Logan Utah Real Estate Market Report January 2011
Posted by Lisa Udy on Wednesday, February 9th, 2011 at 11:37am.The Logan Utah real estate market is showing signs of improvement but we are certainly not recovered since the peak in 2006. Home prices are still declining but the declines are decelerating as we move into the first quarter of 2011. Below are come reports showing the state of the market:
Days on market is a good sign of inventory levels. Inventory is down from 2009 meaning we have homes sitting on the market for less time. January saw a decline of 23% in days on market as compared to December and a 3% decline of DOM compared to November.
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Average sold price is up in January for Logan homes, but it doesn't mean home prices are up. Home prices are still declining. The average price is up due to buyers purchasing more expensive homes. In January of 2010 the avereage sold price was $129,616 so there isn't much we can gather from that data. The first time home buyer tax credit was in full last year meaning buyers were purchasing cheaper prices.
Average price per square foot is up in January from December at $77, but still down from the hhigh of $84 in 2009. The average price per square foot in January was $80 showing a decline of 3.75% year over year. Although up from December, this stat can still be misleading as you can't price a home by square footage alone.
Total home sales in January 2011 is up one from 2010. January ended up with 19 sales as compared to 18 last year and better than 2009 which had 15 total sales. Althouth 2011 was better than January of 2009, the Logan real estate market is still down from January of 2008's 37 homes sold.
If you're interested in the purchasing a Logan home or more informatoin on the real estate market, please feel free to contact us. We are helping buyers and sellers complete real estate transactions everyday in the Cache County area.
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