St. George Utah Real Estate Market Statistics

St. George Utah Real Estate Week in Review: Sold Listings

St. George, Utah – it’s February 15, 2015 and according to the Washington County Board of Realtors MLS system, 23 of St. George’s single-family real estate listings have been reported as sold since Monday, February 9th.

While the Southern Utah Parade of Homes is well underway, having kicked off February 13th, reports that the Federal Trade Commission gave two big “thumbs up” to a merger between Zillow and Trulia, are reshaping the paradigm for Utah’s homeowners hoping to get an accurate market analysis of their property. Creating an ugly competition between real estate agents – who derive their ‘Sold’ data from their local MLS affiliations; and Utah is a nondisclosure state. Meaning that home sales prices are not available to the public – and that Zillow’s Zestimates are based on an algorithm … not factual data gathered directly from the county or MLS.

So, as Zillow continues to mislead Utah’s homeowners as to their properties actual value, based on the utilization of an algorithm for determining a home’s value, Realtors like myself are gathering their information directly from their Board of Realtors MLS (multiple listing service). Thereby providing useful information on actual Sold properties, utilizing real sales prices for homes recently sold in the potential sellers surrounding neighborhood.

With that little factoid in mind, the below single-family residential real estate listings have successfully closed escrow in Southern Utah over the last six days.

 

St. George     20

Ivins                 1

Washington    1

Santa Clara     1

Hurricane       0

Springdale      0

Virgin              0

Leeds              0

La Verkin       0

 

St. George Utah Real Estate Week in Review: Sold Listings

St. George Utah Real Estate Week in Review: Sold Listings

St. George Utah Real Estate Week in Review: Sold Listings

 

Sold St. George Real Estate Listings: week of 2.1.2015:

1696 N. Hummingbird Dr. St. George, UT 84770                      Sold not disclosed

1749 S Paragon Dr. St George, UT 84790                                    Sold $600,000

1128 W 2320 S St George, UT 84770                                            Sold $469,900

1795 N Snow Canyon Parkway 11 St George, UT 84770            Sold $306,311

3451 Paiute Drive St George, UT 84790                                       Sold $290,000

1795 N Snow Canyon Parkway #93 St George, UT 84770        Sold $239,900

1518 N Falcon Drive St George, UT 84770                                   Sold $234,000

4359 S ROUND HILL Circle St George, UT 84790                     Sold $232,000

799 W Crystal Drive St George, UT 84770                                  Sold $229,000

2248 E 575 N St George, UT 84790                                              Sold $224,900

3384 AZTEC St George, UT 84790                                               Sold $215,000

1223 S 1280 E St George, UT 84790                                             Sold $215,000

1210 W Indian Hills D Drive 13 St George, UT 84770             Sold $214,900

1057 Cypress Circle St George, UT 84790                                 Sold $190,000

1134 E 900 S #25 St George, UT 84790                                     Sold $185,900

1630 E 2450 S #255 St George, UT 84790                                Sold $174,000

845 N Valley View Drive 600 St George, UT 84770                Sold $159,000

1790 W Warm River Drive St George, UT 84790                    Sold $148,000

1523 W 1400 N St George, UT 84770                                         Sold $145,450

1762 W 1230 N St George, UT 84770                                         Sold $139,000

 

Sold Ivins Real Estate Listings: week of 2.9.2015:

558 N 300 W Ivins, UT 84738                                                     Sold $167,000

 

Sold Washington Real Estate Listings: week of 2.9.2015:

1050 W Red Hills Parkway #14 Washington, UT 84780     Sold $149,000

 

Sold Santa Clara Utah Real Estate Listings: week of 2.9.2015;

1646 RIM Circle Santa Clara, UT 84765                                 Sold $190,000

 

Southern Utah’s absorption rate

Southern Utah’s absorption rate

 

As Southern Utah’s real estate inventory continues to decline, now showing fewer than 1,100 single-family residential listings on the local MLS (multiple listing service), Southern Utah’s absorption rate has rapidly deteriorated to just over 5.25 months – meaning that if no new real estate listings were placed on the WCBR MLS, our inventory would be consumed in just over five months.

