What 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.