The Cache Valley Real Estate Market seems to be leveling off/mellowing out a bit. The rapid acceleration in home prices is tapering, and the average $ per foot in September ($101) actually decreased slightly over August. That average price per foot number is 3.5% higher than September of 2016 though, and reflects the historical rate of home appreciation in a normal market.
Total home sales in Cache Valley for the 3rd quarter was 441 – a figure 15% lower than 3rd quarter of 2016, but the same as 3rd quarter 2014 & 2015; and once again- a good, typical figure for our area.
The average days on market figure (DOM) of 42 for September is excellent (homes are selling), but lower than the previous 2 months. The average home sales price rose 1% – to $228,000 for our valley.
Home sellers attained an average 99% of their list price in September – a figure not previously achieved in the 8 years I’ve been a Realtor! ( In the years 2010 through 2014 that figure was sometimes as low as 85%).
The state of equilibrium in home listings/sales is being maintained, and the current number of homes on the market is 275. Affordability in Cache Valley is still great. Prime interest rates are still around an amazing 4%, and the $101 average price per foot is excellent compared to most other desirable places.
Our Cache Valley remains a safe, beautiful place to live with low unemployment and oodles of outdoor recreation opportunities!
Enjoy the beauty of autumn!