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St George Utah Real Estate Information

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.

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St George Utah Real Estate Information

Washington County Real Estate Statistics for June 2008

Aug. 1, 2008
Categorized in: Real Estate Statistics

 

There were a total of 240 properties sold in the Washington County MLS in June , which include homes, lots, commercial, and raw land. This represents 30 less property sales than the total in May which was 270. As of the end of June 2008, there was 26.3 months of inventory on the market. 
                 Single family home sales totaled 158 in June 2008 compared with 198 sales in 2007. That is a 20% decrease in the number of single family homes sold. The price of the median home sold in June 2008 was $269,500 compared with $295,000 one year ago, which is an 8.6% reduction. 
                 The number of building permits pulled so far this year are down dramatically compared with those pulled just one year ago. The average number of permits being pulled monthly this year are 54 compared with an average of 146 that were pulled monthly in the first 6 months last year.   In 2005 there were a total of 3479 building permits pulled. If we continue building at the same rate, there will be a total of 648 new builds this year. 
 

Comparison of National real estate trends

May. 8, 2008
Categorized in: Real Estate Statistics

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%.