Sales statistics from the Washington County Board of Realtors indicate May 2018 was another strong month for home sales in southern Utah.
Classified as either a townhome / condominium or a single-family residential home, 214 of last month’s 372 closed escrow’s occurred less than 30 days.
St. George Utah – Between May 1 and May 31, 2018, Realtors with the Washington County Board successfully closed escrow on just over $135 million in real estate transactions.
With no attention paid to vacant lots and land, commercial, manufactured housing and fractional ownership transactions, May’s statistics provided by Flex MLS indicates the top sale in the last 30 days occurred in Entrada for $2.95 million. Sold by Ellen Plante-Klein of Engel and Volkers St. George, and originally listed for $3.1 Million, that home closed escrow in 23 days.
Sales Statistics May 2018 St. George Real Estate
Per the May sales report, the Average sold price of a home in southern Utah was $364,087. A perpetual issue of negotiations, listings selling within the “Average” price range were originally listed on the Flex MLS system for roughly $365,752. Since May 1, the median list price for a home in southern Utah has been approximately $299,950, with those medium priced homes typically selling for approximately $305,613.
Statistically speaking, southern Utah home buyers were quick to act during the month of May. More than half, 57.53 percent, of Southern Utah’s single-family residential (or condominium/townhome) sales occurred within 30 days of being placed on the multiple listing service. Those homes that sold within the first 30 days received an average Sales Price to Original List Price ratio of 99.10 percent.
May 2018 Top Five Sold Real Estate Listings
- List Price: $3,100,000 – Sold Price: $2,950,000 – Days on Market: 23
- List Price: $2,475,000 – Sold Price: $2,362,500 – Days on Market: 06
- List Price: $1,895,000 – Sold Price: $1,810,000 – Days on Market: 48
- List Price $1,449,000 – Sold Price: $1,350,000 – Days on Market: 337
- List Price: $1,275,000 – Sold Price: $1,100,000 – Days on Market: 71
May 2018 Days on Market
- 214 southern Utah real estate listings sold in less than 30 days
- 67 southern Utah real estate listings sold in less than 60 days
- 32 southern Utah real estate listings sold in less than 90 days
- 21 southern Utah real estate listings sold in less than 120 days
- 38 southern Utah real estate listings sold in less than 121+ days
May Real Estate Activity for Washington County
On a year-over-year comparative basis, so far in 2018, Southern Utah’s active Realtors have sold 2,135 total real estate listings. A 5.3 percent increase from 2017’s 2,027 closed escrows, these sales included 7 listings valued in excess of $1 million. So far in 2018, 26 homes valued between $1 million and $1,999,999 have successfully closed escrow.
May Real Estate Prices
May statistics provided by the WCBR’s FlexMLS system indicates the Active Average list price in southern Utah has continued to increase steadily since the beginning of the year to $520,265, representing 6.85 percent increase from March 2017. Also up over the past 12 months, the Average Sales Price for a home in Washington County has witnessed a 6.85 percent on a year-over-year basis.
May Real Estate Absorption Rate
As of Sunday, May 3, there are just 610 single-family residential listings and/or condominium/townhomes for sale in the greater St. George area. As our MLS inventory remains at historic lows, buyers and their agents will need to be diligent in order to source out the best housing deals.
The WCBR Market Summary for May 2018 indicates our absorption rate is just over 3.1 months. In other words, if no new listings were taken and placed on the Washington County Board of Realtors MLS system – our inventory would be depleted within approximately 3 months.
The above information is presented as a courtesy of Alex Yeager @ 435MLS.com: Your southern Utah real estate expert for St. George and its surrounding communities. Specializing in southern Utah luxury real estate, new construction, gated communities and southern Utah’s many golf communities.
*Information is deemed to be reliable but is not guaranteed. © 2015 435MLS and FBS. Prepared by ALEXANDER YEAGER, 435MLS on Sunday, May 3, 2018, 4:20 AM.