Utah Real Estate Market Conditions

2008 is nearly over. The Cache Valley Real Estate Market has shifted, but homes are still being bought and sold. These numbers are not official but they're probably pretty accurate. Overall, single family home sales in Cache County were down by about 18% compared to 2007, and the average price was down by 3.8%.

Here is a chart showing the comparison of Cache Valley Homes sold in 2007, 2008 (thus far), and active Cache Valley Home Listings. It also shows how different price ranges are selling, and the months of inventory for each price range. This data can help Cache Valley Sellers to realize the state of the market we're in, which price ranges are steadily selling, and which are struggling the most.

The $180,000 to $220,000 price range actually had an increase of sales this year. The Logan Real Estate market is considered "balanced" between  $140,000 and $220,000, where there is currently six months worth of active inventory.

Surprisingly, the below $100,000 market has been very slow this year. This market segment has 18 months of active inventory, and sales were down by 46%. This could be in large part because the demand for fixer uppers and investment properties has gone down substantially with more difficult financing guidelines. It is a buyers market for anything priced above $220,000, and a heavy buyers market for listings priced above $350,000. There weren't any single family homes sold in Cache County priced above $750,000 even though there are currently 21 on the market.

These numbers are NOT official. The also only represent properties sold by Realtors and don't reflect homes for sale by owner in Cache Valley.

Condominium and Townhouse sales in Cache Valley were also down this year. This isn't good news for the developers of many of the new Cache Valley condo developoments like Bridgerland Meadows and Rivercrossing Townhomes in Logan,  Spring Creek Crossing in Nibley, and the Elk Mountain Townhomes in Hyrum. All of these new condo complexes have large luxury designes, and start in the $130,000's.

2008 condo sales were down 12% compared with 2007. The average price of condos sold did however increase. This was in large part because of the large supply of new high end townhomes. Condo sales are also likely down because more potential buyers have chosen to rent rather than buy out of economic fears.

The months of inventory of these condos for sale is in the "balanced" range. In reality, the condo market is probably a buyers market as the large condo complexes don't put all of their townhomes for sale on the MLS. The price of the condos for sale is substantially higher than the average prices of condos that have sold the past few years.

 

Cache Valley Homes in 2008 took a little bit longer to sell than they did in 2007. This year the average home that sold was on the market for 71 days compared with 45 days last year. Less homes sold in the first month on the market this year, and a greater percentage of homes were on the market for for more than 121 days. The pie charts below show the comparison of the number of days on market in 2007 and 2008.

 

One interesting note is that there were actually more total listings in '08 (2217) than '07 (2171). That just means that there were more unsold homes this year than last.

 

Another interesting thing is that the current active listings have already been for sale for an average of 125 days. Many of these homes have been on the market for more than a year. Nearly half the listings for sale have already been on the market for more than four months. Some of thes listings will be on the market for much longer as they are in price ranges that just don't have the buyers. The numbers for the active listing days on market also appears much more out of line because of the season. There are just plain less homes listed during the winter months in Cache Valley.

To search all active Cache Valley MLS listings visit www.UtahCornerstone.com

 

Even with the demand for rentals in Cache County, Multi Family Homes, Duplexes, Triplexes, and Fourplex Sales went down in 2008 compared with 2007. One reason may be that obtaining financing for non owner occupied properties became substantially more difficult. 42 Multi Family properties in Cache County sold in 2008. Down 19% from 2007. Home prices of duplexes actually increased while prices of fourplexes declined.

There is currently more inventory (45 multi family properties) for sale in Cache County than sold all of last year, giving multi family properties 12.86 months of active inventory. Here is the break down of these numbers.

To search Cache Valley Multi Family properties for sale visit www.UtahCornerstone.com

One of the biggest shifts with the real estate market in Cache County has been with land. 2008 land sales were almost half of what they were in 2007. Surprisingly, sales prices have remained fairly stable, but the active inventory of land is far greater than the number of land sold. When compared with 2008 land sales numbers, Cache County currently has more than 52 months of inventory. These stats might even be an underestimate as in most developments, not all lots for sale are listed on the MLS. Subdivisions usually only list a few lots at a time when there might be hundreds of available lots for sale. In the higher acreages, the numbers mean very little as the comparison of the different parcels of land can be entirely different. One thing for certain is that it is a BUYERS MARKET for land in Cache County, and there is a surplus of lots for sale in all price ranges.

