Comparison of National real estate trends
Posted at 9:59 AM, May. 8, 2008
I just received some interesting statistics from a real estate friend in Pueblo CO in regards to the 10 worst real estate markets in the country, and of course, I had to compare them with our own real estate market. Here is the news:
10. Denver sold about 2.9% of their inventory in April, Median price $230,100.
9. San Diego sold 2.7%, Medial price $523,000.
8. Baltimore sold 2.5%, Median price $261,000.
7. Chicago sold 2.3%, Median price $261,000.
6. Washington DC sold 2.2%, Median price $400,000.
5. Los Angeles sold 2%, Median price $509,700.
4. Tampa sold .8%, Median price $201,600.
3. Phoenix sold .6%, Median price $241,700.
2. Orlando sold .6%, Median price $240,000.
1. Miami sold .2%, Median price $240,000.
So, how do measure up in St George? Our sales were 3.4% of the total inventory in April and our average price was $247,389, which is almost a 16% drop from the average price of $286,065 in March. Our total inventory at the end of April was 6383 properties (including all residential, lots, commercial and multi-family) and there were 216 sales giving us 29.55 months of inventory.
We have a lot of "distressed" properties on the market that are either in foreclosure or are being "short saled". These properties are selling at below market prices which is making it a little tough to sell properties that are not "distressed". I like to remind sellers that buyers are looking for the best "deals" in this kind of market and to be patient while trying to get their homes sold.
The good news for property owners in the Washington County area is that the average sold price of a single family home has increased in the last 10 years by a whopping 261%. In 1997 the average sold price of a single family was $131,627 and the average sold price of a single family home in 2007 was $343,699. The largest increase in this 10 year period occurred between 2004 and 2005 when the average sold price of a single family home jumped 33%.
First Quarter Real Estate Statistics in Washington County
Posted at 3:11 PM, Apr. 10, 2008
First quarter 2008 sales of real estate in Washington County were down considerably from the previous 2 years. According to records from the Washington County MLS, January saw a total of 159 sales compared with 325 in 2007 and 362 in 2006. February was a little better with 188 properties sold compared with 294 properties sold in February 2007 and 344 properties sold in 2006. Sales started to pick up in March, as they generally do, and finished up with 226 sales total compared with 407 in 2007 and 434 in 2006.
What has really changed in the past 3 months is the amount of inventory on the market. In January we had 39.25 months worth of inventory, in March the figure dropped to 34.31 months of inventory and at the end of March there were 28.15 months of inventory on the market.
We are definitely seeing an increase in our market as the number of buyers and investors take advantage of some of the “great deals” we have on the market due to the numerous “short sales” and foreclosed properties.
If you have always dreamed of buying when the prices are low and then being able to sell when the prices are high—now is the time to make that purchase. It probably won’t get any better than this! Lower prices, low interest rates, and lots of inventory to choose from!
Call us today for a list of “great deals”!
St George among top 10 in growth
Posted at 1:54 PM, Mar. 27, 2008
The latest figures from the US Census Bureau shows that St George Utah was the 2nd fastest growing metro area in the country between 2006-2007 with an increase of 5.1%. Palm Coast FL took 1st place in the fastest growth with an increase of 7.2% for the same time period. Other areas that saw surges of growth were Raleigh, NC; Gainsville, GA; Austin, TX; Myrtle Beach, SC; Charlotte, SC; New Orleans, LA; and Grand Junction, CO.
The population increased in St George from 127,310 to 133,791 between 2006-2007 and it is projected to continue. So when you look around at all of the construction that is going on in our community and you ask why are they still building when there is such a slow down in the housing market, you know why. St George is a unique area that is somewhat insulated from the terrific downturn in the housing market. Yes, we have a lot of properties that are in foreclosure, and yes, we are seeing many people that got themselves into trouble with no interest and low interest loans a couple of years ago, but for the most part, our economy is strong and we are still seeing a lot of people who want to move to our beautiful community.
January and February were pretty slow in terms of real estate sales, but we are seeing a pretty good March and hopefully, this trend will continue.
