Seemingly overnight the inventory of homes for sale in St George Utah has jumped up dramatically. Take a look at the chart below showing the number of active single family homes for sale in the greater St George area:
We haven’t witnessed this many homes for sale since 2011. Looking at SOLD homes in St George, these numbers have continued to remain steady (however notably sales have NOT increased) so let’s hope the number of new listings won’t continue to rise as this may impede our real estate market rebound we have been experiencing over the past year. While I do not believe the rising number of homes on the inventory will prove detrimental, it will definitely slow the supply and demand as well as the home prices that have been trending upward. This could present a window of opportunity for buyers, a second chance, but only time will tell how long that opportunity may remain available.
St George Utah Foreclosure Activity
St George Utah foreclosures or REO property continues to demonstrate a decline, which has proved imperative for our recovery. Take a look at this chart below which illustrates 2 years’ worth of foreclosure activity.
One more interesting chart, this compares the first part of this year to the same period last year. This illustrates the rise in home prices, and the fact that homes are selling faster.
My two cents….for what it’s worth; I believe the St George Utah housing market will continue to improve and prices will continue to trend upward, although I feel that with this surge of new listings the upward trending will likely slow mildly in comparison with the prior 6 months. We will continue to monitor the new listings as this could potentially be an unusual circumstance, whereas next month the numbers may not continue to spike; thereby once again picking up the pace of our housing recovery (and appreciation).
Are you ready to buy a home in St George? What are you waiting for, I'm ready to assist you today. Give me a call: Paula Smith 435-773-3751.