Posted on July 22, 2014 - 03:43 PM
by Paul Herbert
The Greater St. George area is into its normal real estate cool down in the summer as temperatures heat up. Typically our market peaks in May and is inversely proportional to the heat thoughout the summer. This year is no exception as we peaked im May with 340 closed transactions for May with a 6.64 months worth of inventory (inventory of 6.0 months is considered balanced). This compares to May of 2013 with 385 closed transactions at 5.08 months of inventory. Our closed transactions for 2014 have been running about 10% behind 2013 since February. I expect July 2014 will be well behind July of 2013 which had 303 closed transactions with a 6.15 months inventory supply.