Provided you have any questions about the Southern Utah real estate market in St. George, or if you would like a free Comparative Market Analysis (CMA) of your home – please do not hesitate to call or email me. I can easily be reached at (435) 619–2206, or just write me a quick email (435mls@gmail.com) outlining your questions, concerns or search criteria … and I will respond immediately.

* The above St. George Utah real estate summary of statistics is provided by the Washington County Board of realtors and their MLS system: This data excludes homes sold as “For Sale by Owners” and any other non-published real estate listings. Additionally, Alex Yeager and Fidelity Real Estate St. George are not responsible for the data and do not guarantee its accuracy.

St. George Utah Real Estate Week in Review: Sold Listings

St. George Utah Real Estate Week in Review: Sold Listings

St. George, Utah – With the 2015 Parade of Homes just around the corner, and interest rates on a 30-year home mortgage still hovering at a historically low price point, the Southern Utah real estate market has been heating up significantly.

Since Monday, February 1, 2015, 19 single-family real estate listings and condominium/townhomes have successfully closed escrow in the greater St. George Utah area. And here’s a quick breakdown of those sales.

St. George      14

Ivins                  1

Washington    4

Santa Clara      0

Hurricane        0

Springdale       0

Virgin                0

Leeds                0

La Verkin         0

St. George Utah Real Estate Week in Review: Sold Listings

St. George Utah Real Estate Week in Review: Sold Listings

Sold St. George Real Estate Listings for the week of 2.1.2015:

1747 S VIEW POINT Drive St George, UT 84790          Sold $895,000

2591 S 2310 E St George, UT 84790                                 Sold $420,000

2679 S Franklin Drive St George, UT 84790                   Sold $366,000

3039 E Delany Drive St George, UT 84790                     Sold $335,341

1620 E 1450 S #18 St George, UT 84790                         Sold $300,000

1580 N SAGE Drive St George, UT 84770                       Sold $275,000

Broken Mesa Drive- Lot 34 St George, UT 84790         Sold $265,361

1140 E Ft Pierce #24 St George, UT 84790                     Sold $256,000

1732 W Warm River Drive St George, UT 84790           Sold $244,000

1173 W Snow Canyon Parkway St George, UT 84770   Sold $181,000

1388 W 450 N St George, UT 84770                                 Sold $148,000

470 E 1100 #63 St George, UT 84790                              Sold $132,000

75 E 300 N #3 St George, UT 84770                                 Sold $129,900

161 W 950 S #U1 St George, UT 84770                           Sold $115,900

St. George Utah Real Estate Week in Review: Sold Listings

St. George Utah Real Estate Week in Review: Sold Listings

 

While Ivins is the home of Kayenta and Entrada, two subdivisions that maintain some of the more expensive and luxurious real estate listings in the greater St. George area, only one property has successfully closed escrow since the first Monday of February 2015.

 

Sold Ivins Real Estate Listings for the week of 2.1.2015:

155 W 200 N Ivins, UT 84738                                         Sold $334,100

 

Sold Washington Real Estate Listings for the week of 2.1.2015:

1355 N BOSTON #13 Washington, UT 84780               Sold $575,000

1097 W LOS ALTOS Circle Washington, UT 84780     Sold $345,000

259 E Gold Bullion Way Washington, UT 84780          Sold $330,000

853 N Cottonwood Wash Washington, UT 8478          Sold $185,000

 

With the greater St. George area’s real estate inventory now showing fewer than 2,000 listings on the local multiple listing service (MLS), Southern Utah’s MLS absorption rate has rapidly declined to below 6.25 months – meaning if no new listings were placed on the MLS, our inventory would be consumed in just over six months.

Should you have any questions about the southern Utah real estate market in St. George, or if you would like more information regarding any of the St. George Utah real estate listings found on www.UtahMLSrealestate.com – please do not hesitate to call or email me. I can easily be reached at (435) 619–2206, or just write me a quick email (435mls@gmail.com) outlining your questions, concerns or search criteria … and I will respond immediately.

