Provided you’re an informational junkie, such as myself. It’s more than likely that you have had your reservations regarding the sluggish nature of today’s current housing market. With banks requiring ridiculous FICO scores, it’s no wonder. Just go online and Google ‘real estate market conditions’ and you will see a varying swath of trends based on several factors: proximity to a strong economic base (San Francisco, L.A., New York), the level of inventory, availability of water permits, construction productivity, interest rates – in addition to the normal ebb and flow of speculative investment.
While some markets are doing great, others, well… not so much. The St. George, Utah real estate market seems to be remaining steady after peaking in early May, when 372 St. George Utah residential listings closed escrow. Particularly when compared to June’s 320 COE’s (Close Of Escrow), or July’s 311 total closed escrow.
Historically speaking, this is nothing shocking for our market. In drilling down on the local real estate trends here in southern Utah, history shows us that the month of January tends to motivate sellers to put their property on the market for sale. Conversely, springs beautiful May weather in southern Utah, has inspired more buyers to join us and relocate to sunny St. George than any other month.
Generally speaking, as we compare data on a year-over-year basis, one dichotomy stands out. While the number of single-family homes listed for sale rose 10% for 2014 the total number of homes sold declined by approximately 15% – while ultimately yielding a 10% net gain in the average sales price. The end result for those buyer’s hoping to get the most bang for their buck – in the highly sought-after Sub $300,000 market – or can I have a hard time finding adequate inventory as this sector has seen a drastic reduction in inventory.
Well, it’s Friday afternoon and soon to be Labor Day weekend, 2014. I hope everyone has a great holiday weekend … Remember to play safe. With I-15 being predicted to be nothing short of a full-blown nightmare this weekend, remember to drive safely out there.
For those with a few extra minutes on their hand, here’s a little more data to digest.