St. George, Utah – its Monday, March 2, 2015, and the Southern Utah Home Price Index (SUHPI) has decreased by 6.48% from this time last year, according to the Washington County Board of Realtors MLS data.
Southern Utah’s Housing Affordability Is Up: While the great State of Utah’s overall median home value remained affordable at $208,600, Southern Utah’s median sales price for a single-family residential unit declined on a year-over-year basis to $212,990. Representing a 6.48% decrease from 2014’s $227,750 median sales price – as indicated by the local MLS statistics.
Utah’s Mortgage Delinquencies Decline: The overall health of Southern Utah’s real estate market has continued to show resiliency and is projected to increase by 2.9% over the next 12 months. Another indicator that points to additional signs of the markets overall health for the SUHPI compares and contrasts the national average for Mortgage delinquency. Currently the national average for mortgage delinquency is 6.4%. Meanwhile the mortgage delinquency rate in the Beehive State has declined to 2.8%. This is Good stuff! As Southern Utah’s distressed inventory continues to decline throughout the state, investors will then return to the normal MLS listings – which currently has an absorption rate of 5.42 months of inventory for Washington County.
SUHPI: Southern Utah Home Price Index – March 2015
SUHPI data – January 31, 2015
Average List Price: $379,245
Median List Price: $309,000
Average Sales Price: $254,459
Median Sales Price: $212,990
Average Cumulative Days on Market: 105
Median Cumulative Days on Market: 52