* The above St. George Utah real estate summary of statistics is provided by the Washington County Board of realtors and their MLS system: This data excludes homes sold as “For Sale by Owners” and any other non-published real estate listings. Additionally, Alex Yeager and Fidelity Real Estate St. George are not responsible for the data and does not guarantee its accuracy.

St. George Utah Real Estate Market Statistics: January 2015 Update

The greater St. George Utah real estate market remained strong during the first month of 2015 – thanks to the continued low interest rates, surging enthusiasm in real estate as an investment vehicle, as well as Fannie Mae’s & Freddie Mac’s 3% down payment program for today’s marginal  homebuyers. As the number of St. George Utah real estate listings continued to decline on the Washington County Board of Realtors MLS system during January 2015, the active median list price continued to go up and the sold median price of St. George Utah real estate declined slightly.

St. George Utah Real Estate Market Statistics: January 2015 Update

St. George Utah Real Estate Market Statistics: January 2015 Update

Summary of statistics: January 2015 vs. January 2014 | Percentage of change

Absorption rate         5.35                            4.71                            +13.59%

Average list price      $381,378                   $383,166                       -.47%

Median list price       $309,000                   $298,950                  +3.36%

Average sales price   $260,837                   $267,892                  -2.63%

Median sales price    $217,500                   $227,750                  -4.50%

Average days on market 106                     110                              -2.64%

Median days on market     50                      40                               +25%

View the entire summary of statistics from the Washington County Board of Realtors below…

Washington County Board of Realtors Summary of Statistics

Washington County Board of Realtors Summary of Statistics

On a month over month comparison basis of January 2014 to January 2015, we see that the average sales price dipped slightly from $267,892 in January 2014 to $260,837 for January 2015. Representing a 2.63% decline in the overall sales price for the greater St. George real estate market.

While January 2015’s overall days on market has increased for St. George Utah real estate listings, Southern Utah’s absorption rate – the number of months it would take to consume all of St. George’s real estate inventory – continued to decline to just over five months worth of inventory.

Dependent on the dollar amount of the sold St. George Utah real estate listings we’re referencing – some sectors did better than others when it came to obtaining 100% of their original list price in an acceptable real estate purchase contract. Again, view the summary statistics provided by the Washington County Board of Realtors within this blog post.

Boding well for the Southern Utah real estate market, and remaining on par with January 2014, the number of St. George Utah real estate listings sold during January 2015 held steady at 56 for the first month of 2015.

Of the 56 real estate listings sold during January 2015 in the greater St. George market, the numbers break down like this:

2  St. George Utah real estate listings sold for between $100,000 – $119,000

1   St. George Utah real estate listings sold for between $120,000 – $139,999

8  St. George Utah real estate listings sold for between $140,000 – $159,999

3 St. George Utah real estate listings sold for between $160,000 – $179,999

4 St. George Utah real estate listings sold for between $180,000 – $199,999

16 St. George Utah real estate listings sold for between $200,000 – $249,999

3 St. George Utah real estate listings sold for between $250,000 – $299,999

13 St. George Utah real estate listings sold for between $300,000 – $399,999

2 St. George Utah real estate listings sold for between $400,000 – $499,999

3 St. George Utah real estate listings sold for more than $500,000

St. George Utah Real Estate Market Statistics: January 2015 Update

St. George Utah Real Estate Market Statistics: January 2015 Update

With interest rates remaining near historic lows and the federal government’s newly implemented 3% down programs – there’s never been a better time to purchase St. George Utah real estate.

Should you have any questions about the southern Utah real estate market in St. George, or if you would like more information regarding any of the St. George Utah real estate listings found on www.UtahMLSrealestate.com – please do not hesitate to call or email me. I can easily be reached at (435) 619–2206, or just write me a quick email (435mls@gmail.com) outlining your questions, concerns or search criteria … and I will respond immediately.

* The above St. George Utah real estate summary of statistics is provided by the Washington County Board of realtors and their MLS system: This data excludes homes sold as “For Sale by Owners” and any other non-published real estate listings. Additionally, Alex Yeager and Fidelity Real Estate St. George are not responsible for the data and does not guarantee its accuracy.

