The number of homes for sale in Logan Utah is at its lowest level since April of 2008. That was at the height of the real estate boom for Cache Valley when homes prices were rapidly appreciating. It is typical for real estate inventory to decline during the fall and winter months, but inventory hasn’t been this low in years. This is great news for people who currently own Logan Real Estate and is a sign that home values should start stabilizing.
As you can see in the chart below, while inventory at the front of the year was at its highest January level ever, it is now well below November levels at any time during the last four years.
While the reduced real estate inventory in Cache County is good news for homeowners, overall home sales also continue improving.
During October, 78 residential homes sold. This is a 42% increase from October of a year ago. This is the fifth straight month where we have seen a year over year increase in home sales. It actually appears that annual home sales will actually be better this year than they were last year.
If these signs towards recovery continue, the current low home prices combined with the all time low mortgage interest rates might make right now the best time to buy ever. Chances are that home prices will continue to drop throughout the winter, home price trends always lag behind sales. But if inventory remains low and demand continues to increase, we will see stable if not rising prices by the latter half of 2012.