Here is a chart showint the comparison of land for sale in Cache Valley for different lot sizes, and the sales results for the past two years.

 

To Search Cache County MLS Land Listings visit: www.LandinCacheValley.com

Often people consider listing their home for sale, but want to wait until Spring to do so. Or they have had their home for sale during the Fall and want to take it off the market during the Winter months, and wait until Spring. Is this a smart thing to do? Or is it smarter to list your home now and get it SOLD? The answers are with your favorite local Licensed Professional REALTOR.

The first thing to consider is YES people do purchase homes during the Winter months. In fact right now interest rates are very attractive and many Buyers are looking for that perfect home – NOW. So those people that have left their homes on the market, and those people listing their homes for sale NOW, will benefit the most. Who is to say where interest rates will be in the Spring if you decide to wait? Even the Mortgage gurus have thrown away their crystal balls! Also, what will the market conditions be like in the Spring? These are important questions to consider if you indeed want to sell your home and move on to the next one.

Which brings me to the next point, if you are considering upgrading to a new or larger home, NOW is the perfect time to do so. There are many great deals out there in both new construction and resale’s. Buyers have more options in this market than they had in the past. There is more inventory and you have the opportunity to ask for more perks, as a Home Warranty.    NOW is the time to get your home sold so you can move on to the home you have had your eye on for a long time.

True, nobody wants to move when it is cold, or during the Christmas Season. However, what wife would not want to surprise her husband with a new home for Christmas? People are looking, Buyers are Buying. NOW is the time to list and SELL.

 

Robert P Bowman is a Licensed Professional REALTOR with Cornerstone Real Estate Professionals in Logan Utah. He can be reached by e-mail loganrealtor@gmail.com or visit his website www.retireinlogan.com  

 

 

 

An article in the Where To Retire magazine names Logan Utah as a Undiscovered Haven for retirement. It reads if Norman Rockwell and Daniel Boone built a town together, it would be Logan Utah. The six-page story paints Logan as a neighborly and cultured town, and a location that is catching the eyes of active retirees and urban refugees who value recreation and raw beauty as much as they do community and convenience. It's a place people can stretch their dollars to buy more house, walk a locally owned downtown, travel to a mountain trail in minutes and find a handful of age-restricted newer neighborhoods, all within a short distance of Logan. In search of pleasant surprises in Logan, as the arts, the story quotes a couple who moved here from Maryland, commending the low, if not non-existent crime level, low humidity, extremely clean downtown area, inexpensive utilities, accessible conveniences and cultural events. It mirrors the thoughts of AARP Utah Director saying Logan not only has an environment of vitality, but of rugged life, and beauty. It's an invigorating environment. People that retire do not want to vegetate. They want to be active and explore. Where To Retire magazine calls attention to activities visiting grandchildren may also be interested in. The Cache Valley Fun Park, Logan's skate park, Willow Park Zoo, the Logan Aquatic Center and the Eccles Ice Center. Activities for all ages, including the Nora Eccles Harrison Museum of Art, American West Heritage Center, and the Bear River Heritage Center, are also nearby. The story also notes Utah State University's continuing education and lifelong learning classes, lectures, and activities. Logan is also amicable, the magazine says, quoting recent transplants saying they're still getting used to how friendly people in Logan are. I am a transplant myself, and all above is true for me. I love the outdoors, the exploring nature trails, the quaint, manicured downtown, and the people, by far the most friendly I have met in the entire US of A! Robert P Bowman is a Licensed Professional REALTOR with Cornerstone Real Estate Professionals. He can be reached by e-mail loganrealtor@gmail.com or visit his website www.retireinlogan.com

 

 

Real Estate is a very funny business. It seems like when times are real good, agents will do what they can to get all the business they can as though it is all owed to them. They will talk bad about other agents, competitive offices, and even fellow agents they work with. Then on the flip side, when times get real tough they want everyone to go out of business so they are the only office or agent in town. This is their plan to become the "go to" guy or gal in the Real Estate world. This self centered attitude only leads to self inflicted problems. As REALTORS, we have to realize we are all in the same boat paddling up the same river. Destination : Success. Now I realize some agents are happy with a leaky old fishing boat, and some require a Yacht. Overall we are in the same boat all trying to go in the same direction. If we all work together instead of holding grudges, gossiping, and looking for a way to get back at someone, we will all get to the destination : Success.

