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Real Estate Statistics for Feb 2007
Posted at 1:49 PM, Mar. 13, 2007
The total number of single family homes on the market in the Washington County MLS as of March 5, 2007 was 2651, which is an increase of 23% over last year. There are 2215 subdivided lots on the market compared with 1374 that were on the market last year.
Given the number of total properties for sale in our MLS and the number of sales during February 2007, there are 19.81 months of inventory on the market. In other words, if no other properties are listed and sales remain at the same level, it would take better than 1 1/2 years to sell all of the current inventory.
The average sale price of a single family home last year in the Greater St George area was $355,732; this year the average sale price increased only 1+%, or $360,013.
Do these figures indicate “gloom and doom”? We don’t think so. If you study the real estate market in Washington County for the past 10 years, the present market is typical of the cyclical market we have seen in Washington County for the last decade.
We believe that there will be an influx of “boomers” relocating to Southern Utah in the next decade as millions of them start to retire and look for a warmer climate and a better quality community in which to spend their “Golden Years”.
Please feel free to call us if you would like more information on our current real estate conditions.
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