The Cache Valley real estate market is a great place to buy a home. Our homes in Logan, Utah are the only homes to have increased home values in 2008, and the first 3 quarters of 2009 in Utah. Our market is strong and home values show our economy is one of the best, and our unemployment rate is also one of the lowest.
(Photo Via Darryl Wyatt)
According to the Bureau of Labor Statistics, Utah has the 4th lowest unemployment rate in the country at 6%; just behind North Dakota, South Dakota, and Nebraska. Cache Valley has an unemployment rate of 4.6%, and at the first of the year, in January, our rate was 3.7%. Our job less rate is rising, but due to our diverse economy, the future looks good for our valley.
The Cache Valley Real Estate Market
If you compare the Cache Valley real estate market today, compared to where we were last year, you can see a dip on sales, but our prices per square foot are relatively close.
Properties Sold In Cache Valley 1/1/09 – 10/15/09 - 751
Homes Sold Last Year At This Time – 914
Avg. Price Of Homes Sold 1/01/09 – 10/15/09 - $182,042
These homes in Cache Valley were, on average, on the market for 105 days.
Avg. Price Of Homes Sold 01/01/08 – 10/15/08 – 191,761
The average market time for homes sold this time last year was 72 days.
Average Price Sqft 1/1/09 – 9/31/09 - $81.40
Avg Price Sqft 1/1/08 – 09-31-08 – $83.70
The Cache Valley Utah real estate market is not in bad shape, but we have seen a decline in home sales just like most of the country. The good news about our market is our very low foreclosure rate, and because of that low rate, our home values haven’t been effected like other markets in the nation.
Currently, we have 44 pre-foreclosures on the market out of 745 active single family residential homes, or 1 in about 17 homes is a pre-foreclosure. If you compare that to other cities around the nation, that rate is outstanding.
