Cache County Real Estate Market Report - February 2011
Posted by Lisa Udy on Monday, April 18th, 2011 at 3:23pm.Homes sales in Cache County declined from last month as you will see in this months market report. You can compare sales of January 2011 here. With unemployment hovering around the 7% mark, unless we can create some new jobs, the market will continue to decline. Here are the current real estate statistics for February 2011:
Average sold price for February was at $171,054 which was down just 2% as compared to Logan where it was down by 14.2%. The average sold price of homes shows that the market is somewhat stable from the large declines in November of last year. Average sold price of homes in February in 2010 was $180,036, which shows that this year we are down 5%.
Price per square foot of homes sold in February continued the trend downwards as you can see over the last 6 months it has continued to drop. With solds selling at $73.06 a square foot we are down 2.6% from January and 14.5% from February of 2010. If we continue on this decline, home sellers will have to continue to chase the market by dropping prices making it the Cache County real estate market a buyers market.
Home sales in Cache County are down 7 at 41 total sales in February. That is a drop in sales by 14.6% as compared to January. Last year, there were a total of 54 homes sold in February meaning this year is down 24.1% comparably. With only 41 homes sold, it's the lowest in Cache County since 2001 when there were 36 total homes sold.
A little good news is the average days on market for sales in February. With the average at 136, it's still quite a long time, but it's a good sign that homes are moving. If you're a home seller, if you price your home competitively, you can still get out of it within 6 months on average.
February was a bad month for real estate in Cache County. Home sales are down, price per square foot is down, and the average price of a home went down. We are still in a declining market. I will not sugar coat it. The brightside? If you're a home buyer, homes are becoming more affordable, and that's a good thing. As a home seller, it's tough out there. If you're thinking of selling your home, be sure to market it aggressively, price it right, and be flexible.
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