This morning as I was going through the new listings in Cache Valley, I noticed that two of the new homes for sale in Wellsville, were Ultra High end homes. I know that sales of existing large expensive homes is few and far between, but I didn’t realize just how bad it was until I ran some numbers.
For Cache Valley, homes above about $300,000 are generally considered high end homes. Homes above half a million are what I consider “Ultra high end homes.” Right now, Cache Valley has 44 homes listed that are priced above half a million. In the last 10 years, just 73 homes have sold, and 53 of these homes were less than $650,000. Homes more expensive than $650K have an even slimmer potential of being able to sell.
Twenty-Four of the current ultra high end homes for sale in Cache Valley are priced more than $650,000. Since the MLS started keeping track of statistics in the early 90’s, Cache County has only had 21 residential properties listed at more than $650,000 sell, and some of these actually sold for less than $650K. If the pace of these homes doesn’t pick up, we have about 20 years worth of real estate inventory. There currently aren’t any homes priced above $650,000 that are under contract.
via Sad News for Sellers of “Ultra High End Homes” in Cache Valley « Logan Utah Real Estate Blog.
Brought to you By Cornerstone Real Estate Professionals