A few days ago the Wall Street Journal published an article with an opening line stating:
“The housing market has turned—at last”
The Page Lake Powell real estate market has always been somewhat isolated and insulated from the rest of the country – could be our location!
We have had a slow down in units sold.
We have seen prices drop a bit, although in 2008 when much of the country was in real estate trauma, stick built home prices rose @ 12% due to sales in a new home subdivision.
We have seen some foreclosures and short sales but all in all the Lake Powell real estate market is unique.
A couple of points from the Journal Article
From here on, housing is unlikely to drag the U.S. economy down further. It will instead reflect the strength or weakness of the overall economy: The more jobs, the more confident Americans are about keeping their jobs, the more they are willing to buy houses.
That is good news overall.
The biggest threat is a large shadow inventory of unsold homes, homes which owners won’t put on the market because they are underwater, homes that will be foreclosed eventually and homes owned by lenders. They have been trickling onto the market, slowed in part by government efforts to delay foreclosures; a flood could reverse the recent rise in prices.
Home prices in the Page Lake Powell area, especially stick built homes, having not fallen much, and values have remained pretty constant.
For the first six months of this year 17 stick built homes sold as compared to 12 for the same time period last year. The average days on the market is down from 290 days to 182 days but the big shocker are prices are almost identical.
The average price of the homes sold this year is $219,876 which is steady and slightly up from last years average for the same time period of $219,042.
The number of homes listed in the Page – Greenehaven area is still above average, but not on the Utah side of Big Water and Church Wells, where available housing is down.
Stay tuned: A full market report to follow
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