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.