Real Estate Inventory in Cache Valley Utah continues to drop. There are now just 699 MLS listings in Cache Valley.

This is the lowest Logan real estate inventory levels have been in more than a year. Traditionally, there are more listings at the end of February than the beginning. This year the trend has reversed as at the beginning of the mont there were 704 Logan homes for sale. This is a positive sign that the housing market might return to balanced levels near the end of the year.

The number of listed short sale homes in Cache County has declined one home, but with less homes for sale, the percentage of short sales actually rose. 8.58% of the active home listings are short sales including 29 properties in Logan, and 35 homes in the outlying Cache Valley communities.

The bad news is that the reason real estate inventory is declining isn't because home sales are increasing. There are just 92 Cache County homes under contract right now. Inventory is declining because new construction is decreasing, and people just aren't able to move right now and so aren't listing their homes unless they are relocating or absolutely need to sell.

Real Estate in Salt Lake County is making good progress towards recovery. The current 6,478 residential homes for sale, is the lowest number of residential home listings in Salt Lake in more than three years.

Salt Lake Real Estate inventory is way down, despite the fact that just 550 residential homes sold during January, down 31% from strong December home sales. Compared with January of last year, home sales were up by 8.7%.

Real Estate prices in Salt Lake continue to decline. The median list price last month was $199,490, while the Average list price dropped $2,304 to $281,097. Of the homes that sold during January the average price per square foot was just $91.31. The last time real estate values were this low was April of 2005.

Prices keep getting cheaper, but it won't last forever. One really interesting thing with this months real estate statistics is that the median list price actually rose slightly. If you want a good deal, it might be a good time to start looking at Homes for Sale in Salt Lake City

The Logan Real Estate market is clearly not recovered from the great housing recession yet, but there are some positive signs.

January Home Sales were the best they've been since 2008, and up by 15% from last year. Reported thus far, 46 residential homes in Cache County have been reported as sold.

Logan Real Estate inventory has actually dropped over the last month from 716 listed homes to 714. Typically, the number of homes for sale increases from January to February, this is also a good sign for the real estate market. Although inventory is down from a month ago, there are still 17 more homes for sale in Cache County than there was at this time last year. At January's sales pace this represents 15 months of active inventory, which is quite high.

While real estate inventory is still to high, I am excited about the increase in home sales, and a deduction in real estate inventory over the last month. Overall the attitude towards real estate also seems to be improving. Home prices continue to drop, but we might actually see them start to stabilize this summer.