Logan Utah Real Estate Market Report - February 2011
Posted by Lisa Udy on Thursday, March 3rd, 2011 at 3:56pm.Last months market report for January was showing signs of improvement in the Logan real estate market, but it looks like we took a step backwards in February. You can see what I mean by the graphs below.
Average price per square foot dropped dramatically in February 2011. As you can see from the graph, we haven't been this low since before the boom in the early years of the 21st century. Price per square foot dropped a total of 14.2%. However, don't be frightened. Yes, price per square foot dropped, but that doesn't paint the full picture as you will see in our next graph.
January's average sold price was really high and doesn't represent wha't going on in the market. When interest rates started to rise in January, many home buyer's who were waiting bought higher end homes to snatch up the good rates. Average sold price for Logan homes in February is $134,330 due to the homes people bought. Most homes are priced under $150,000 which makes the average dip. In total average price of homes sold was down about 22%.
Total homes sold dipped in February which is to be expected. Many buyers are gearing up for spring and activity has started to increase at the first of March. All in all, homes sold in February in Logan was down 35% from January. With only 13 homes sold, it's the lowest since there were only 14 homes sold in 2004. In fact, 13 solds is the least since the WFR has kept track in 1997.
With fewer sales, homes will languish on the market. Sold homes in February had a days on market of 166, the second most since recording in 1997. Again, days on market will increase while prices are dropping. Sellers will find it difficult to keep up with falling prices causing days on market to increase.
Febraury home sales were pretty abissmal, and if the market continues on this trend, we won't see a recovery for quite a while. It will be interested to see how the spring and summer selling seasons turn out. One thing is for sure, if your a buyer, you have the upper hand as Logan is an extreme buyer's market.
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