St. George Utah Real Estate Market Statistics: 2014, A Year in Review

St. George Utah Real Estate Market Statistics: 2014, A Year in Review

As the below St. George Utah real estate market statistics indicate, 2014 was a transformational year for the greater southern Utah real estate market. Based on the current real estate trends and market conditions, many of the areas real estate professionals concur – 2015 should be a breakthrough year for both increased sales and residential appreciation.

While the Washington County Board of Realtors multiple listing service (MLS) was once ruled by distressed properties (Read: short sales, REOs, and foreclosures) less than 12 months ago… those days are done. Now, with historically low interest rates and limited options for tangible investments, Southern Utah’s homebuilders have again begun to do with they do best – build homes. As such, the areas inventory has been steadily increasing.

According to the First American Markets index and the National Association of Homebuilders, Southern Utah’s single-family building permits have rebounded nicely from the dark days of the great recession, increasing to approximately 44% of the market’s high water mark established back in 2003. Additionally, the asking price of the average single-family residential property in Southern Utah is approximately 30% greater than it was back in the heady days of the 2002 – 2003 real estate free-for-all.

The first below graph drills down on the past 12 months of Southern Utah real estate activity; focusing on the number of listings in the greater St. George area, as well as their list price, absorption rate, sold to list ratio, days on market, and the markets overall price volume.

St. George Utah Real Estate Market Statistics: 2014, A Year in Review

St. George Utah Real Estate Market Statistics: 2014, A Year in Review

Next up in the year-end review of the St. George Utah real estate market are the year-over-year summary statistics for the greater Southern Utah housing market. Further focusing on the areas overall absorption rate, average list price, median list price, average sales price, median sales price, average collective days on market, as well as the median collective days on market.

St. George Utah Real Estate Market Statistics: 2014, A Year in Review

St. George Utah Real Estate Market Statistics: 2014, A Year in Review

Our last graph for this first blog post of 2015 provides a comparative analysis of the year-over-year real estate activity for the greater St. George real estate market. The below for graph drills down on Southern Utah’s Sold,  Pending, Active and New real estate for sale  in southern Utah.

St. George Utah Real Estate Market Statistics: 2014, A Year in Review

St. George Utah Real Estate Market Statistics: 2014, A Year in Review

St. George Utah Real Estate Market Statistics

St. George Utah Real Estate Market Statistics

St. George, Utah – its Monday, December 1, 2014 and the Washington County Board of Realtor’s FlexMLS system have just released last month’s real estate statistics for the Southern Utah market.

While the St. George Utah real estate market has improved in many ways over the past 12 months, some sectors still remain afflicted by fear of the unknown. Briefly summarizing the below data sets for the greater St. George real estate market, we begin to get a clearer picture of where the market is headed.

As is true in most real estate markets, some sellers have an inflated sense of their homes value – and will pressure their Realtor into listing their property at a price per square foot that is not supported by the markets activity. That difference promotes the chasm between the number of listings on the MLS (currently just north of 1,800) versus the number of sold properties during the past 30 days – totaling approximately 215.

St. George Utah Real Estate Market Statistics

St. George Utah Real Estate Market Statistics

Regardless of their rationale, over the past 30 days, the average list price for a St. George property has hovered around $270,000. While inexpensive on a national level, it leaves a lot of room for negotiations when considering the median sales price of a St. George home is approximately $210,000.

St. George Utah Real Estate Market Statistics

St. George Utah Real Estate Market Statistics

St. George Utah real estate statistics for the month of November: The markets absorption rate for November remained high at 6.7 months, and the average list price was $368,637 during the past 30 days. Regardless of the seller’s asking price, St. George Utah’s average sales price was $260,881, nearly $100,000 less than the average list price. Meanwhile, the median sales price of a St. George Utah listing remained affordable at $209,500, accumulating an average day’s on market of 103 days.

While not overly impressive on a national scale, these numbers represent significant progress from November 2013 – see below charts.