450 Ideas to help your home sell faster
Posted at 3:13 PM, Feb. 26, 2008
This booklet has lots of really great ideas for getting your home ready to sell. In this market, you need to not only be priced at, or a little below market value, but your home really needs to "shine". First impressions are very important and this information will be helpful in making the very best first impression on the buyers who will be looking at your home.
uploads/bassogroup_450_ways_to_help_sell_your_home.pdf
Gizmo is on STRIKE
Posted at 9:40 PM, Feb. 11, 2008
My turn, my turn! Finally! Yes it’s me Moose (but I think you all know me as Stoopid). Since those Hollywood writer types are still on strike (and Gizmo thinks he’s that important), I get another shot at writing the column. You may remember my last writing attempt didn’t go too good cuz’ I wasn’t a very good speller, but you’ll be happy to know that I have completed the entire Hooked on Phonics mail order course and I think I’ve come along quite nicely.
Anyway, I know you’ve heard about that diet thing we got put on just after Christmas. Well, I’m here to tell you, there’s only one of us dieting and it’s not Gizmo. Us dogs have this thing called hierarchy and apparently, I’m not as high up on this hierarchy as Gizmo. When the humans put down the 2 bowls of food, he rushes in and scarfs up both bowls. Apparently he’s on the see-food diet and I get the air and water diet. I must admit though, that I am looking rather svelte. The humans have finally caught on to his tricks cuz’ now we have to eat in shifts. He gets the first shift and I’m stuck on the second shift. At least I’m getting fed again!
Now, to completely change the subject, how about this white stuff that’s laying all over my yard? I’m not quite sure, but I think I heard the humans call it snow. Whatever it is, I LOVE IT and don’t ever want it to go away. I have spent the entire day in it, rolling around, eating it, peeing in it and kicking it with my back legs to the high heavens. Grass is good to kick too, but not nearly as much fun. When I came in through the doggy door covered in snow this morning, the female human told the male human that someone had stolen her dog and replaced it with a baby polar bear. Baby polar bear my foot! I’m at least as mean and fierce as a big old daddy polar bear. Not to mention better looking.
I don’t know how long my writing gig will last but I’m hoping for more than just this one time. I am getting a little worried about Gizmo though. He seems to be seeing things in the yard that no one else sees. He spends the majority of the day barking furiously at invisible monsters. Every once in a while, I’ll go out and bark too, just to make him think that I’m seeing the monsters too. Trust me though, there’s nothing out there. He is (according to the humans) totally deaf. Personally, I just think he’s not interested.
Well my friends, my new best friend (the snow) is calling my name and I must heed that call. Lord knows how long it will stick around and I don’t want to miss the opportunities that await me (muddy paws, snow in the house, etc.).
Washington County Real Estate Stats for 2007
Posted at 9:32 PM, Feb. 11, 2008
2007 was an interesting year in real estate in Washington County!
We started out the year with 18 months worth of inventory, (single family, condo/townhomes, lots, multi-family, commercial, and mobile homes) which was about 10 months more than we ended with in 2006 , and we ended 2007 with almost 38 months worth of inventory. What that means is that if NO other properties come on the market, it will take 38 months to sell everything that is currently on the market. That is assuming that the sales rate is consistent with the number of sales in December.
Even though the number of single family homes that sold in 2007 was 17% less than those sold in 2006, the average sales price was only down 2% over the year before. The average sales price in Washington County in 2007 was $339,067; in the greater St George area, the average sales price was $363,892; and in the Hurricane Valley, the average sales price was $260,907.
At the end of 2007, there were 6,196 active listings in the Washington County MLS, and there were a total of 165 sales in December 2007. In December 2006 there were 5200 active listings and 319 sales.
These numbers show that we have a very high supply and a low demand for homes right now. When this situation exists, the buyers are in the driver’s seat and can easily shop for the very best home at the very best price. This means that sellers must price their homes at current market value, or less, in order to be competitive and get buyers to look at, and make offers on their homes.
The interest rates are predicted to fall a little bit this month which makes this a perfect time to purchase a home or condo. If you have been thinking of buying that 2nd or vacation home, now is probably the best time to take the plunge. There are also some really good buys out there due to the number of “short sales’ and foreclosures in the market place.
