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RSS FeedSt George Utah Real Estate Statistics |
May. 4, 2009
Categorized in: St George Area Real Estate Statistics
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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