Are we building too many homes in St. George? Let’s discuss that today.
It seems as if everywhere you look new homes are being built. Are we building too many houses in St. George? For today’s video, I’m at the lovely Desert Flower subdivision where Sunwood Homes is building houses. If you haven’t checked out Desert Flower, you’re missing out on what I believe to be the coolest subdivision in town.
Many of us have some post-traumatic stress left from the 2005 through 2007 housing crisis that caused record-setting foreclosures here in Washington County. From 2009 to 2013, we sold about 400 foreclosures at the Larkin Group.
In 2005, everything got out of control; 3,479 building permits were pulled in Washington County. (Yes, believe it or not, I brought a paper graph to film this video at 1:05). By 2009, only 474 were pulled because around half the town was in foreclosure or short sale. 15 years later, we’re only projected to pull 2,600 building permits—that’s roughly 1,000 fewer than in 2005.
So are we building too many homes? Not even close. (Though it may feel like it). Currently in Washington County, we can’t keep up with the demand. Record-breaking interest rates, the pandemic, and political unrest are driving people here in droves. We have nearly an unlimited supply of buyers.
In Moab, Utah, rural development experts are saying that the migration out of major cities to rural areas has been sped up by 15 years. We’re 15 years ahead of schedule! Buyers are well-qualified and bringing cash, equity, great credit, and quality loans to the market. The huge question will come to be: How will we maintain affordability?
If you’re considering buying or selling a house or just have questions, please visit our website, and feel free to contact us from there. If you’d like to know what Sunwood Home’s next phase is, visit their website here. We would love to help you with any real estate needs; we know this town!