“Hotter than the Fourth of July” has real meaning for us this year! After running numbers on the 2nd quarter stats for Cache Valley, I am here to report the Real Estate market has been “HOT” as well… While there were 10% fewer sales in the 2nd quarter of 2017 than the 2nd quarter of 2016, prices were 12% higher! In June, the average price per foot for homes sold in Cache Valley was a remarkable $105.
Inventory remains tight. Today (July 7) there are 271 active homes on the market, and the average days on market (time it takes for a listing to go under contract) is 57. Interestingly, homes priced under $250,000 continue to sell VERY quickly and the inventory remains low, but homes priced over $500,000 have an average days on market of 270 days! There are currently 45 homes on the market priced above $500,000 (16.6% of the inventory) , and only 9 homes (1% of the sales) in that price range sold in the past 6 months. Takeaway: If you have a home for sale priced over $500,000, please be patient.
In this market, traditionally 2nd quarter has the highest number of listings and 3rd quarter reflects the highest number of sales. If those statistics hold true for this year, inventory in the coming months may be even lower than today’s 271.
Right now, making a move-up in home size makes a lot of sense. Smaller homes are in especially high demand, and there is more inventory (percentage-wise) available in larger homes – priced above $350,000. Mortgage prime interest rates are below 4% again, and compared to most of the USA, affordability is good.
If you need any Real Estate information or assistance, please call or e-mail.
Terri Sizemore 435-770-9407, firstname.lastname@example.org