St George Home Sales July and August 2009
St George Sales Statistics
St George Utah real estate market statistics are back! After an unintentional hiatus, a very nice blog comment received has me back to work on my Utah market update! Thanks Steve, for reminding me!
It’s been a busy few months, so let’s take a look in detail as to exactly what is going on in St George. Foreclosures are still on the rise. Notices of defaults are still way to high to predict any sort of market stabilization. There were approximately 220 notices of defaults sent out last month, while this was a bit less than prior months, this number is ridiculously high.
Let’s take a look at actual home sales in St George. This will include residential home AND land sales for the months of July and August for the Greater St George area.
- JULY 2009 SOLD= 219 with an average sale price of $245,957
- AUGUST 2009 SOLD= 178 with an average sale price of $206,500
Of the 371 SOLD RESIDENTIAL HOMES (not including the land) 43 homes were active Short Sales. 90 sold were Foreclosures. This indicates that approximately 35% of homes sold were involved as short sale or foreclosure. There is approximately a 5% margin for error due to listing agents not correctly reporting the status.
So what price range is selling? Take a look at these graphs that illustrate a nice break down of how many homes sold in what price range:
How does the St George Utah real estate market compare to last year? Take a look at this graph for the overall breakdown.
These past few months have shown sales to be up and listings in inventory to be down. This is a sign of stabilization and inventory absorption, however due to the overwhelming notice of defaults being filed every day, I think it may be several months before we can witness true market stabilization.
Buy now or wait? It’s a great time to buy and invest; it’s NOT a great time to sell. So, as long as you plan to buy and hold then purchasing can result in a nice return once the market turns around. If there is any chance that you may have to sell in the next couple of years, my advice will be to wait. Date: Monday, September, 21st 2009 @ 02:54:11 PM
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This blog entry currently has 1 comments posted.
tim king
Paula,
Can you tell me if any of the sales in 2009 were bulk sales, such as an investment group buying 10 or more homes? This is happening in some markets. Sometimes it is an investor buying a small tract of homes from a developer. I'm curious to know if it is happening in St. George.