Status of the Southern Utah Real Estate Market for October 2009

The market has been interesting. As you can see below, October was a great closing month for me, and it would be very nice to keep that average all year long, so if you have any ideas about how to make that work, I am open to your comments. The market reminds me of an old car with junk in the carburetor, it seems to run ok for a bit then it sputters and coughs before it takes off again. I am not sure if I can attribute the inconsistency to my tactics, or if this is how the market is reacting overall. In any case, the closings below represent a total of 44.5 (sides) up to the month of October. I have already closed two more just this side of November, but I do not get to count them yet, because this supposed to be a report up to the end of October. I am getting ever closer to the goal of 50 that I set at the first of the year, and I thank you all very much for your help in achieving my goals. Needless to say, I cannot do it without you. I sincerely appreciate your support. I would especially like to thank the following for their help this month:

Mike Low (purchase)
Pat Moffat, Boyer Group-lot (sold Listing)
Bob and Chris Owens (purchase)
Pat Moffat, Boyer Group-house (sold listing)
Scott and Char Raine (purchase)
Monty Magleby, Blackrock Development (sold listing)
Ryan and Anne Johnson (purchase)
Jared Van Staveren FM (sold listing)
Tyson Egbert FM (sold listing)

Mike Low is a referral from Meagan and David Lee, past clients and friends; Pat is the project manager for the Overlook at Green Valley, which I have listed; Bob and Chris Owens are referrals from Joe and Sue Wirth who are past clients; Scott and Char Raine, I sold a house to, about five or six years ago, and they have remained faithful; Monty Magleby included me on a couple listings in Blackrock; Ryan and Anne Johnson are referrals from long time friends Steve and Amy Palmer; Jared and Tyson are asset managers for a bank that I work for. Thanks to everyone, I get so much support from past clients and friends, and I really appreciate it. In fact, I cannot do it without you!

Many of you have had questions about how short sales work, or in some cases don’t work. I am in hopes that the following video will do two things; first, get me way out of my comfort zone, because that is how we grow, and secondly give you some insight as to how this process works. Take a look. If you are already a short sale wizard, don’t bother, it’s fairly basic.



Wow, look at all of the new listings that have come on to the market. You will notice we out-paced September by a huge margin in terms of active listings, and out sold September by two transactions, so I am sure we can all sigh a breath of relief and expect a spike in the market comparable to that of summer 2005. Just kidding of course.

Total Market Activity on Homes in October
Active Listings: 1,686 (Sept 1,412)
New Listings: 329 (Sept 398)
Sold Listings: 204 (Sept 202)
Months of Inventory: 7.88 (Sept 6.99)

Homes priced up to $150,000
Active Listings: 362 (Sept 305)
New Listings: 85 (Sept 90)
Sold Listings: 69 (Sept 55)
Months of Inventory: 5.25 (Sept 5.55)

Homes priced from $150,001 to $200,000
Active Listings: 359 (Sept 275)
New Listings: 63 (Sept 120)
Sold Listings: 51 (Sept 56)
Months of Inventory: 7.04 (Sept 4.91)

Homes priced from $200,001 to $250,000
Active Listings: 255 (Sept 234)
New Listings: 43 (Sept 39)
Sold Listings: 35 (Sept 40)
Months of Inventory: 7.29 (Sept 5.86)

Homes priced from $250,001 to $300,000
Active Listings: 172 (Sept 132 )
New Listings: 45 (Sept 51)
Sold Listings: 21 (Sept 15)
Months of Inventory: 8.19 (Sept 8.80)

Homes priced from $300,001 to $350,000
Active Listings: 108 (Sept 94)
New Listings: 24 (Sept 17)
Sold Listings: 12 (Sept 17)
Months of Inventory: 9.00 (Sept 5.53)

Homes priced from $350,001 to $400,000
Active Listings: 94 (Sept 83)
New Listings: 16 (Sept 20)
Sold Listings: 7 (Sept 8)
Months of Inventory: 13.43 (Sept 10.38)

