Southern Utah Real Estate Market Review 2011

Well the numbers are in and all in all last year was a good year for real estate in Southern Utah.  My report deals with Washington County which includes the Greater St. George area and all of the surrounding cities and towns.  This is an overall view of the area and not specific on any one area.  That being said that overall numbers compared with 2010 are very positive.  The total sales of residential real estate was up 10.5% county wide.  There were some areas that sales were better than that and other areas where they were a little worse.  Pended listings for the year were up 9.6 % over 2010.  The average sale price dropped by 3.32 % over 2010.  In December 2011 it was actually up .62%.  Although that number isn’t huge it is a reflection of what is going on in our market.  The biggest statistic for the year is the absorption rate.  The average for the year was 8.8% and in December it was just under 7.2 months.  In December of 2010 the absorption rate was 10.96 months  If you take single family residential without condo, town homes, and manufactured homes there is under 7 months of inventory.  This is a great sign that are market is going in the right direction.  What this means to those looking to purchase a home or sell a home is that home prices will be going up in the coming months and the competition for nice homes will be greater and sellers will be less likely to have to negotiate as much as they have in the past.  New construction is also on the increase throughout the county.  There were approximately 292 new homes that sold in 2010 and 341 that sold in 2011about a 15% increase.  Prices on lots have started to go up as the demand for lots has gone up.  There are several areas where new development is going on.   If you would like more up to date market data or if you would like the data for your area please contact me and I will be happy to provide you with the data.  My out look for the coming year is prices will go up as inventories shrink and as demand also increases.  The bottom line is it is time to get off the fence and purchase a home if you are looking to get the best deal in the St. George market.My market report Washington county December 2011

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