The inconsistent nature of today’s real estate market clearly has most investors and buyers taking heed to caution before entering the market. The market isn’t exactly an easy read, as there are many factors and figures to be considered when searching for the perfect place, the right rate, and the perfect time to buy. There is the position of the lending institutions requiring elevated FICO scores and a clean bill of earnings since birth to say the least. The trend of the St. George housing market relies on a few factors, including a strong economy, inventory leverage, building productivity, and interest rates. Some markets are doing well, while others not as well, but the market of St. George, Utah is holding steady after experiencing a slight peak in May that showed closing escrow of 372 St. George homes. This was a great change in comparison to the closing escrow of June and July’s combined total of less than that number.
The St. George Market
Reports showed the average listing price for homes in Saint George, Utah during the opening week of October 2014 was approximately $317,855. This reflects an incline of greater than 17% when compared to the week before and an incline of 9% when compared to the month before. The home resale inventory of St. George showed somewhat of an increase along the lines of a 3% margin since September. Those properties under a distressed form, such as short sales and foreclosures, held the same trend as a percentage of the total market for the month of October. Median home prices decreased in St. George between September and October.
Prime Real Estate Opportunities in St. George
History shows that these aren’t surprising trends for the housing market in Southern Utah. Usually, January is a motivational month for those looking to sell their property or homes. In addition, the sunny skies of Utah typically attract those interested in buying property to visit the market at this time. The comparison of data from year to year shows the number of single-family homes listed increased by a margin of 10% for 2014. There was a decline of nearly 15% for homes sold while eventually a gain of about 10% in the average price was presented. There are large groups of people who desire to invest in the housing market of St. George, Utah, and the current condition makes it a prime opportunity.