Logan Home Prices Lowest Since 2007, Short Sales UP

The number of short sale listings in Logan Utah continues to rise as home prices decline. Nationwide, the average median home sales price is now at 2002 levels, it’s not that low in Logan, but over the last three months the median sales price of $156,250 is the lowest Cache County has seen since 2007. The current average list prices are the lowest they’ve been in even longer.

Cache County currently has 64 short sale listings in Cache Valley, or 8.82% of the 726 Logan MLS listings. The number of short sale homes is rising, because people who bought homes between 2007-2010 that need to sell now, are often upside down. They purchased their homes for far more than they can sell their homes for now. Expect this trend to continue until home prices stabilize.
via Logan Utah Real Estate Market Conditions: Short Sales Rising as Home Prices Declining.

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