Southern Utah Real Estate Market for September 2009

September was an interesting month. I did not close too many deals, but it was a great set up month for October. I am kind of excited about what I will be able to report for October, but that’s next month, so we will talk about that then. I would like to thank the following for their support this month:

Pat Moffat and Green Valley LC (Listing Sold)
Bart and Diane Imlay (Purchase)
Jared VanStaveren GRC (Listing Sold)

Pat, of course, is the project manager of the Overlook at Green Valley that I have listed, Bart and Diane are some wonderful long-time friends and neighbors, not to mention repeat performers, and Jared is the asset manager Fannie Mae that I work with to liquidate some of their foreclosed property. Thanks to all of you!

A lot of people are looking for an alternative to short selling or foreclosing their homes. One company that I think is doing a good job of providing a service to help people stay in their homes via a loan modification is Rocky Mountain Relief. They are a local company, who I have met with on several occasions and I definitely think they have a lot to offer. Their fees are very low, and they do have some accountability, so I have been impressed with what I have heard and seen. Their service is that of negotiating with the bank for a different loan amount and a different interest rate, rather than have you short sale your home or lose it to the bank. If you need more information, let me know, and I can hook you up with these guys.

I am working hard to create a business page on Facebook, so look for that over the course of the next month. That might be one more way for us to connect. In case you are tired of my rhetoric and just came for the data, here you go!

Total Market Activity on Homes in September
Active Listings: 1,605 (Aug 1,400) Listings are up!
New Listings: 394 (Aug 307)
Sold Listings: 195 (Aug 191)
Months of Inventory: 8.23 (Aug 7.33) A little more inventory, wrong direction!

Homes priced up to $150,000
Active Listings: 325 (Aug 296)
New Listings: 89 (Aug 71)
Sold Listings: 52 (Aug 60) Yikes!
Months of Inventory: 6.25 (Aug 4.93)

Homes priced from $150,001 to $200,000
Active Listings: 306 (Aug 268)
New Listings: 118 (Aug 69)
Sold Listings: 55 (Aug 58) Not too far off
Months of Inventory: 5.56 (Aug 4.62)

Homes priced from $200,001 to $250,000
Active Listings: 282 (Aug 241)
New Listings: 50 (Aug 57)
Sold Listings: 38 (Aug 25) Ok, this is way better than last month.
Months of Inventory: 7.42 (Aug 9.64)

Homes priced from $250,001 to $300,000
Active Listings: 161 (Aug 142 )
New Listings: 44 (Aug 28)
Sold Listings: 15 (Aug 22) This isn’t.
Months of Inventory: 10.73 (Aug 6.45)

Homes priced from $300,001 to $350,000
Active Listings: 107 (Aug 96)
New Listings: 18 (Aug 21)
Sold Listings: 17 (Aug 8) Good month for this range.
Months of Inventory: 6.29 (Aug 12.00)

Homes priced from $350,001 to $400,000
Active Listings: 91 (Aug 75)
New Listings: 16 (Aug 20)
Sold Listings: 8 (Aug 8)
Months of Inventory: 11.38 (Aug 9.38)

Homes priced from $400,001 to $450,000
Active Listings: 47 (Aug 37 )
New Listings: 13 (Aug 9)
Sold Listings: 3 (Aug 2) We will take what we can get.
Months of Inventory: 15.67 (Aug 18.50)

Homes priced from $450,001 to $500,000
Active Listings: 52 (Aug 42)
New Listings: 12 (Aug 5)
Sold Listings: 1 (Aug 2) That’s it, really?
Months of Inventory: 52.00 (Aug 21.00)

Homes priced from $500,001 to $550,000
Active Listings: 33 (Aug 27)
New Listings: 7 (Aug 7)
Sold Listings: 2 (Aug 0) Lots better.
Months of Inventory: 16.50 (No Sales in Aug)

Homes priced from $550,001 to $600,000
Active Listings: 42 (Aug 36)
New Listings: 5 (Aug 3)
Sold Listings: 0 (Aug 2) Yikes!
Months of Inventory: No Sales in Sept (Aug 18.00)

Homes priced from $600,001 to $650,000
Active Listings: 26 (Aug 21)
New Listings: 6 (Aug 5)
Sold Listings: 2 (Aug 1) A 100% increase!
Months of Inventory: 13.00 (Aug 20. )

Homes priced from $650,001 to $700,000
Active Listings: 25 (Aug 25)
New Listings: 2 (Aug 1)
Sold Listings: 1 (Aug 1)
Months of Inventory: 25.00 (Aug 25.00)

Homes priced from $700,001 to $750,000
Active Listings: 10 (Aug 9)
New Listings: 0 (Aug 2)
Sold Listings: 0 (Aug 0)
Months of Inventory: No Sales in Sept (No Sales in Aug)

Homes priced from $750,001 to $1,000,000
Active Listings: 39 (Aug 32)
New Listings: 9 (Aug 5)
Sold Listings: 1 (Aug 2)
Months of Inventory: 39.00 (16.00)

Homes priced from $1,000,001 and Up
Active Listings: 59 (Aug 54)
New Listings: 6 (Aug 5)
Sold Listings: 0 (Aug 0)
Months of Inventory: No Sales in Sept (N0 Sales in Aug)

The following information is for building lots in the same general area as the housing data listed above. All Building Lots in the Greater St. George and Hurricane Valley

Active Listings: 1,028 (Aug 959)
New Listings: 50 (Aug 98)
Sold Listings: 17 (Aug 21 )
Months of Inventory: 60.47 (Aug 45.67)

Here are the data ranges:

Building lots up to $50,000
Active Listings: 92 (Aug 77)
New Listings: 15 (Aug 30)
Sold Listings: 7 (Aug 6)
Months of Inventory: 13.14 (Aug 12.83)

Building lots $50,001 to $100,000
Active Listings: 383 (Aug 354)
New Listings: 17 (Aug 32)
Sold Listings: 3 (Aug 7)
Months of Inventory: 127.67 (Aug 50.57)

Building lots from $100,001 to $150,000
Active Listings: 253 (Aug 245)
New Listings: 7 (Aug 16)
Sold Listings: 5 (Aug 3)
Months of Inventory: 50.60 (Aug 81.67)

Building lots from $150,001 to $200,000
Active Listings: 133 (Aug 124)
New Listings: 3 (Aug 10)
Sold Listings: 2 (Aug 2)
Months of Inventory: 66.50 (Aug 62.00)

Building lots from $200,001 and up
Active Listings: 167 (Aug 159)
New Listings: 8 (Aug 10)
Sold Listings: 0 (Aug 3)
Months of Inventory: No Sales in Sept (Aug 53.00)

Short Sales:
They do not seem to be getting any easier. I thought they would, and they project that fourth quarter should be easier and better, but man, they seem to be taking plenty of time right now. It still is a viable option, just be prepared to strap your boots on, and you are not going anywhere for a while. I am starting to see a few companies that are full time short sale negotiators. If you find the right company, it is a wise idea to work with them in tandem with your real estate agent.

Foreclosures:
I Feel about the same. 15% of them are great deals. 60-70% are fine deals, which means that you will probably come out fine once you get them fixed up, and the rest do not make sense. I am currently working with a company that represents Fannie Mae, and they are pretty reasonable about getting their inventory gone. They plan on paying closings costs, and are helpful at negotiation time. They want to sell them fast.

As always, let me know what I can do to help! Send me an email!