Logan Utah Real Estate Market Report - April 2011

Posted by Lisa Udy on Wednesday, May 18th, 2011 at 11:40am.

Home sales declined slightly in April compared to March's numbers which is odd considering most years April does better than March. Total homes sold in April was 26 a decline of 10.4% compared to March's 29 total homes sold in Logan. If you want to view the full report you can check out March's Logan real estate market report. If we compare this year's April solds to last years, which was 35, the market is down year over year by 25.2%. That number seems drastic, but remember the first time home buyer credit expired in May, so many buyers moved their sales up to April.

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Average price per square foot for Logan Homes has increased steadily over the last couple of months. This is due in large part to more homes selling in the upper price ranges, which is good for the overall market. In April average price per square foot was $76 for homes sold compared to March's $74, an increase of 2.7%. We're still down from last year's numbers where in April 2010 the average price per square foot was $83, a year over year decrease of 8.5%. Don't get confused by April's numbers. Home prices are still declining. The increase of $ per sq. ft. was due to higher end homes selling, not an increase of price.

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This is a great statistic. Average days on market dropped below 100 for the first time since June of last year. With the average sold home only taking 83 days to sell compared to 138 days in March, that time frame decreased by almost 40%. As we move into the spring and summer selling seasons, days on market will decrease as more buyers enter the market. Hopefully we can keep this trend up as sellers are waiting an awfully long time to sell these days.

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Average sold price increased slightly from March. In April the average price for sold listings was $153,325 up by 2.2% from March. This number has been all over the place depending on the types of homes sold. With higher end homes selling, this number will obviously go up, however prices are still on the decline.

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All in all the Logan Utah real estate market is showing signs of continued pricing declines, yet homes are selling. As a seller if you don't absolutely have to sell, it's better to not. As a buyer, prices are becoming more affordable, and we can expect to see prices decline as long as unemployment remains high. There is no sugar coating it. The real estate market is fragile, but if you're looking to invest long term, prices will rebound eventually (hopefully). If you have any questions about our local market, we are always here to help.

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