There are definite green shoots in the St. George real estate market, where we have seen significant improvement in sales figures for April and May -- sales #'s haven't been seen since the must rosier summer of '07. There is continued positive data in the REO sector, which has been our team's focus and slightly worse trending in the re-sale markets though there sign of stabilization in terms of the # of listings and # of pendings. Re-sales homes in the area are sitting the market a little longer, and REO homes are selling quicker with very slight reductions in pricing. [Stats are based on MLS data for all single family homes and new construction (does not include lot sales, condos/ townhomes, mobile homes, etc) in the Greater St. George Utah area (cities of St. George, Washington, Ivins, and Santa Clara) for May 2009.
All sales(includes REO's, re-sales, short-sales, etc.)-- Total sold volume was 45.54 million; total units sold = 148; avg. list price surpassed $300k for the first time since Sept. '08 at $307,700 and avg. sold price was 94% of list price ($289,449); avg. DOM has steadily increased over the past few months (Dec. '08 = 111, March '09 = 134) and was 143 in May; avg. sold price p/ sq ft. = $119.22, down @$10 p/s/f from Dec.'08 (129.4).
REO sales-- Interestingly, in May, 1/3 of total sales were REO's, which has increased slightly from March (was 29%). Avg. list price for REO's which closed during May was $287,950, down @ 11% from March's avg. list price of $322,973; Avg. sold price as % of list price was 96% ($289,450) which was up from March's figure of 90% ($262,97); Avg. DOM dropped significantly from 99 in March to 88.
Buyer competition for REO's in April and May intensified significantly. During this period, several of our bank-owned listings received multiple offers, which often resulted in sales prices that exceeded the bank's asking price. Our team's sub $350k REO inventory has been all but depleted and we anticipate continued buying opportunities based on the # of homes that will be sold at trustee's sales over the next 30-60 days.
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