000, but homes are selling in all price ranges.  Sellers in higher price ranges – especially above $400,000 can expect their home to take longer to sell because there are more homes available and fewer buyers, but the market has improved tremendously in the past year and looks to continue on an upward trend.

Interest rates remain below 4%, and it sounds like the FED is waffling on any definitive change in rates.  Home prices are still GREAT here compared to most areas in the US (especially desirable areas)!  Home ownership remains the American Dream, and Real Estate remains the safest place to put your money!  Please call if you need any Real Estate Help or have Real Estate questions.

Happy Fall!

Terri 435-770-9407

 

 

 

 

 

 

 

Real Estate Market Update for Logan, UT

Time to report on the status of Real Estate in our beautiful valley..hiking above Green Canyon East of Logan

The Cache Valley Real Estate market is as they say: ” Hotter than the Fourth Of July!”   The 2nd quarter of 2016 broke numerous records!

  1.  Highest # of homes sold in a quarter – 463   (Broken down by city:  Logan- 163, Smithfield-59, Nibley-52, North Logan-36, Hyrum-35, Providence-29 and the remainder split among the other towns)
  2. Highest average home sale price- $211,000
  3. Highest $ per square foot – $92 (remember – this is an average of everything sold: – new, old, small & large.  Above ground and single-level footage is more valuable than below ground)
  4. Lowest average days on market – 57 days
  5. Highest list price/sales price ratio 98% ( meaning homes priced appropriately are selling close to list price!)

The home inventory is extremely low … As of today, an incredible 289 active listings on the market when average for this time of year is over 600, but as you can see from the stats above, it’s not because homes aren’t available, they just sell quickly – especially if they’re priced under $200,000!

Of the 762 homes sold year to date, 55% of them were priced under $200,000, 21% were priced between $200,000 – $250,000, and 12% were priced between $250,000-$300,000.  Only 3% of the homes sold were priced over $400,000 even though nearly 20% of the homes for sale are in this price range.  The slower sales in higher price ranges are due in part to a very active new-build market-where high-end re-sale homes compete with builders.  That being said, there are still more sales above $400,000 than we’ve seen in the past 7-8 years!

These statistics paint some clear pictures:Cache Valley Barn July 2016

  1. Its a fabulous time to “move up”  – if you’ve been dreaming of selling your home & buying or building one with more space, do it now!  Mortgage interest rates are at an all-time low.  On Friday, 7-8-16, the 30 year mortgage rate fell to 3.275% with a FICO score of 740+ on a conventional loan.  It’s a perfect time to take the equity from your home sale & put it into a larger or better home.
  2. First-time buyers, don’t hesitate!  Prices are going up, and mortgage rates are low.  Get pre-qualified with a good lender (I can give you names of good lenders if you need help) and get in the game.  Please know the market is now a seller’s market though.  Unfortunately, the days of low-ball offers and “steals” are gone.  Use a good Realtor who knows the market and won’t let you over-pay for a home, but be prepared to make a decision quickly when you find the right home, and be forewarned that buyer competition is fierce.  Good offers get acceptance.
  3. Cache Valley is a great place to live.  It’s becoming well-known and appreciated for it’s beauty, safety, affordable cost of living, recreational opportunities and excellent health care.  People are moving here from all over the country.  The Real Estate Market will continue to be strong.

If you need Real Estate Assistance or advice, please call, text or e-mail me.  Terri Sizemore. 435-770-9407. Supersizemore58@gmail.com

Happy Summer!

Terri

 

Cache Valley Real Estate – 1st Quarter 2016

Happy Spring!

The Real Estate in the Logan- Cache Valley area is booming!  Here is a breakdown of the latest stats:

Total homes sold first quarter 2016 : 287

The price per foot has risen to an average of $87 per foot  from less than $80 a year ago (this average includes brand new homes – which are fetching $120+ per foot), and the average days on market has decreased to 77 days (from 91 days last quarter)!

The inventory numbers are very low – because the market is in a state of equilibrium.  In the past 90 days, 210 homes were listed, 183 went under contract & 287 sold! (the number sold can exceed the under contract number at a given point because of the average escrow period… If there are some long escrow periods – the numbers can seem skewed).

Of the 287 homes that sold in the past 90 days, 

173 were priced below $200,000 (60.3%)

81 were priced between $200,000 – $300,000 (28.3%)

24 were priced between $300,000 – $400,000 (8.3%)

9 were priced above $400,000 (3%)

Currently there are 314 residential homes (including town houses & condos) for sale in Cache Valley.

