| 1st Quarter - 2007 | 1st Quarter - 2008 | |
| Average sales price: | $187,851 | $185,794 |
| Avg price per sq/ft: | $80.33 | $84.00 |
| List vs. sold price: | 98.67% | 98.33% |
| # of homes sold: | 256 | 217 |
| Average days on market: | 72 | 65 |
What do these numbers mean?
Average Sales Price: This is what the average home costs to buy in Cache Valley. On the surface it may look like we have depreciated from last year. However, this is not the case (and this is backed up by the average price per sq/ft below). One of two main things is probably going on. First, people aren't extending themselves into debt nearly as much due to the overall economy. Everyone has the general desire to hold their money close. Second, 100% financed loans are much harder to come by, so buyers need to put more money down on their purchase. Many buyers don't necessarily plan ahead and are forced to purchase a less expensive home that they can afford a downpayment on. Along these same lines, loan guidelines have become more stringent, and lenders simply won't loan the same amounts they used to.
Average Price per Sq/Ft: Up from last year! Great news for all homeowners, as this is a good indication that we are still appreciating in value.
List Price vs. Sold Price: Despite the feeling of a "Buyer's Market", the statistics are showing otherwise. Sellers are still getting over 98% of what they are asking for their property. So while buyers may have more homes to choose from, sellers are certainly not desperate to get rid of their homes.
Number of Homes Sold: Down a bit from last year, but by no means unusual. Cache Valley winters are known for being long, and this year is a great example of snow that won't go away. The weather has a surprising impact on real estate sales, and this may have contributed to the lower numbers. We will just have to pick it up this summer!
Average Days on Market: Great news for sellers; homes are selling faster than they were at this time last year. This is another indication that the market is still in good condition. This will help give you a plan if you are getting ready to sell your home.
Hopefully this gives you a better idea about the Cache Valley market. As always, if you have specific market questions please fill free to call or email at any time.
