Logan Utah Housing Trends

It is currently a buyers market in Logan Utah as housing inventory levels are approaching record highs. Properties are still selling, especially affordable homes. For the most part, home prices are not expected to decline. The Cache Valley real estate market has slowed since August of 2007, but the Logan trends have not been nearly as drastic as those in Salt Lake, Davis, Weber, and Utah Counties.

Logan Utah Real Estate Market Conditions

• Multi Family Home Sales in Logan Improving
  
  Home Sales of Multi Family Homes in Logan, Duplexes, Triplexes, and Fourplexes are improving. They are definitely not outstanding, but over the last three months they have been up compared with the rest of the year.

  There are currently 9 Duplexes for Sale in Logan, and 26 Tri and Fourplexes for Sale. This includes most of the Multi-Family properties for sale in Cache County. Outside of Logan there are three additional duplexes for sale found in Smithfield and Hyrum, and one additional fourplex for sale.

  In the last year 15 Duplexes in Cache County have sold. With the current 12 on the market, this gives Cache County 9.6 months of inventory at the annual rate. But, during the last three months 5 Cache County Duplexes have sold. This is just 7.2 months of inventory at the past three month pace.

  Inventory of tri and four-plexes has also seen improvement, but the numbers are still pretty dismal. Cache County currently has 27 tri/fourplex properties for sale. In the last year, just 13 of these properties have sold. This is more than 2 Years of inventory! But, over the last three months there have been 4 fourplexes sold, which lightens the blow a little bit and brings the active inventory down to 20 months.

  Overall there still just isn’t a lot of buyer activity for investment properties in Logan. By far, duplex purchases have been the most popular. It’s a tough market to try and sell four-plexes.

  You can view all the MLS listed Duplex’s, Triplexes, and Fourplexes for sale in Logan here.

  
• Cache County Sellers are Getting Closer to Ask Price
  Cache Valley home sellers have been getting 6.5% less than their original list price when selling their homes the last two months. This is closer to the original list price than we’ve seen in a while.

  This tells us that either home buyers are offering more, or else sellers are now more realistic with their original list price. From April-September, the average sales price of Cache County Utah Real Estate was more than 10% less than the original list price.

  
• Short Sales in Logan Utah
  There are currently 12 Short Sales in Logan Utah, and 35 in the smaller Cache Valley cities. This is up slightly from last month. Currently, 6.37 percent of all active listings are Cache Valley Short Sales.

  Five of the current Logan Short Sales have already been approved by the bank. This means the purchase transaction shouldn’t be much different than an ordinary transaction from the buyers standpoint. The other 62 Cache County properties listed as short sales still require bank approval before closing can actually take place. This means the real estate transaction could take many months, or may not actually even happen at all if the bank isn’t willing to allow the short sale.