Interestingly, of the current 314 for sale, 

103 are priced under $200,000 (33%)

101 are priced between $200,000 – $300,000 (32%)

48 are priced between $300,000-$400,000 (15%)

62 are priced above $400,000 (20%)

These statistics create a simple message:  If you are thinking about moving up, now is the time!  Homes in market condition and priced below $200,000 are in high demand.  If your home is priced above $350,000  –  It will sell… they are selling, but you do have serious competition.  Patience may be required.  The market is appreciating and the interest rates remain below 4%.  It is a GREAT TIME to buy & sell Real Estate in Cache Valley Utah!

 

 

 

 

 

Cache Valley Real Estate is HOT

The Real Estate Market in beautiful Cache Valley is ON FIRE!

In November 2015, the average price per sq. ft. rose to $90, and the  past 6 months the  price per foot has averaged $87 exceeding 2008 prices.

The average sale price in November rose to $220,418, the highest it has ever been!  In the past 6 months,  21 ( that’s TWENTY-ONE) homes sold for over $500,000!  In larger markets that wouldn’t be a big deal, but here it’s unprecedented.

In the past 12 months 1437 homes sold in Cache Valley…. that’s over 25% more than the 1129 sold in the previous 12 months!!!

The home inventory remains very low (at this moment – 337 homes for sale in the entire valley),  because there is a consistent equilibrium between homes listed and homes sold… The average days on market for all price ranges is 91 days- with homes priced between $150K – $200K having the shortest days on market (67 days), and those priced over $300,000 taking longer.

Buyers should know that homes are still a great value (mortgage payments comparing favorably to rental rates) even though the prices are rising.  They should also realize that interest rates are finally starting to go up- pushing mortgage payments higher. Interest rates are still in the low 4% range (with a credit score over 700), but they are projected to rise as much as  2% in the next year.

If you have been contemplating a home sale…or purchase,  sooner is better than later.

If you want a free market analysis performed on your home, Please give me a call @ 435-770-9407

(all statistical information was collected from the Wasatch Front Regional MLS on 12/7/2015)

 

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The Cache Valley Real Estate Market Has Recovered!

On this fine Lamountain hikebor Day weekend – as we busy ourselves with canning tomatoes, roasting peppers and watching football – I wanted to share the EXCITING NEWS!

The Logan/Cache Valley Market has officially recovered – Home Values are back to the 2008 prices with an average sold price per foot of $85!  (of course, this is averaging new and old, large & small home sales).  Newer homes fetch a higher price per foot, as do single-level homes and more luxurious homes.

In the past 6 months (March 1, 2015 through August 31st, 2015)  850  single family homes sold in Cache Valley – that is 22% more than the same time period in 2014!  No longer is it just homes under $200,000 that are selling..In fact 6.5% of the homes that sold the past 6 months were priced over $400,000!  (A year ago it was less than 1%).

The market has changed from a buyers market to a balanced market – and is moving towards a sellers market.  We’re experiencing multiple offers on homes and 33% of homes that sold went under contract in less than a month (total average days on market is 101 days –  with more expensive homes experiencing a higher average days on market than less expensive homes).  Almost without exception, homes that went under contract quickly were clean and well-maintained.

Another interesting fact: 13% of buyers in the fore-mentioned time frame were cash buyers! When Mortgage rates are at an all-time low (currently below 4%), and buyers are still purchasing homes with cash – this indicates a very strong confidence in Real Estate versus the stock market or other investment avenues.

Home inventory has remained at an all-time summer low…because the market is very balanced – with an equal number of homes being listed as homes being purchased.  This tight inventory poses a challenge for buyers – they must be pre-qualified financially before they go to see homes as they should be able to react quickly when they find a home that fits their needs.  The days of slowly pondering have passed. Buyer competition is fierce.  (Buyers of course need to remember that any purchase can be contingent on them thoroughly checking out the house after an offer is accepted).

Sellers, if you have been thinking about up-sizing, now is the time!  Clean smaller homes  (under $200K) are selling like hot-cakes, and the inventory of larger homes is good. Building is also a great option… check out the Cache Valley Parade of Homes http://cvhba.com/ next week to see the latest trends.

Please call me (435-770-9407) if you want to know what the current value is on your home.  I would be happy to perform a market analysis for you.

HAPPY LABOR DAY!