St. George Real Estate Market Update - August 2012

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Great news! We can finally see an economic recovery ahead! And one of the most promising indicators of this is how well our real estate market is performing. Here’s a snapshot of what has been going on in terms of sales, inventory and prices in our local marketplace.

As the nation, including us, continues to enjoy historic low interest rates there has been a lot of activity across the board. As such, the number of available homes on the market has been dwindling. This, of course, leads to increased demand, which in turn results in prices beginning to climb. And who does not want that?

As of the latest report, we saw a significant reduction in the number of available condominium units and townhomes at an 11% drop. But at the same time we are reporting an increase in prices of 7%, a great sign of recovery both in the housing market and our economy.

Single-family homes on the market have dropped down 3% however at the same time prices have risen 2%.

The most noteworthy change is a 43% increase in the number of available land lots – and we are even starting to see prices come up a bit. We will be watching this closely and of course will report back to you if there is a change in activity on that end.

What do these numbers mean to buyers and sellers? It means that buyers need to act carefully and have more to consider now than what they have been used to the past couple or few years. In terms of sellers, the time is finally here for them to also enjoy some success.

As our inventory continues to shrink and demand continues to rise, it is critical that buyers have a strong negotiator on their side. Not only is this important given the number of offers that are coming through on properties these days, but it is also vital to the success of your bid. Many buyers are not getting their offers accepted and so with a good agent assisting you in this process, you can hope to achieve success after making your offer.

Sellers, on the other hand, must be fully aware of the changing market and how it impacts what they have known to be true these past several years. For the first time in a while, sellers can now expect more for their properties. We invite you to have us visit your property so that we can tell you what we think it is worth – we will assemble a free report on the sales of comparable properties in the area and advise on how to price your home. These days we are seeing many of our sellers getting at or very close to their asking price and it’s time to leverage that edge you have on the market!

If you have been on the fence about buying or selling, trust us – this is a great time to invest in a change in your real estate outlook. In a very unique situation, both buyers and sellers today are enjoying the market and reaping benefits of an ever-evolving and changing scene.

Call me on my cell today at 435 229 4442. I welcome the opportunity to meet with you!