Real Estate Weekly

Real Estate News that Matters

Real Estate Weekly - Real Estate News that Matters

The Shift Is On – A Real Estate Market Report for St George UT – April 2012

According to the Washington County MLS as of April 11th, 2012, there were 1338 single family residential listings.  Of the 1338 listings in Greater St. George, only 250 (18.6%) were short sales.  It is notable that 206 (15.4%) were new construction listings (58 of those listings were “to be built”). There has been an over 8 or 9 % increase in residential sales prices from March 2011 to March  of 2012 for respectively, the average sale and median sale prices in Greater St. George.  Based upon this and other data previously published by Real Estate Weekly, I am of the opinion that the “distressed market” has largely moved to the background as we exit the distress phase and move into the expansion phase (creation of new units and increasing prices).  During this early expansion phase we are experiencing a disconnect between the buyers who are largely being told by national media outlets that we are in a “buyers market” and the reality of a falling inventory and rising prices, which could actually slow current unit sales until more buyers come to terms with the market shift.