| January 29, 2004 |
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Gorgeous red rock views and an outdoor lifestyle may have a lot to do with it, but according to local Realtors, new homes in St.George, Utah are being purchased as soon as they are built.
Herbert suggests, "You can bike, run or just walk along the many paved jogging paths located throughout St. George. Several national parks including Zions and Bryce Canyon are located nearby in which you can hike and enjoy the outdoors. Water activities such as boating, skiing and fishing can be found within minutes of St. George. Las Vegas is located 80 minutes away. Something for everyone can be found in St. George and for the quality of life and the climate, St. George can't be beat." About the market, Herbert advises, "The St. George area is experiencing a dichotomy of activity. New home construction is selling about as fast as it can be built, with most homes being presold or sold prior to completion. Older homes, generally pre-1990, are sitting on the market until they are bargain-priced. The only exceptions would be homes under $130k as they are limited and are being bought quickly by investors or first-time home buyers. For the year 2003 vs. 2002, single-family home sales volume increased by 40 percent with the average sales price of a single-family home increasing 10.3 percent. For condos/townhomes, total sales volume increased 35.7 percent with the average price increasing 9.8 percent. Total lot sales volume increased a whopping 90.8 percent with the average lot price increasing 45.1 percent. The market experienced brisk investor activity in 2003 as St. George area real estate prices are very reasonable and interest rates remained low. Also, investors are seeking an alternative to the stock market and low bank savings rates." |
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