St George Real Estate Market Report 2010
Posted by on Saturday, April 3rd, 2010 at 4:12pm.It’s been a busy spring in the St George UT real estate market; as a result I’ve totally neglected my real estate statistics blog. I’m not the only one who is busy, these statistics show St George housing sales are increasing. Let’s jump into this; I’ll save my opinions for the end (for those readers who want to read it). 
St. George Residential Housing Market Report
February 2010 Total sold= 170
Pending= 215
Amount Active= 1,896
Average price of SOLD homes for February= $226,471
MARCH 2010 Total Sold= 206
PENDING= 238
Amount Active= 1,888
Average price of SOLD homes for MARCH= $226,263
So, let’s have of look of exactly what is moving in each price range (this is for February and March 2010 combined):
Across the board, homes are moving in every price range…here comes the opinion part…
The key IS pricing! Although it seems like most price ranges are moving, and we have a reduced amount in inventory as compared with months (even years) past, the only homes that are moving are the homes priced really well.
My most popular phone call starts out with “I’m interested in a foreclosure home….” Typically this statement is with the philosophy in mind that the best deal will be obtained by purchasing a foreclosure. While this CAN be true, it’s not always the case. Banks are reducing prices in an effort to rid of their increasing inventory, which creates attractive prices on many homes. However, the average seller is forced to now compete with those prices and they can often price just as well OR BETTER than a bank (St George foreclosure home). When banks drastically reduce their prices, typically there are multiple offers within days (even hours) of being listed/reduced. This is creating fierce competition for buyers and since only one person will “win” this leaves many buyers becoming overwhelmed and frustrated with the process. Of course not all sellers CAN compete, unfortunately for them, their property will sit on the inventory indefinitely.
What is the status of St. George Utah Foreclosures?
Well, I wish I had some better news to report…personally, I do not believe things are getting better just yet. For the month of March 2010 there were 234 Notice of Defaults (NOD) filed for (the entire) Washington County with a total of more than $78 million.
While not all of these NOD’s will actually become “foreclosure” property, a large percentage WILL. These numbers are staggering. Until these totals subside, I can not image how we can begin to see genuine improvement in the St George real estate market.
So, is “now a good time to buy in St George?” Yes. Prices are at record lows and individuals who were formally priced out of this area are now able to afford a great home. This comes with my overused stipulation… “It’s a good time to buy, as long as you won’t plan on selling for the next several years”.
I’ve seen flippers attempting their hand in this St George market…my advice: YOU ARE CRAZY! I’ve personally seen more fail than succeed in this market. I’ve actually witnessed a few brave souls buy a foreclosure then attempt to fix it/flip it…only to have it go into foreclosure again!
If you would like to see ALL MLS listed property in St George or surrounding area, please visit: St George Utah Real Estate
HERE IS THE LINK FOR MY NEW LISTING, FOR SOME REASON IN THE EMAIL THE LINK WENT TO THE WRONG PAGE (the link was correct...) http://www.stgeorgeutproperty.com/listings.php
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