RSS Blog FeedWashington County Real Estate Stats for 2007
Posted at 9:32 PM, Feb. 11, 2008
2007 was an interesting year in real estate in Washington County!
We started out the year with 18 months worth of inventory, (single family, condo/townhomes, lots, multi-family, commercial, and mobile homes) which was about 10 months more than we ended with in 2006 , and we ended 2007 with almost 38 months worth of inventory. What that means is that if NO other properties come on the market, it will take 38 months to sell everything that is currently on the market. That is assuming that the sales rate is consistent with the number of sales in December.
Even though the number of single family homes that sold in 2007 was 17% less than those sold in 2006, the average sales price was only down 2% over the year before. The average sales price in Washington County in 2007 was $339,067; in the greater St George area, the average sales price was $363,892; and in the Hurricane Valley, the average sales price was $260,907.
At the end of 2007, there were 6,196 active listings in the Washington County MLS, and there were a total of 165 sales in December 2007. In December 2006 there were 5200 active listings and 319 sales.
These numbers show that we have a very high supply and a low demand for homes right now. When this situation exists, the buyers are in the driver’s seat and can easily shop for the very best home at the very best price. This means that sellers must price their homes at current market value, or less, in order to be competitive and get buyers to look at, and make offers on their homes.
The interest rates are predicted to fall a little bit this month which makes this a perfect time to purchase a home or condo. If you have been thinking of buying that 2nd or vacation home, now is probably the best time to take the plunge. There are also some really good buys out there due to the number of “short sales’ and foreclosures in the market place.
If you have an interest in selling or purchasing property, please give us a call and we will be happy to assist you in any way that we can. We can send you an email whenever a new listing comes on the market that matches your criteria. Just call or email us with your wish list.
View more entries tagged with: Trends, Statistics, Real Estate Trends