Time to report on the status of Real Estate in our beautiful valley..
The Cache Valley Real Estate market is as they say: ” Hotter than the Fourth Of July!” The 2nd quarter of 2016 broke numerous records!
- 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)
- Highest average home sale price- $211,000
- 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)
- Lowest average days on market – 57 days
- 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:
- 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.
- 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.
- 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