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Cache County Utah Real Estate Market Report - May 2011

Posted by Lisa Udy on Friday, July 1st, 2011 at 10:32am.

Home sales in Cache County are up nicely for May 2011 compared to April, but they are down quite a bit from May of last year.  Last year there were a total of 117 homes sold in May which means sales dropped by 26.5% year over year. May was a great month last year though for one reason, the first time home buyer tax credit ended and many buyers made sure to get their homes before it ended. This had a large affect on home sales last year that we didn't see this year. So, if we compare home sales with May of 2009, there were only 73, which means this May was up about 15.2% from two years ago. (You can see last months report here: April 2011 Cache County home sales.)

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Average sold price for Cache County homes rebounded nicely in May compared to April with an increase of about 7%. In May 2010, the average sold price for homes was $168,890, so year over year average sold price is slightly up by 2.1%. It will be nice to see this trend continue, we sure need it.

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Average days on market for homes sold in May 2011 increased quite a bit, which is odd considering how many homes sold. With 163 days on market, that's an increase from April of 21.5%. In May 2010, homes took on average 137 days to sell, which is 16% faster than they did this year.

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Price per square foot saw a decline compared to April, with the average price per square foot of homes sold in May at $72, that's a decline of 2.8%. In May 2010 average price per square foot was a whopping $85. That's a year over year decline of 15.3%, which is probably pretty close to the decline in prices over the last year.

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From the stats, home sales were fewer this year in May compared to 2010, however the home buyer tax credit had a major role in last years sales. With home sales more than 2009, the market is still fragile, yet we aren't experiencing major declines, which is a good sign. Average price per square foot is down, home prices are down, but there are a couple positives. Homes are still selling and buyers still have great options to choose from with exceptional interest rates. For sellers, sitting on the market longer and reducing your price to meet buyer demand seems likely to continue throughout 2011.

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