Wow, we’re into a new decade! 2020 rolls right off the tongue…
2019 was another banner year for our local Real Estate market. Cache Valley prices rose 8.7% over 2018, ending at an average $124 per foot. The average sale price last quarter of 2019 was $279,000. There were 2% more sales in 2019 than 2018 – 1600 residential sales for the year (2nd only to 2016 at 1607 sales), and that number doesn’t include many newly built homes not listed on the MLS.
Once again high demand and quick sales kept inventory numbers low. Currently there are just 211 residential homes on the market (including townhouses and condos). That number hasn’t exceeded 325 all year. The overall average days on market (time it takes for a home to go under contract) for the year was 43 days or less. The price range with the most sales was $200-250k, and the average days on market for that price point was a mere 28 days.
The dawn of a new decade caused me to reflect on how the Logan/Cache Valley market was 10 years ago… What a difference a decade makes! In 2009 & 2010 home sellers had a pretty tough time, and buyers were skittish. Short sales & foreclosures were rampant, the average home inventory was over 600 homes, the average price per foot fluctuated between $70-$80 pretty erratically, the average home price was under $173k, and the average days on market was 100+. Only 870 homes sold in 2010, and there were very few homes being built. 2012 marked the beginning of an upward trend in our market, and it really caught fire in 2015. Home prices have risen 48% since 2015.
Now for projections on 2020….It would be folly to project what the next decade might bring, but for the coming year, the local housing market is expected to remain strong. Mortgage interest rates are extraordinarily low (below 4% on a 30 year for most loans, and some as low as 3.6%), making affordability within reach for most home buyers even with the higher home prices. Utah continues to be a very desirable place to live. The Bureau of Labor Statistics has us tied for #1 in the country in job growth (up 3% since 2018), 5th lowest in unemployment at 2.5% and 2nd fastest in population growth (Cache Valley is one of the most desirable places in Utah) in fact, two of the biggest concerns for Utah are labor shortage and housing shortage.
Please let me know if you need any further real estate information or help with your Real Estate needs.