The Taylor Stucki Realty Group blog today is all about trends!
The St. George Real Estate Market Report has published figures for the 2013 year so far and we’ve seen a dramatic increase in inventory coming on the market. These figures represent active single family homes that are for sale. Right off the bat, you might think to yourself, YIKES! Does that mean there’s an increase in foreclosures? Are we starting to slow in our growth?
Well there’s other data to look at and when you combine them, you get a clear picture of what’s happening in this exciting and robust area of the country.
First of all, even though inventory has increased, the figure for actual sales has remained steady. It hasn’t reacted heavily to the fluctuation of new properties coming on the market. That means, interest and dollars being spent on Southern Utah property is continuing its momentum.
Another figure the report shows is the rate of bank foreclosures. And here’s another bright light at the end of the tunnel, the rate continues to drop! Dramatically. So the inventory coming on the market is not the result of foreclosure or another economic downturn.
The final figure I wanted to point out is the average sale price for homes. It’s increased quite a bit since the same time last year. 2012 shows an average sale price of $240K while 2013 is clocking in at $274K.
So what does all of this conflicting and confusing data demonstrate? Quite simply, it shows us the growth in Southern Utah continues to be strong and steady. With values increasing, people with property to sell are feeling more confident they will get a fair price and are deciding to move on sales. As people gain confidence in the market, more quality homes will become available giving shoppers more choice, more competition for their dollars and an overall better chance of finding their dream homes.
The Taylor Stucki Realty Group is in the perfect position to help you achieve your goals and can help you find the right property to fit your budget and your needs. Why not take advantage of the low interest rates and increased inventory to start shopping today!
Fed Chair Ben Bernanke testified before Congress today about the state of the national economy. We’ll discuss his comments and how it will affect the interest rate in our blog for tomorrow. Until then, head over to the Taylor Stucki Realty Group website and start shopping for your home now.