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St George Utah Real Estate Information

Blog by Annette Basso
St George, Utah
This is the very best weblog you can visit to find information about real estate and what's happening in Southern Utah. We post here often about present conditions of the real estate market in Washington County and how you can benefit as either a buyer or seller. Visit our website to search the Washington County MLS anytime without having to register your name at www.BassoGroup.com

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St George Utah Real Estate Information

Real estate statistics in Southern Utah for 2008
Jan. 15, 2009
Categorized in: St George Area Real Estate Statistics
Tagged with: real estate statistics, st george real estate, washington county real estate

 

In this post I am giving you real estate statistics which compare sales in 2008 with 2007 in the Washington County MLS (which includes a few out of area properties, ie Iron County, Kane County, etc.)         
                 One of the first things that our clients like to know is the absorption rate, or months worth of inventory. At the end of Dec. 2008, there were 36.87 months of inventory on the market. This includes land, condo/townhomes, single family residential, mobile and modular homes, and commercial. What this means is that it would take almost 37 months to sell all of the properties that are on the market, assuming that the same rate of sales continues and no other properties come on the market.   (Each price range is a little different, so if you would like to know about a particular price range, please give us a call and we would be glad to look it up for you).
Our current market condition, called a “buyer’s market”, has been in effect in Washington County for more than a year, where the absorption rate in Dec 2007 was 33.42 months, just 3 months less than our current conditions. 
Last year there were 1575 single family homes sold compared with 1887 homes sold in 2007. The average sold price in 2008 was $300,888 compared with $338,538 in 2007; the median sold price in 2008 was $250,000 compared with $283,000 in 2007, which represents an 11% decrease overall. 
 The sales of subdivided lots, declined by 49% from 2007 to 2008. and the average price was 20% less in 2008.
The sales of freestanding townhomes was hit pretty hard last year. There was a 35% decline in sales and a 45% decrease in sales price over 2007. The average price of a freestanding townhome in 2007 was $354,027 and was $186,392 in 2008.
The new construction market was the hardest hit last year. There were only 10 sales in 2008 compared with 45 in 2007 which is a 77% drop in sales. 
While this market is not good if you are trying to sell, it is great if you are in the market to buy. There is an abundance of inventory to choose from, the prices haven’t been this low in over a decade and the interest rates are the lowest in 35 years. But you’d better not wait as we are starting to see a shortage of homes priced under $250,000.
 
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12 Reasons to Buy during the Holidays
Dec. 4, 2008
Categorized in: Tips for Buyers
Tagged with: holiday shopping, home purchase, real estate, st george real estate

 

The 12 reasons to buy a home during the holidays:
1. Loan programs and limits are constantly changing. Current programs and limits, such as FHA, may not be available in 2009 after changes in our government take place.
2. There are less buyers shopping for a home during the holidays, therefore you may be in a stronger negotiating position.
3. With fewer buyers on the market during the holidays, there may be fewer multiple offer situations, especially in REO and Short Sale properties.
4. The transaction load is lighter for many lenders at this time of year, so your file may be handled quicker, more efficiently, and more accurately. This holds true for Title and Escrow.
5. It’s nice to get a feel for a home when it’s decorated for the holidays.
6. You may have more vacation or free time during the holidays instead of having to ask for time off work to look at homes, complete paperwork, attend signings, etc.
7. You can show your visiting friends and family your prospective new home.
8. With fewer buyers on the market, it may be easier to schedule inspections, etc. allowing you to shorten your contingency period in exchange for more favorable terms.
9. You’ll be enjoying your new home in the spring instead of waiting to move in.
10. January is typically the best time of year to buy decorating items or home improvement items as the retail industry doesn’t want a huge slump after the boom in holiday shopping.
11. If you have kids, they can transfer to their new school at the start of the new semester and avoid “getting behind”.
12. What could be a better gift for the family than a new home for the holidays?
Are you ready to buy?  Call the Basso Group today to set up an appointment to get started.
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Comparison of National real estate trends

May. 8, 2008
Categorized in: St George Area Real Estate Statistics
Tagged with: real estate, st george real estate, trends, washington county, worst markets

I just received some interesting statistics from a real estate friend in Pueblo CO in regards to the 10 worst real estate markets in the country, and of course, I had to compare them with our own real estate market. Here is the news:

10. Denver sold about 2.9% of their inventory in April, Median price $230,100.

9. San Diego sold 2.7%, Medial price $523,000.

8. Baltimore sold 2.5%, Median price $261,000.

7. Chicago sold 2.3%, Median price $261,000.

6. Washington DC sold 2.2%, Median price $400,000.

5. Los Angeles sold 2%, Median price $509,700.

4. Tampa sold .8%, Median price $201,600.

3. Phoenix sold .6%, Median price $241,700.

2. Orlando sold .6%, Median price $240,000.

1. Miami sold .2%, Median price $240,000.

So, how do measure up in St George? Our sales were 3.4% of the total inventory in April and our average price was $247,389, which is almost a 16% drop from the average price of $286,065 in March. Our total inventory at the end of April was 6383 properties (including all residential, lots, commercial and multi-family) and there were 216 sales giving us 29.55 months of inventory.

We have a lot of "distressed" properties on the market that are either in foreclosure or are being "short saled". These properties are selling at below market prices which is making it a little tough to sell properties that are not "distressed". I like to remind sellers that buyers are looking for the best "deals" in this kind of market and to be patient while trying to get their homes sold.

The good news for property owners in the Washington County area is that the average sold price of a single family home has increased in the last 10 years by a whopping 261%. In 1997 the average sold price of a single family was $131,627 and the average sold price of a single family home in 2007 was $343,699. The largest increase in this 10 year period occurred between 2004 and 2005 when the average sold price of a single family home jumped 33%.

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