I conduct market condition stats for Logan Real Estate during the first part of every month.  One of the things I pay attention to is the number of homes for sale in Logan Utah. This number has more significance on future pricing trends than anything else. It is simple economics. When there are more homes and less buyers, prices will go down. When there are more buyers than there are homes for sale, prices go up. While doing some statistics today to calculate the percentage of short sales in Logan, I noticed that there are currently 747 homes for sale in Cache County right now.

Just two weeks ago, there were 718 active residential listings in Cache County. That%u2019s a net list vs. under contract of more than two new listings a day. At the rate we are going, we will likely see a record number of homes on the market, and will see more than 900 listings at once by the time summer hits.

In comparison, last  year Cache County had less than 700 homes on the market. February of 2008 had 514 homes listed, and February of 2007 had around 400 listed homes, almost half the number we have right now.

It is possible that many of these homes were listed by people who want to take advantage of the move up tax credit. If this is the case, after April we may see a reduction in Logan Utah Real Estate inventory.

If inventory doesn't go down near the expiration of the tax credits, there will be price drops for Cache County Utah Real Estate.

Cache Valley Short Sales Remain Stable

For the third straight month there are exactly 47 short sales in Cache County Utah. 13 of these short sale homes are found in Logan while the remaining 34 are found in the outlying communities in Cache Valley. While the number of short sale homes for sale has remained the same, the percentage of Cache County homes for sale that are short sales has actually declined, because the number of total residential home listings has gone up. There are currently 747 active residential listings in Cache Valley, meaning that 700 of the homes for sale are not short sales. 6.29 percent of the current listings are seeking short sale approval.

Click this link if you would like to view the current short sale homes for sale in Cache Valley.

Home values in Cache Valley are staying pretty steady. The price declines are gradual enough that Cache County isn't seeing the high numbers of short sales that other parts of Utah County have.

Well the numbers for the first month of 2010 are mostly in. And so far, the numbers look pretty dismal. I normally don't do market condition stats quite this early simply because there are always some slow Logan Realtors out there who just forget to update their listings in the MLS. But, if these numbers hold accurate, home sales this January are worse than last year, and mark the single worst month for number of Cache County Home sales in nearly nine years.

Thus far, only 39 residential MLS listings in Cache County have been reported as sold. This is down nearly 5% from January last year, which was the worst month of the year for home sales.

The average price of homes sold during January was also down. The 39 homes that sold had an average price of $166,581 and a median sold price at just $146,250. This is the lowest single month average since May of 2006.

While home sales and prices were down, the amount of Logan Utah Homes for Sale was up. Cache County currently has 718 residential homes for sale. This is nearly 30 more homes for sale than we had during February of last year.

The way things looked in December and at the end of the year, it really looked the Cache Valley Real Estate market had bottomed out. A lot of that increased activity may have been result of the Government Stimulus. It will be really interesting to see how the rest of Utah did for real estate sales numbers. There were so few homes sold in Logan, that our subject sample may not be accurate enough to get a good determination. If the rest of the state also experienced slow downs in real estate activity, I think we can give a lot of credit to the increased activity at the end of the year too the Government Tax Credits.