May 2009 St George Housing Market Report
St George Sales Statistics
The St. George Utah real estate housing market has experienced some decent activity again, for the month of May. Although the number of sold property was a bit lower than April (which set records for the past 24 months) May produced market activity worth reviewing. In this post I will reflect on the past few months and offer some comparison to years past.
Here is one of my favorite charts, this chart is reflecting the ENTIRE Washington County and includes EVERYTHING sold (land, residential, and commercial). Occasionally numbers may change a bit as they are updated when each brokerage reports their activity (sometimes the Brokerage may be slow to report).
What Property Sold in St George?
Next, lets review the St George sold residential property. The number of closed, residential sales, for the Greater St. George area for the month of May, 2009 was 187. An additional 74 homes went “pending” for May. The same comparison for April was: 190 sold and 184 went pending (looks like most of the pending homes closed in May, as the numbers are very close).
How Does the St George Utah Real Estate Market Compare to Last Year?
Check out this little graph I created:
Notice the lack of “red” for April and May…finally we are in the black. Another good number is the actual “active” listings are lower. We have been drowning in our inventory so a reduction in the amount will assist in the Days on the Market number being reduced, which simply means: homes will sell faster. The number of active residential listings for May 2009 is: 1,570.
Is It a Good Time To Buy in St. George?
Well, apparently many buyers think so. The interest rates are moving up, this seems to ignite the fire under the fence, which makes those “fence sitters” jump off and get into the game. Foreclosures are offering fierce competition on prices; this is creating multiple offer situations on well priced property, often resulting in an accepted offer even higher than the asking price.
Tell me perspective buyers who are reading this post, what do you think?
Check out some of the listed foreclosure property by visiting my website! Here you can view all MLS listed property.
Date: Sunday, June, 14th 2009 @ 10:01:49 AM Views: 792
This blog entry currently has 2 comments posted.
Paula
Thanks for the reminder, Steve, here is an update: www.stgeorgeutproperty.com/blog/paula/st-george-home-sales-july-and-august-2009/show/
Steve Gulbrandsen
This is wonderful information. Will it be updated soon? As an investor, we just bought a 4400 s.f. home from a bank, for $370,000,, listed at $425,000. It had been on the market 60 days. National projections say market won't bottom until sometime in 2010. I wonder how close to bottom or turning point we are in Washington County?