Cache Valley Homes Cornerstone Real Estate

Home sales were down a lot in Tooele compared to '07, but prices were only slightly down.

For 2008, home sales were down by 34% as 675 residential homes sold in Tooele County Utah compared with 1033 in 2007. Prices of homes sold was also down slightly as the median price dropped 3.5% to $183,275. The average price of homes sold dropped 2.5% from 2007's average of $203,063 to $197,998.

Currently there are 520 homes for sale in Tooele Utah. The median price of these homes is $215,000, average price is $239,876, and at 2008's sales rate, there is 9.24 months of inventory. It's a buyers market in Tooele, and the list prices of many of the homes for sale will need to come down if they want to sell. 2009 should be a better year for Tooele Utah Real Estate.

These numbers are not official, but they'll be pretty accurate.

One of the biggest shifts with the real estate market in Cache County has been with land. 2008 land sales were almost half of what they were in 2007. Surprisingly, sales prices have remained fairly stable, but the active inventory of land is far greater than the number of land sold. When compared with 2008 land sales numbers, Cache County currently has more than 52 months of inventory. These stats might even be an underestimate as in most developments, not all lots for sale are listed on the MLS. Subdivisions usually only list a few lots at a time when there might be hundreds of available lots for sale. In the higher acreages, the numbers mean very little as the comparison of the different parcels of land can be entirely different. One thing for certain is that it is a BUYERS MARKET for land in Cache County, and there is a surplus of lots for sale in all price ranges.

Here is a chart showint the comparison of land for sale in Cache Valley for different lot sizes, and the sales results for the past two years.

To Search Cache County MLS Land Listings visit: www.LandinCacheValley.com

Even with the demand for rentals in Cache County, Multi Family Homes, Duplexes, Triplexes, and Fourplex Sales went down in 2008 compared with 2007. One reason may be that obtaining financing for non owner occupied properties became substantially more difficult. 42 Multi Family properties in Cache County sold in 2008. Down 19% from 2007. Home prices of duplexes actually increased while prices of fourplexes declined.

There is currently more inventory (45 multi family properties) for sale in Cache County than sold all of last year, giving multi family properties 12.86 months of active inventory. Here is the break down of these numbers.

To search Cache Valley Multi Family properties for sale visit www.UtahCornerstone.com

Cache Valley Homes in 2008 took a little bit longer to sell than they did in 2007. This year the average home that sold was on the market for 71 days compared with 45 days last year. Less homes sold in the first month on the market this year, and a greater percentage of homes were on the market for for more than 121 days. The pie charts below show the comparison of the number of days on market in 2007 and 2008.

One interesting note is that there were actually more total listings in '08 (2217) than '07 (2171). That just means that there were more unsold homes this year than last.

Another interesting thing is that the current active listings have already been for sale for an average of 125 days. Many of these homes have been on the market for more than a year. Nearly half the listings for sale have already been on the market for more than four months. Some of thes listings will be on the market for much longer as they are in price ranges that just don't have the buyers. The numbers for the active listing days on market also appears much more out of line because of the season. There are just plain less homes listed during the winter months in Cache Valley.

To search all active Cache Valley MLS listings visit www.UtahCornerstone.com

Condominium and Townhouse sales in Cache Valley were also down this year. This isn't good news for the developers of many of the new Cache Valley condo developoments like Bridgerland Meadows and Rivercrossing Townhomes in Logan, Spring Creek Crossing in Nibley, and the Elk Mountain Townhomes in Hyrum. All of these new condo complexes have large luxury designes, and start in the $130,000's.

2008 condo sales were down 12% compared with 2007. The average price of condos sold did however increase. This was in large part because of the large supply of new high end townhomes. Condo sales are also likely down because more potential buyers have chosen to rent rather than buy out of economic fears.

The months of inventory of these condos for sale is in the "balanced" range. In reality, the condo market is probably a buyers market as the large condo complexes don't put all of their townhomes for sale on the MLS. The price of the condos for sale is substantially higher than the average prices of condos that have sold the past few years.