End of Year St George Real Estate Statistics 2009

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St George Sales Statistics

St George Utah Real Estate End Of Year Comparison

Let’s review the year end St George Utah real estate market statistics.  This first graph does a nice illustration for the 2008 and 2009 market comparison.  You will see that over all, St George real estate has experienced a 25% increase in real estate sales over the prior year.  Interestingly, it also illustrates a 14% drop in the median sale price.
 
2008 and 2009 comp

St George Real Estate Price Range Statistics

Greater St George residential sales for 2009 are broken down here by price range.  This chart shows how many residential properties were sold, in each price range.  Top sales fall into the $200,000-224,999 category.
Price Range breakdown

St George Utah Short Sale and Foreclosure Statistics

In 2009 there were 2003 residential homes sold in Greater St. George.  Of the 2003 sold units 315 were reported as Short Sale homes and 555 were reported as REO (or bank owned, foreclosure homes).  This means, that an approximate total of sold distressed property was 870 out of the 2003, or approximately 43.5%.

The TOTAL number of ALL MLS listed property in Washington County (this includes residential, commercial, land, etc…) as of December 2009 are as follows: 
                     New Listings      Active Listings      Sold Listings      Months Inventory
Dec/2009   587                        5,312                     271                       19.60

Here is a comparison for the same time in 2008
                     New Listings      Active Listings      Sold Listings      Months Inventory
Dec/2008   673                        6,171                     171                         36.09

Our “active” inventory has gone down, our “sold” homes have gone up, and our Months in Inventory has been drastically reduced.  These are all great signs for our economic stabilization.  Are we “out of the woods yet?” or “have we hit bottom?”  My own personal opinion is, not yet.  We are still experiencing a great deal of foreclosure activity and Notice of Defaults are being filed in record numbers.  Until the foreclosure trend slows, I believe we will continue at a steady (and slow) decline.  I do not think we are facing a massive home landslide, I believe that part is now over.   Property values may come down a bit more, but we are at great pricing levels and it is evident by our sales numbers that many buyers agree it’s a good time to get into the game.  If you would like to see all MLS listed property, visit my St George Real Estate property search page! 

Date: Friday, January, 15th 2010 @ 07:34:42 PM
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This blog entry currently has 3 comments posted.

Dennis Garstang

Good info and thanks for sharing it with the public.
My uninformed observation is that 43.5% of total
sales being "distressed" is rather high.
Does not bode well for any form of stabilation of the local market there. Maybe right around the corner. 2010 could be an interesting year.

Paula

It's true, 43% is a high number, however this percent is property that is being purchased. If the purchased amount of homes were a lower number, creating a higher inventory, this would mean that a very high number of homes would be sitting empty and creating undesirable and vacant neighborhoods-much like FL is experiencing. Maintaining the integrity of neighborhoods is key for stabilization, as is an inventory that is moving (supply and demand). I agree, 2010 will be interesting! Thank you for your thoughts.

Michael Jackson

Crap,, I was hoping '10 would have a better outlook, I suppose I'll have to wait until 2011 to put my home the Market. Thanks for the info Paula. Best of Luck to Us All

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