St George Utah housing market update
St George Utah housing market update for September 2011
The results are in! I have great news about building permits this month: the number of building permits pulled in St. George in the month of August is the largest amount pulled in a month since OCTOBER OF 2007. That constitutes the most permits pulled in a month for nearly the last FOUR YEARS. Foreclosures and Defaults were up a bit from July, but are still comparatively low. Maybe this will put it into perspective: during the default peak (March 2009 to October 2009) in Washington County we averaged 273 Notice of Defaults filed per month. This year we are averaging 119 Notice of Defaults filed per month. In other words, the number of Notice of Defaults filed per month this year are, on average, 154 less than the number of Notice of Defaults filed per month during the peak. Side note: isn’t it nice to talk about the default peak as a thing of the past! As defaults continue to decline the window of the “buyer’s market” will continually close.
In addition, home prices have remained steady for the past year, with variation with individual properties. Once the foreclosures and short-sales come to an end, home prices will begin to rise again. I don't believe hat we'll EVER see home prices increase the way they did 2002-2007. Everybody will remember the years of false speculation, and over inflated home prices.
St George Real Estate
The Real Estate market here in St. George Utah is finally starting to pick back up, now that the weather is starting to cool back down. The summers here are generally a little slower due to the Hot tempatures here in the summer time. As you will see in the St. George MLS, Short-Sale and Foreclosures seem to be the main focal point of the local St. George real Estate market. Even though the summer is a little slower then the rest of the year, there are still quite a few buyers looking to purchase right now. The nice (or better condition) bank owned properties seem to be selling very quickly, sometimes going under contract within a matter of days. The majority of the bank owned properties fall under the new "First Look program", which prevents investors from making offers for the first 15 days. Only those that plan on living in the home full time, as primary residences are allowed to make offers in the first 2 weeks. Please feel free to call us at (435) 862-3303 or email us at Info@HothomesOfStGeorge.com if you would like additional information, or have questions, on any of the above information.