Current St. George (Washington County) Market Stats

Just pulled these numbers off our local MLS data base. I hope you find them interesting. If so and you would like to have any other questions answered please call me. I am always just a phone call away at 435-619-3619 - As of today our single family homes that are active on the market are 4,856. that is a 13 % decrease over that same time period last year. That tells me that the market it getting a little bit better. Average days on market last year was 199 this year 159, number of single family homes sold last year in our MLS area was 930 and this year there have been year to date 1099 single family homes sold. BUT this is the kicker, the average sales price of single family homes has gone from $320K to $267 and if you take out the Zion area that number drops to $237. Now keep in mind this is not including any of the townhome or condo classes of homes. Just a bit of trivia to think about. You can access ALL local MLS properties at http://leannwalters.com - create your own search and save it for your own personal portal. Call me if you have any questions, like I said I'm always happy to help in any way I can.

What Will Happen in the Next Year in St. George?

This is the question. One client that I was talking with the other day said that he really believes we are riding on a wave and that those that grab it while it is here will be all the better off because it is a temporary, fleeting wave. There is a definitely a surge in the market. I feel it, I see it in my closings and offers I'm writing, and I see it around my office with all the other agents that didn't give up last year. But I certainly will be the last one to try and predict what is going to happen in the future. It seems that each and every day the banks we are talking to with the short sales change their "procedures" and it just puts another delay on what could have happened. The homes are sitting empty, people are walking away because they want something and they want it now. I do think because of this we are going to see a great number of REO's rather than short sales. Most agents are just tired of working with the banks and all the guidelines that go along with getting the approvals on these offers. It doesn't seem like it is even about the money to the banks, it is about the process. I had an offer on a house listed at $315K - my client came in with a cash offer of $275K on a short sale. We were rejected and it went to foreclosure. The very next week the house was back on the market through their REO dept and the price was $275K - The bank paid the cost of foreclosure so they could collect on their PMI is all I can figure, and that was pretty much confirmed by the agent. So I guess I was wrong maybe it is about the money, but I had another deal that was a cash offer, only 8% less than what the banks were owed and it has been 8 weeks and still not even a negotiator, they've lost the file three times after closing the file in the 3rd week for no apparent reason that they can even determine. And I have had to refax the offer 4 times now to 4 different fax numbers. But they promise me that this last number is the one that will get to the right department. In the meantime, the buyer has walked - and I'm not going to tell the bank until I get an answer from them so that I at least have an approved price to put back out on the MLS. What are some of the challenges you face? Are you seeing an end to this any time soon?