If you have an interest in selling or purchasing property, please give us a call and we will be happy to assist you in any way that we can. We can send you an email whenever a new listing comes on the market that matches your criteria. Just call or email us with your wish list.
The GOOD NEWS in Real Estate by Vardell Curtis, CEO, WCBR
Posted at 2:07 AM, Oct. 4, 2007
While this article is written for any and all
to read, my target audience are Buyers who are contemplating a home purchase, Sellers who still think it is 2005, and the
real estate professionals who perpetuate the myth that "The Sky Is Falling" in Southern Utah.
This submission is in direct response to
all of the negative media reports regarding the "bursting real estate bubble" and as a rebuttal to those who have bought
in to the fallacy that what goes on in other real estate markets of the world must surely be going on in Washington County
as well.
Anyone who knows anything about the real
estate market also knows that it is cyclical in nature. In other words, there are peaks and valleys in the market. 2005
was a "peak" in the cycle, mostly fueled by out-of-state investors who invaded the market like a horde of locusts and
bought everything in site (many times sight unseen) thereby depleting the existing inventory.
The Law of Supply and Demand took over,
which is exactly what the "investors" were banking on, and within a few short months their real estate purchases
appreciated at artificially inflated rates which they then dumped back into the market place and then left the area with a
fat profit in their pockets. The resulting consequence of this market anomaly was a glut of expensive properties left in
the inventory pool.
Unfortunately, there are many Sellers in today's market that still expect their homes to sell at the same inflated
rates as 2005. Ladies and gentlemen, there has been a much needed market adjustment since that time and those days are
long since over. If you are genuinely interested in selling your home, please be prepared to list it at current and fair
market value.
And now a word to the prospective Buyers in Washington County. Just like the Sellers who are still arriving late for
the 2005 party, the longer you wait, the more likely you will be to miss out on the optimum opportunity to purchase your
home. Inventory is currently at record levels in Washington County. The Board administered Multiple Listing Service has
nearly six-thousand properties listed for sale at the present time. This not only provides you with a plethora of options
and choices but it also requires serious sellers to negotiate with you on terms and prices.
Additionally, the Federal Reserve just cut its Fed Funds Rate, which directly impacts millions of American borrowers
just like you! However, accompanying this announcement of a rate reduction came a warning to "Borrowers" as well.
Specifically, borrowers waiting for a lower fixed-rate mortgage may be waiting for a long time. Please remember that the
markets will remain volatile as long as inflation and recession are a possible threat to the Federal Reserve's long-term
economic policies. The Federal Reserve meets again in six weeks, and no one is certain how market volatility and inflation
concerns will affect their future policy and decision-making. Bottom line, the smartest and safest time to buy is now.
Finally, a word about our local market. It is not as bad as what you might believe after reading the doom and gloom
stories taken off of the Associated Press wire. In fact, Utah led the nation with the greatest home value appreciation
between the second quarter of 2006 and the second quarter of 2007 (15.3%). The St.George Metro Area continues to receive
national attention as a leader among cities rated most desirable to live, work, and play. This certainly translates into
new and diverse growth as the population of Washington County continues to grow at a 6.35% annual rate. Our job growth
rate at over 4% is ranked as one of the highest in the nation. Strong job growth results in more families needing homes
which is a positive factor in the real estate market. So, for you real estate professionals, please help me promote the
positives and lets not be a party to what must certainly be characterized as a self-fulfilling prophecy when we only
repeat negative comments.
Much of the attention that real estate is getting today continues to be based on comparisons to the past thanks to
the record-breaking years we had earlier in this decade. But if you take a more forward-thinking approach, you see real
estate is in an upswing based on indicators such as home supply, interest rates and employment. Not only has it never been
easier to find and afford that dream home than right now, but real estate remains one of the best long-term investment
options. So, my take home message is plain and simple, "It's a great time to buy and sell!"
Real Estate Statistics 1/1/07-9/13/07 compared with 1/1/06-09/13/06
Posted at 11:15 PM, Sep. 14, 2007
A ll you hear these days is how bad the real estate market is
and how it is only going to get worse before it gets better. Coupled with the Mortgage fiasco, most consumers are pretty
scared about the real estate market right now. While compiling our local statistics for this month's newsletter, it became
pretty apparent that our local market is also affected by the National trends, but only to a degree. The most remarkable
numbers that I found were in the new homes market where there were 71% less new homes sold this year than last year. But the
difference in the average price of these new homes was only 4% less this year.
