Year End Real Estate Statistics for St George and Hurricane Utah
St George Sales Statistics
2008 year end St George Market Statistics are in. The St George Utah real estate had a bit of a volatile year, with the number of short sales and foreclosures inundating our market; thereby causing a swelled inventory coupled with declining prices. Let’s take a look back at the past 12 months and do some comparison market reports from the prior year as well. I will include Hurricane real estate statistics and include breakdowns (by request) on price range statistics.
Here is a comparison report reflecting 2007 and 2008 St George, residential real estate sales. Over all, sold listings were down 20.8%. The first half of the year reflects the largest decline with the second half representing only half of the decline percentage. The reason for the slight increase in sales during the second half may be a result of the lowering interest rates as well as price reductions, notice the simultaneous “median sale price” showing prices were significantly reduced in the second half of the year.
The number of “TOTAL SALES” shows that 419 less units were sold in 2008 vs. 2007. Interestingly, there were 453 less homes listed in the same year comparison. This translates to 8.2% decline in inventory. Considering our extremely high inventory, these numbers are not great indicators of the housing market getting close to “bottom”. For any kind of stabilization, we will need to absorb more of the inventory. The irony with stabilization is that buyers will have less to choose from and begin to see higher prices. A sigh of relief for sellers no doubt, but buyers who wait for the stabilization to occur will face the consequences.
Here is a graph for Hurricane, Utah real estate sale statistics, reflecting residential sales:
Price range statistical breakdown is a favorite among the readers. This graph shows how many residential homes sold for the St George area, in each price range during 2008.
ST. GEORGE HURRICANE
Despite the doom and gloom year we are experiencing, I have experienced a great deal of success. I want to thank each and every client I have had the privilege to work with. Not every client ultimately bought or sold, but having the opportunity to work together has offered me the chance to learn and grow, not to mention make great acquaintances along the way. I wish everyone a very happy New Year, filled with prosperity, health, and happiness. Thank you to all of my readers and I very much appreciate all of the kind comments and useful suggestions I have received to make the overall website experience better for everyone.
Cheers to 2009
Sincerely,
Paula Smith
Date: Wednesday, January, 7th 2009 @ 11:06:40 AM
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