Logan Utah Real Estate Market Report - May 2011

Posted by Lisa Udy on Friday, July 1st, 2011 at 10:51am.

Home sales improved nicley in May compared to April, in the Logan Utah real estate market. Sales were up by 17.3% compared to last month, which is to be expected as May is usally always a good month for home sales. Compared to last year however, we are down quite a bit. In May 2010 there were a total of 60 home sold, which is a year over year decline of 44%. Keep in mind though that last year's home buyer tax credit expired in May, and that made a lot of people push up their time frame for buying, and many homes in May that were sold were a result of the credit. You can view last months full report here: Logan Utah real estate statistics April 2011.

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Average days on market for homes sold in May 2011 was at 154 compared to just 83 in April, that's almost double. With an increase of 42.2%, sellers are sitting on the market quite a long time. Compared to May 2010 where average days on market for Logan was 123 days, this year is still up by 20.2% year over year.

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Average sold price for homes sold in Logan in May 2011 was at $144,604 which was a delince from last month of 4.8%. Home prices are still declining. In May 2010 the average price of sold homes was $145,617 which means year over year, the market has only declined by just 0.7%. Home prices are down, but they aren't as bad as many other areas in the country.

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Price per square of homes sold in Logan for May 2011 was down to $67, which is the lowest it's been all year matching February's low at the same price. Compared to April's $75, that's a decline of 10.7%. In May 2010, average price per square foot was $83, which is a year over year decline of 19.3%. That's a large price decline, but it has a lot to do with the amount of foreclosures and short sales being sold in todays distressed market.

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Overall the Logan Utah real estate market is showing declines month over month in home prices, yet home sales did increase due to the spring selling market. For buyers, home prices are continuing to be more affordable, and interest rates remain below or near 5% making housing more affordable month after month. For sellers, days on market is up and prices are down, which means sitting on the market longer and reducing prices to get your home sold.

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