St George Utah Real Estate Information

Market is heating up in St George

Posted at 11:03 AM, May. 26, 2009

The real estate market in St George is keeping pace with the upcoming Southern Utah Summer weather; and that would be HOT, HOT, HOT! We are seeing lots of buyers from all over the country coming to St George to take advantage of our "great deals". And why wouldn't they? You can pick up a distressed property for 30-40 cents on the dollar compared with prices of a couple of years ago. Astute buyers know that prices will go back up in the near future; maybe not as high as they were in 2005, but the prices will recover. Many of the buyers are coming down from the Salt Lake City area, and tell us that they have always wanted a 2nd or Vacation home in St George and now they can afford one.

There were 44 months worth of inventory our area in January 2009, and that number has decreased to 19.8 months of inventory at the end of April. If this trend continues at this rate, we could move from a buyer's market to a seller's market by the end of Summer. What we are seeing in this market, in all price ranges, are multiple offers. This is especially true of homes that are being sold as "short sales" and foreclosed properties.

If buyers want to take advantage of great prices and have a good choice of homes, they need to jump in the game soon, before it is too late.

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St George Utah Real Estate Statistics

Posted at 8:09 AM, May. 4, 2009

How bad is the market in the Greater St George area? Well, there is good news and bad news. The good news is that there are 2367 single family homes on the market compared with 2646 homes on the market last year, which represents a 10% decrease in inventory. The bad news, at least for sellers, is that the average sales price this year is $291,155 compared with $360,286 last year. That is a 19% drop in average price. There are currently 340 homes “under contract” which is 5% more homes expected to close than there were last year at this time.

The condo/townhome market isn’t faring as well as single family homes. There are currently 19% less homes “under contract” than the previous year and the number of sales is down 41%. The average sales price of a condo/townhome last year was $189,922 and this year that price has dropped a whopping 34% to $124,797.

While these figures are not good news for sellers, they are great for buyers. Not only are home prices much, much lower than they were a year ago, there are lots of other incentives for buyers.

First time homebuyers are eligible to receive a $10,000 assistance grant from the City of St George to be used to help with down payments and closing costs for home purchases in the City of St George. The State of Utah is also offering an incentive for home buyers who are purchasing a brand new home in Utah by offering them a $6000 incentive to help with their closing costs. The Federal Government is giving first time homebuyers an $8000 tax credit that they don’t have to pay back!

Coupled with the very low interest rates that are currently available; there hasn’t been a better time in Southern Utah to purchase a home, whether you are a first time buyer or making a purchase of a second or investment home.

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