Logan Utah Real Estate Market Report - March 2011
Posted by Lisa Udy on Thursday, April 21st, 2011 at 11:25am.Compared to last month, home sales are way up in Logan, but compared to last year at the same time, they are down slightly. Home sales increased by 55.2% in March 2011 compared to February 2011, but they were down 14.8% compared to March of 2010. Last year, March had 34 homes sold, which may have been skewed due to the first time home buyer tax credit. You can see February's Logan real estate market report here.
Average price per square foot for homes sold in Logan took a large dip in February but rebounded in March, which is great for home sellers. Price per square foot increased by 9.5% in March compared to February, but is down 10.9% from March of 2010. From what I've noticed in our market, this is about right for home prices. We have seen a decline in Logan of about 10% to 15% over the last year.
Average days on market for homes sold in Logan is down quite a bit in March compared to February by 16.9%. In March of 2010 the average days on market was 162 days, 14.9% more than last year. Days on market varies quite a bit, but during the spring months it usually goes down quite nicely, which is good for sellers.
Average sold price is all over the place over the last 8 months but did increase by 10.1% from February to March of this year. Average price of sold homes for March of 2010 was $147,734, so we are up 1.6% from last year. Average price is affected quite dramatically if higher end homes sell, so you can't really gauge to much from this stat.
Home sales were up in March 2011 for Logan real estate, but home sales were still down overall by about 15%. As long as home sales continue to decline year over year, housing prices will continue the same trend. Many economists are predicting home sales to continue to decline, which is bad news for home sellers. For home buyers, prices are becoming more affordable, allowing you to buy more house for the money. I always try to look for the positive, and as a home buyer, you should be pretty happy about the numbers.
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