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May 2008

Comparison of National real estate trends

Posted at 9:59 AM, May. 8, 2008

I just received some interesting statistics from a real estate friend in Pueblo CO in regards to the 10 worst real estate markets in the country, and of course, I had to compare them with our own real estate market. Here is the news:

10. Denver sold about 2.9% of their inventory in April, Median price $230,100.

9. San Diego sold 2.7%, Medial price $523,000.

8. Baltimore sold 2.5%, Median price $261,000.

7. Chicago sold 2.3%, Median price $261,000.

6. Washington DC sold 2.2%, Median price $400,000.

5. Los Angeles sold 2%, Median price $509,700.

4. Tampa sold .8%, Median price $201,600.

3. Phoenix sold .6%, Median price $241,700.

2. Orlando sold .6%, Median price $240,000.

1. Miami sold .2%, Median price $240,000.

So, how do measure up in St George? Our sales were 3.4% of the total inventory in April and our average price was $247,389, which is almost a 16% drop from the average price of $286,065 in March. Our total inventory at the end of April was 6383 properties (including all residential, lots, commercial and multi-family) and there were 216 sales giving us 29.55 months of inventory.

We have a lot of "distressed" properties on the market that are either in foreclosure or are being "short saled". These properties are selling at below market prices which is making it a little tough to sell properties that are not "distressed". I like to remind sellers that buyers are looking for the best "deals" in this kind of market and to be patient while trying to get their homes sold.

The good news for property owners in the Washington County area is that the average sold price of a single family home has increased in the last 10 years by a whopping 261%. In 1997 the average sold price of a single family was $131,627 and the average sold price of a single family home in 2007 was $343,699. The largest increase in this 10 year period occurred between 2004 and 2005 when the average sold price of a single family home jumped 33%.