May 2013 Market Report

The May Monthly Report is good news!
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ERA BROKERS CONSOLIDATED
WASHINGTON  COUNTY MONTHLY MARKET REPORT

Average home prices in Washington County, and the St George real estate market increased 18.8% compared with May of 2012. Median home prices increased 21.1%.

• There were 603 new listings compared to the 430 in May of 2012.

• Days on market have fallen by 15.7% over the past year.

• Closed sales increased by 25.4% with a total of 424 closed sales for the month of May in the St George Real Estate Market and Washington County.

• 161 residential building permits were pulled in May.

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May Monthly Real Estate Report for St George Area

May was an exceptionally good month for St George real estate in Washington County. It is a continuation of the growth we have been enjoying over that last year. Summer months are typically a little slower, than spring and fall. It won’t hurt if summer is a little slower, this will give the market a chance to stabilize, given the growth of late. It will also give the mortgage rates a chance to settle somewhere. The rates have been a little erratic given their historic lows we have had the last few years. When put in perspective the new rates in the 4% to 5% range are really not that high. Many people will remember double digit highs from the 70″s. Another advantage of a little slower market will be the increase in homes for sale. With the inventory reaching very low levels, this will be a good thing. Statistics can always be viewed by visiting our local board WCBR Washington County Board of Realtors.   I can also provide additional information about the condition of the Real Estate market in St George area.

Of course numbers and statistics don’t mean that much to most people. Most people just want to know what do all of these numbers, percentages, and statistics for the St George real estate market mean to me? Basically the May statistics mean that it is a good time to buy a house and even a better time to sell a house. With a shortage of houses available, the prices for existing houses are going up. This is what some may call a sellers market, this means that the advantage goes to the person trying to sell their home. In some cases houses for sale are receiving multiple offers. If you would like me to email you the St George real estate report each month let me know.