In the single family resale market, the numbers were
less significant. There are 24% more new homes on the market this year with a 12% decrease in the number of closings, but
the average sale price ($343,773) is only down 1% over last year.
In a true "buyer's
market" there is an abundance of homes on the market and the prices decrease pretty dramatically. While we do have a lot
of inventory right now, about 19 months worth, the prices are pretty flat. Some price ranges are seeing more of a
fluctuation, but overall prices are not going down.
What is the best way to get your home SOLD in this kind
of market? You must be competitive in your price, you must have patience, and you home needs to "shine'" over the
competition. If you are thinking of selling your home and would like a Free, No Obligation, Comparative Market Analysis,
please give us call.
Tips on Reducing the Stress of Selling Your Home
Posted at 10:44 PM, Sep. 4, 2007
Sort your clutter
early
A neat home is easier to sell than a
cluttered home. If you know in advance that you may be putting your home on the market - start sorting out your clutter
well in advance. Then when you put it on the market all the preparation is done and all you have to do is to keep it
clean. The less clutter there is, the less cleaning there is to do - a double bonus. It also makes it easier for when you
move.
Get help with your
garden
If your garden is full of weeds and needs a
good sort out - get it done - so that it looks beautiful for prospective buyers. And get help to do it if you're short of
time or stamina.
Reduce home
entertaining
Entertaining at home produces a mess. When
real estate agents can just show up at any time, avoid producing too much mess. Instead, encourage your friends to invite
you to their places so their homes take the mess!
Employ a cleaning
lady
Every morning you have to leave the house
looking perfect - a hard task just for one day for most of us. Get some help. Have someone come in to help you keep the
place tidy. Your sanity must be preserved to enjoy your new home, after all.
Sort out your
furniture
Have you got too many chairs? Too many
tables? An over supply of beds? All this furniture can leave your house looking small and cluttered to a prospective
buyer. The more space there appears to be, the more attractive it can appear. So remove extra furniture now, don't wait
until you move.
Organize outside
activities
Weekends can be particularly busy times for
people to want to come and inspect your home. Organize yourself to go out on the weekends and stay in during the
week.
Let your friends
know
The quicker you get a good buyer the better,
so do everything you can to help. Tell all of your friends. They may not want a new house but they may know someone who
does. Help to spread the word.
Don't overload yourself
with other things
Selling your house is a big deal. While you
are doing this put other responsibilities on hold. You might resign from a committee, get someone else to help coach the
T-ball team, stop your music or dancing or French lessons. Whatever you do - make space in your life because there's a lot
to do when you're selling your home. Make the time to do it instead of fitting it in to an already squashed life.
Utah Foreclosures on the decline!
Posted at 11:05 AM, Aug. 24, 2007
U.S. foreclosure activity increased more than 93 percent from July 2006 to July 2007, but at the same time, foreclosure activity in Utah actually dropped more than 58 percent, according to July 2007 data from RealtyTrac. In fact, this is the six month in a row that Utah has seen double-digit decreases in its foreclosure activity. Since January, Utah has also dropped from being the state with the 13th-highest number of foreclosures to being No. 23 in foreclosures. RealtyTrac reported that Utah was only one of seven states that had year-over-year declines in foreclosure activity. Of those seven states, Utah posted the largest decrease.
“States like Texas, South Carolina and Utah have seen slow but steady price appreciation over the past five years, making them much more attractive and affordable,” said James J. Saccacio, chief executive officer of RealtyTrac, in a prepared statement.
In Utah, Weber County had the highest foreclosure rate in July, with Salt Lake County and Wasatch coming in at No. 2 and No. 3 respectively. Many smaller counties — Box Elder, Carbon, Garfield, Juab, Kane, Millard, Morgan, Rich, Sanpete and Sevier — actually had zero foreclosure filings for the month. County
taken from the Utah Association of Realtors newsletter.
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