St George Foreclosure Statistics September 2011
Posted by Paula Smith on Sunday, September 11th, 2011 at 9:40am.Foreclosure activity and market conditions continue to be a hot topic here in St. George. It’s a condition that affects buyers, sellers, and residents. There is something going on, a glimmer of light at the end of the tunnel. It’s still too early to officially call it “stabilization”…it could end up being a train! It does appear however, that our St George real estate market may be stabilizing a bit.
Here are the facts: New construction=UP! More permits were pulled last month than in any month since October of 2007. Great news there.
Notice of Defaults filed: up a slight bit in comparison to the prior 3 months, but down considerably compared to the past 3 YEARS. Almost half as many compared to our peak year of 2009.
Foreclosures: Again, up a bit as compared to last month but down considerably from the beginning of this year and about half the amount from out peak. Take a look at this awesome graph provided by Equity Title in St. George (keep in mind, this is for the entire Washington County, not exclusive to St. George):
Are Homes Selling in St. George?
Yes they are! It’s getting difficult out there. Our inventory is shrinking and there are plenty of buyers out there searching for a deal. This is not so great for buyers, having limited homes to choose from and often ending up in a bidding war for the pristine, well priced home that is coveted by all buyers. Supply and demand people…economics 101. Inventory goes down, prices will go up. As of today (September 10, 2011) we have 1188 homes listed in the greater St. George area (compare that to 1,601 active as of May 2010). Of the 1188 homes listed, 255 are of Short Sale Status and 51 are Foreclosures. This means that 25% of our inventory is of distressed status (compare that to 39% in May 2010 and 30% in February 2011) notice a trend there??
What SOLD in St. George Utah?
Since August 1, 2011 (about 40 days) we’ve sold 221 homes. Of that number, 35 were short sales and 38 were foreclosures. This means that 33% of sold homes were of distressed status. Just for fun…I’m backtracking on my old blog from May 2010 again, and noted that 39% of sold homes were of distressed status.
So, let’s review the facts…The inventory is shrinking (about 10% lower over last year), the number of distressed property is reducing, the number of sales remain the same, in fact YTD its actually about 3.8% higher over last year. What are also down are prices. We are still in a very mild decline and YTD the average sold price is approximately 5% lower as compared to last year (Greater St. George, residential). Building is up, another tool required for stabilization and a healing job market. While we certainly cannot predict what will occur next, the pieces are in place to allow for stabilization. Investors are on the prowl, snatching up rental property which will finally allow a break even with a minimum down and expected rents. If they hold on to it long enough to allow prices to go back up, there is a much better chance of banking profits…the low interest rates are great for the mortgage but you sure won’t make anything with a traditional CD or savings.
Are you ready to buy or sell in St George?
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