Homes priced from $400,001 to $450,000
Active Listings: 48 (Sept 34 )
New Listings: 14 (Sept 13)
Sold Listings: 5 (Sept 3)
Months of Inventory: 9.60 (Sept 11.33)

Homes priced from $450,001 to $500,000
Active Listings: 50 (Sept 44)
New Listings: 9 (Sept 8)
Sold Listings: 3 (Sept 1)
Months of Inventory: 16.67 (Sept 44.00)

Homes priced from $500,001 to $550,000
Active Listings: 29 (Sept 25)
New Listings: 6 (Sept 5)
Sold Listings: 0 (Sept 2)
Months of Inventory: No Sales in Oct (Sept 12.50)

Homes priced from $550,001 to $600,000
Active Listings: 48 (Sept 42)
New Listings: 7 (Sept 7)
Sold Listings: 1 (Sept 0)
Months of Inventory: 48.00 (No Sales in Sept)

Homes priced from $600,001 to $650,000
Active Listings: 23 (Sept 22)
New Listings: 2 (Sept 6)
Sold Listings: 2 (Sept 2)
Months of Inventory: 11.50 (Sept 11.00 )

Homes priced from $650,001 to $700,000
Active Listings: 29 (Sept 26)
New Listings: 2 (Sept 4)
Sold Listings: 2 (Sept 1)
Months of Inventory: 14.00 (Sept 26.00)

Homes priced from $700,001 to $750,000
Active Listings: 6 (Sept 6)
New Listings: 0 (Sept 0)
Sold Listings: 0 (Sept 0)
Months of Inventory: No Sales in Oct (No Sales in Sept)

Homes priced from $750,001 to $1,000,000
Active Listings: 44 (Sept 39)
New Listings: 5 (Sept 9)
Sold Listings: 4 (Sept 1)
Months of Inventory: 11.00 (39.00)

Homes priced from $1,000,001 and Up
Active Listings: 59 (Sept 51)
New Listings: 8 (Sept 9)
Sold Listings: 2 (Sept 1)
Months of Inventory: 29.50 (Sept 51.00)

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: 1,094 (Sept 982)
New Listings: 156 (Sept 53)
Sold Listings: 13 (Sept 18 )
Months of Inventory: 84.15 (Sept 54.56)

Here are the data ranges:

Building lots up to $50,000
Active Listings: 109 (Sept 88)
New Listings: 32 (Sept 17)
Sold Listings: 5 (Sept 7)
Months of Inventory: 21.80 (Sept 12.57)

Building lots $50,001 to $100,000
Active Listings: 414 (Sept 372)
New Listings: 63 (Sept 18)
Sold Listings: 6 (Sept 4)
Months of Inventory: 69.00 (Sept 93.00)

Building lots from $100,001 to $150,000
Active Listings: 274 (Sept 238)
New Listings: 7 (Sept 2)
Sold Listings: 0 (Sept 5)
Months of Inventory: No Sales in Oct (Sept 47.60)

Building lots from $150,001 to $200,000
Active Listings: 133 (Sept 131)
New Listings: 7 (Sept 2)
Sold Listings: 1 (Sept 2)
Months of Inventory: 133.00 (Sept 65.50)

Building lots from $200,001 and up
Active Listings: 164 (Sept 153 )
New Listings: 12 (Sept 9)
Sold Listings: 1 (No Sales in Sept)
Months of Inventory: 164.00 (No Sales in Sept)

Short Sales, looks like I have covered them above, so if you need more info, let me know.

Foreclosures: The best way to keep abreast of the foreclosure market is by signing up for the free foreclosure listing report. Log onto www.southernutahforeclosure.com and sign up. Pretty painless. Don’t worry, this is my sight, so you won’t be spammed to death.

Thanks for all the support. Let me know if I can help, and Who do you know that needs to buy or sale real estate in your area?