I say this at a time when things are actually going very well for me. However today I received a call from a board member telling me someone has made acquations about me that are not true. It did not take me more than two minutes to prove my point and side of the story, and make whoever made the complaint look like a fool. Never the less the firey dart has been shot. It does not take a rocket surgern to figure out who does these things, everyone leaves their calling card. And it is usually is the pot calling the kettle black!! Point is where does this get you as the one trying to make someone else look bad?

Every Wednesday our office has sales meetings, with agenda, and training unlike any other office I have been in. It is Professional. It is inspiring. It is how a Professional office is to be run. My Broker would never put up with one of his agents going after someone, or even talking bad about another office or agent. This is not his way, or any other agent in my office, way of doing business. We are Professional, and treat others as so. We are paddling together through the storm and all seeking the same destination : Success.

I say this to help those who feel compelled to seek avengence or what ever they are seeking. And this is for the entire membership of the NAR. We are better than this. We have a code of ethics that separates us from the used car group. Next time you catch yourself thinking of planning something bad against someone, remember the boat. Don't let yours sink. You may need help bailing it out someday. We are in this all together.      

Robert P Bowman is a Licensed Professional REALTOR with Cornerstone Real Estate Professionals. He can be reached by e-mail loganrealtor@gmail.com or visit his website www.retireinlogan.com   

In November 2008 there where 51 homes sold in Cache Valley.  Below is a graph that shows all of 2008 so far.  It shows how month to month Homes Sales change.

Month         Count              Volume                          Avg List $                      Avg Sold $         Avg S to LAvg SQ FTAvg $/SQ FTAvg BedsAvg BathsAvg CDOM

Jan 2008	78	$14,894,086.00	$200,873.59	$190,949.82	95%	2,202	$86.71	4	2	114
Feb 2008	64	$11,779,045.00	$191,697.47	$184,047.58	96%	2,290	$80.38	4	2	88
Mar 2008	79	$14,505,627.00	$186,914.13	$183,615.53	98%	2,193	$83.71	4	2	96
Apr 2008	97	$19,933,012.00	$216,570.71	$205,494.97	95%	2,453	$83.77	4	2	115
May 2008	121	$22,354,642.00	$192,975.94	$184,749.11	96%	2,132	$86.67	4	2	89
Jun 2008	94	$18,254,368.00	$200,650.97	$194,195.40	97%	2,325	$83.51	4	2	94
Jul 2008	128	$24,687,865.00	$209,569.43	$192,873.95	92%	2,262	$85.27	4	2	84
Aug 2008	105	$21,167,655.00	$216,650.00	$201,596.71	93%	2,458	$82.00	4	2	124
Sep 2008	103	$19,280,073.00	$207,476.54	$187,185.17	90%	2,349	$79.70	4	2	112
Oct 2008	94	$17,531,917.00	$202,076.37	$186,509.76	92%	2,380	$78.37	4	2	104
Nov 2008	51	$9,684,219.00	$207,800.00	$189,886.65	91%	2,237	$84.87	4	2	135

 

With low interest rates I think the winter months will be great, with a lot of homes for sale in Logan, UT selling.

If I can ever answer any questions about the Logan Utah and Cache Valley Real Estate market please give me a call.

Thanks

 

Robert J. Brown

Cornerstone Real Estate

Cell:  435-760-1113

Fax:  435-752-4498

Email:  Robert@LiveInLogan.com

 www.loganutahrealtor.com

www.utahcornerstone.com

 

Cache Valley Real Estate, Logan Utah Real Estate, Cornerstone Real Estate, Robert J. Brown, Buyers, Sellers