I delayed writing about the status of our local Logan/Cache Valley Real Estate Market at the end of the first Quarter 2020, because Covid 19 had only been impacting our lives for about 2 weeks. Now, with 2 full months of Covid19 under our belts I think it’s safe to say Corona virus has not made any lasting impact on on the Cache Valley Real Estate Market. Although it was a little quiet for a couple of weeks the end of March, our market is as active as ever… in fact, sales to date are 22% higher than they were last year at this time! The only negative Real Estate condition we are experiencing is a higher rate of failed contracts. Some buyers are losing work hours, getting laid off or furloughed during the escrow process – sometimes prohibiting their ability to procure their mortgage. There is a new COVID 19 addendum the state has developed to help keep transactions together if parties have unavoidable delays, and back-up offers are desirable to offset the unfortunate situation of first position contract failure.
Currently there are 219 homes on the market. That is 8.5% less than May 2019, and the inventory has consistantly been tighter (fewer homes on the market) in 2020 than it was in 2019. There are plenty of homes being listed, but they are getting snatched up quickly. The average days on market for April (in the thick of the pandemic) was just 49 days. In April the average home sale price rose to $283,000 and the average price per foot went to $137 (remember this is a general figure for ALL homes – brand new, old, small, large etc…). Pricing is very specific to home size, age, home type and area. A market analysis or appraisal using sold comparables is the only way to accurately gauge home value.
For buyers with job stability it is an excellent time to buy a home. The mortgage interest rates are at record lows! Some patience is required as inventory is low and demand high. Recently the availability of townhomes to purchase has increased, as new townhome communities are being built and existing townhome listings are up -allowing more people to purchase affordable newer housing.
The stability of our local Real Estate Market – even during the pandemic- has made it very clear that Cache Valley will continue to grow. We are seeing an increased influx of buyers moving out of higher densitity areas across the country to our Valley. Working remotely has become a reality for more people than ever before, and the draw of this beautiful valley is understandable. Who wouldn’t want to live here?!!
Please feel free to call or email me if you have Real Estate questions or would like a valuation on your home.
Wishing you Happiness!