"St.George Real Estate Inventory SHRINKING? Did he use the terms “St. George Real Estate” and “Bidding wars” in the same sentence? I thought St. George real estate was experiencing a BUYER's market!?!?" 

Well we are…. technically. Yes, we mentioned St. George Real Estate and Bidding Wars in the same sentence, and NO it’s not late 2005. 

Available St. George Real Estate inventory has been shrinking…by 29% since this same time last year. Simply, St. George real estate is "stuck" between a Buyer and Seller market. 

In our November Larkin Group St. George Real Estate newsletter we discussed the fact that Southern Utah housing had DRAMATICALLY improved over the past year or so. On the heels of that newsletter the Salt Lake Tribune ran a piece outlining the improvement of St. George real estate and decrease​ in St. George real estate inventory. Article: St. George Housing Market Showing Signs of Recovery. 

Bidding wars…really? In the past 7 days, the Larkin Group has received a total of 12 offers between 3 different listings. 6 on one, 3 on another, 3 on yet another. Bear in mind that the first two homes mentioned had been on the market less than one week…. ONE WEEK!  It's shades of the 2005 St. George real estate boom, only the bidding wars are now happening because

a.     St. George housing is so affordable, and

b.     Available St. George real estate inventory is shrinking

Specifically, 8.28 months of St. George real estate inventory were available as of December 5th, whereas 11.14 months of St. George housing inventory were available 1 year ago at this time. 

What's in store for St. George real estate? I guess we don’t exactly know. Currently,  inventory is shrinking, which is creating bidding wars, which is stabilizing housing values, which will eventually INCREASE property values, we just don't know ​when. 

Frankly, St. George real estate has NEVER been more affordable. This isn't just St. George Realtor-talk, a. k. a. “cheerleading” as some would refer to it. This is a mathematical, economical, HISTORICALLY PROVABLE reality. Despite unemployment figures, St. George real estate is as cheap as its’ been in years based on incomes of those employed, and mortgage interest rates are at their lowest point…ever. This equates to affordable St. George real estate.

For St. George Home BUYERS: Be prepared for a competitive offering situation and stop freaking out about this fact. Just because you have to pay MORE than the list price doesn’t mean you’re overpaying. If Costco put $200 North Face parkas on the floor for $50.....how many would they sell? ALL OF THEM. Would someone ask for a discount? Most would be ecstatic about getting them at that price!

For St. George Home SELLERS: YES you can sell your home in this market. The Larkin Group has managed to sell over 150 listings in 2011 alone. You can do so in 120 days or less. This isn’t about giving your home away either. It’s about properly pricing and preparing your home for sale based on what the Washington County housing market will support.

Stay tuned for more on the continuing saga of St. George real estate inventory.