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This Month in Real Estate October 2010: Home Bargains Abound!

by Jeremy Larkin

Borrowing Buyers From the Future: A Real Estate Time-Travel Drama

by Jeremy Larkin

So a lot of people (see: "Sellers") have been wondering what the *$%! happened to their home equity and this crazy housing market in general, and for many months now I have been repeatedly put to the test of "describing" the status of the current housing market, which to fully explain requires some time travel.  

Well, yesterday in a Keller Williams sales meeting the Universe smiled upon me and gave me the gift I had been looking for....NO, not a week in Hawaii far from the foreclosures, short sales and general cry of pain I hear on a daily basis. Rather, a CARTOON depicting the history of the housing market and what led us to this deep, dark place called a....(shhh, keep this to yourself...)..."Housing Crisis."

**IF YOU HAVE ANY INTEREST AT ALL IN THE HOUSING MARKET, THIS IS FOR YOU. IF YOU HAVE LOTS OF INTEREST IN THE HOUSING MARKET, THIS IS REALLY FOR YOU. IF YOU WANT TO LOOK SMARTER THAN ANY OF YOUR FRIENDS, THEN THIS CLIP IS REALLY, REALLY, REALLY FOR YOU.**

So sit back, make sure the Flux Capacitor is calibrated, set the dial to the 'funk' of 1970, and enjoy 7 1/2 minutes of the absolute BEST explanation of this housing mess I've EVER SEEN, courtesy of John Burns, a Real Estate Consultant who spends his days analyzing housing data all over the country.

I WOULD LOVE to get some of your opinions on this clip...please feel free to comment below!

 

The number of new listings hitting the Washington County Board of Realtors MLS has been below 900 for two months running.....and for the first time since July of 2006 (see yellow below). Note below that we "threw out" the month of December (see blue below) for the past two years. As many fewer people tend to list their homes at the onset of the Holidays, December represents an anomaly to normal market trends.

  New Listings Active Listings Sold Listings Months Inventory
Jun/2008 837 6,247 219 28.53
May/2008 895 6,367 269 23.67
Apr/2008 991 6,431 229 28.08
Mar/2008 935 6,418 236 27.19
Feb/2008 998 6,472 189 34.24
Jan/2008 1,164 6,248 159 39.30
Dec/2007 762 6,301 190 33.16
Nov/2007 976 6,379 238 26.80
Oct/2007 1,244 6,186 221 27.99
Sep/2007 901 5,899 221 26.69
Aug/2007 1,061 5,937 334 17.78
Jul/2007 1,070 5,840 302 19.34
Jun/2007 1,001 5,726 389 14.72
May/2007 1,113 5,611 397 14.13
Apr/2007 1,095 5,467 385 14.20
Mar/2007 1,187 5,413 407 13.30
Feb/2007 1,137 5,358 292 18.35
Jan/2007 1,313 4,943 324 15.26
Dec/2006 706 5,196 319 16.29
Nov/2006 903 5,345 295 18.12
Oct/2006 994 5,398 340 15.88
Sep/2006 1,227 5,343 312 17.12
Aug/2006 1,059 5,101 379 13.46
Jul/2006 771 4,918 378 13.01

I wouldn't be booking tickets to Hawaii  (one of my favorite places on earth by the way) in celebration of a market "turnaround" just yet, however. Many of my clients will tell you that for at least 6 months now I've said that one of the major factors in a housing turnaround won't just be an increase in sales. It will be the moment at which 1/3 of the unmotivated, unrealistic sellers determine to stop listing their properties in an effort to "test out" the market, the decreasing the currently cluttered inventories facing our market.

What this does show us, however, is that many of those very sellers may finally be "getting the picture" about market realities. This, coupled with increased affordability (due to falling prices) will help Southern Utah at least stabilize in the short term, while real housing appreciation may be several years away.

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Photo of Jeremy Larkin - The Larkin Group Real Estate
Jeremy Larkin - The Larkin Group
Keller Williams Realty
50 E 100 S, Suite 300
St. George UT 84770
435.767.9886
Fax: 435-359-5085

St. George Real Estate - Your premier destination for St. George,Utah Real Estate Listings, Home Values, MLS Search, REO/Foreclosure Info &  St. George Real Estate Statistics.  Serving St. George, Santa Clara, Ivins, Washington, Hurricane, LaVerkin, Toquerville & more! Specializing in REO/foreclosure properties, frustrated Sellers, First-Time home buyers, and Investors. Looking for the most LOCAL St. George, Utah real estate information available? Your search is over!