The Cache Valley/Logan Utah Real Estate market continues on it’s remarkable upward trajectory! The average (not median) sold home price went from $244,400 a year ago (June 2017) to $271,600 June 2018, and the average price per foot went from $104.5 to $117.6 – another 12.5% increase in a year! Two years ago, in June of 2016 – the average price per foot was a mere $94, so prices have increased 25% in 2 years!
Despite the increase in home prices and the increase in mortgage interest rates (the average 30 year fixed mortgage rate is now 4.6%) there were 6% more homes sold 2nd quarter of 2018 than 2nd quarter of 2017. People continue to move to Utah, and to Cache Valley specifically.
On a positive note for buyers, home inventory has gone up almost 60% over what it was 3 months ago. Currently there are 325 homes on the market, giving buyers more choices, and alleviating some of the frantic multiple offer situations we had previously. There are also more homes available in the affordable ranges, with 27% of the available homes priced under $250,000. Though there are more homes available, the average days on market remains around 41 days – a clear indication of a continuing strong, thriving local Real Estate market.
If you have any Real Estate questions or want a market analysis performed on your home to determine value, please feel free to contact me.
Terri Sizemore 435-770-9407