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

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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

Winter Dec2010

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!

Cache Valley Real Estate Market Update – through May 2015

I’ve been neglectful in reporting on the Cache Valley Real Estate market…. That neglect is purely due to lack of time (or poor time management), not because of mediocre movement or a lack of positive news.

The local Cache Valley market is GOOD!  The number of homes sold this year through May (496) is 19% higher than Jan-May of last year, and the average sale price has increased to $189,483 with an average price per foot exceeding $80.  The price per foot averages are aIMG_4470lmost back to 2009 prices (great news for sellers!) with foreclosure and short sales decreasing nearly to pre market-crash frequency.

The number of residential homes for sale has not exceeded 540 at any time in 2015 (very low – especially for the summer months).  This is not indicative of a housing shortage, but a very strong/balanced supply and demand.  Well maintained, well priced homes are selling quickly – with an overall county average days on market at just 118 days, and in the past 2 months, 37% of homes listed went under contract in less than a month!!  There are still plenty of homes for buyers to choose from, but buying decisions need to be made fairly quickly to avoid missing out on the right home.

Homes in all price ranges have been selling well, however homes priced over $500,000 – because of a higher-than-normal inventory and a smaller buyer pool-typically have a longer “days on market”.

If you’ve been contemplating up-sizing or downsizing, the timing may be right.  Interest rates are still low (hovering in the low 4% ranges) making home buying very affordable.  Lending guidelines are tight, but not unreasonable.

If you want to know the value of your home, please feel free to call me for a comparative market analysis, and I am always ready-willing to help with any Real Estate needs!  (I am now with Youngblood Real Estate, but still have the same phone & email… 435-770-9407 supersizemore58@gmail.com)

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The truth about on-line home valuations….  

The truth about on-line home valuations in Utah (i.e.… Zillow zestimates, Trulia estimates)

 

I frequently get calls from friends and clients – confused or upset because they saw a “zestimate” that valued their home at $25,000 below what we have it listed for or $10,000 below (or above) what they purchased it for…. Sometimes they’re excited because they think it will be justification to contest a property tax bill.

While offering an additional good marketing tool, sites such as Zillow and Trulia access information that is incomplete and therefore inaccurate.  Utah is a non-disclosure state – meaning sales prices are not public information.   Even in full disclosure states such as Colorado – where sales information is readily available, the MLS is the only really accurate valuation resource– providing important additional information such as square footage on each level of the home.  (Main level square footage is more valuable than 2nd floor footage – which is more valuable than below-grade space).

Real Estate professionals are able to access information from the MLS – evaluating home sales of homes comparable to yours in size, style, age and condition – including the very important square footage per floor comparison; thereby arriving at a reasonably accurate home valuation.  Appraisers perform an even more in- depth evaluation of “sold” comparisons –thus providing an even better assurance of  home value.

In summary:  Don’t stress (or celebrate) about a zestimate or any other on-line look up home evaluation.  If you need to know what you home would sell for right now, call your knowledgeable Realtor – ask her or him to please look at your home, take some time to pull and evaluate comparable “solds” and voila – you’ll find out within reasonable accuracy what your home is worth.