St. George Utah Real Estate Market Statistics

St. George Utah Real Estate Market Statistics

As 2014 rapidly heads for the finish line … Southern Utah’s real estate market has made some significant improvements over the past 12 months.

 

St. George Utah Real Estate Statistics: October 2014

St. George, Utah – it’s Sunday morning November 2, 2014 – and here are the individual data sets for October, which collectively describe the overall Southern Utah Real Estate market conditions.

The first set of St. George Utah Real Estate statistics outlines the overall sales volume by its defined area: Greater St. George (Santa Clara, Ivins, Bloomington, Bloomington Hills, and St. George), Hurricane Valley, Northeast Wn, Northwest Wn, Outside area, and Zion Park.

St. George Utah Real Estate Statistics: October 2014

St. George Utah Real Estate Statistics: October 2014

Based on the MLS statistics provided by the Washington County Board of Realtors and our FlexMLS system, we can see a total of 316 Residential units sold for the entire month of October. For the sake of this data set, “residential units” are defined as both single-family residential units and condominiums/townhomes. According to the sales statistics data, the 316 sold residential units equaled a sales volume worth $73,934,679, representing an average sales price of $239,271. For October 2014, the average Days On Market (DOM) for an accurately priced listing in St. George Utah was 69, with a Cumulative Days On Market (CDOM: from the date it was listed, to the date it closed escrow) of 100.

 St. George Utah Year to Date Activity Report

The next interesting data set looks at Year-to-Date activity for the greater St. George Utah real estate market. At a glance, the MLS data indicates that 4,314 new listings were taken during the month of October, with 317 properties pending escrow – and 2,249 successfully closing escrow (COE). The Year-to-Date average sales price for the greater St. George Real Estate market is $254,398, with the average listing lasting approximately 89 days on the MLS – DOM (days on market).

St. George Utah Year to date activity report

St. George Utah Year to date activity report

St. George Utah Real Estate Statistics: October 2014

For the greater St. George residential real estate market, the number of Active listings held steady when compared to both New and Sold listings. Also for the month of October, there was a discernible spike in both the New Median List Price, as well as the New Median Sold Price for Southern Utah Real Estate. As lenders began to loosen their requirements and developers begin to build new inventory, St. George’s absorption ratethe rate at which we would run out of inventory if no new houses were added to the MLS – has passed the seven month mark. As our inventory increases marginally, the sold price to list price ratiothe difference between the original list price and the actual sales price – remains just south of 96%. Indicating our areas Realtors are getting better at preparing their Comparative Market Analysis (CMA) for their sellers, and thereby listing the property closer to its fair market value. The next data set – Days On Market – has several variables that feed into it; the time of year (holiday season), list price, and interest rates. As we glance up to two of the above data sets; “Number of listings” and “Listing prices” there is a noticeable uptick in both the number of listings and the average listing price. Those two data sets directly correlate – in conjunction with the fast approaching holiday season – with the increased days on market. The last data set, “Price volume” is also related to the first two data sets. As the number of listings increase, as well as the overall average List price, our Price volume parallels those increases.

 St. George Utah real estate statistics

St. George Utah real estate statistics

St. George Utah MLS Hot Sheet And Market Statistics

St. George Utah MLS Hot Sheet And Market Statistics

St. George, Utah – its Wednesday, October 8, 2014 – Today’s St. George Utah MLS Hot Sheet has 52 listings on it. Of those 52 listings, 43 are new on the WCBR MLS, 8 have received an accepted REPC (real estate purchase contracts) and are now in a pending status (accepted contract – but not closed); leaving only one property that closed escrow yesterday.

St. George Utah MLS Hot Sheet And Market Statistics

St. George Utah MLS Hot Sheet And Market Statistics

Only eight days into the spookiest month of the year and 24 existing listings have already closed escrow, leaving an additional 23 listings in a pending status anxiously waiting their turn to close escrow.

24 existing listings have already closed escrow

24 existing listings have already closed escrow

23 listings in a pending status

23 listings in a pending status

Southern Utah MLS summary statistics at a glance: Absorption rate 6.95 – Average list price $361,544 – Median list price $269,000 – Average sales price $217,511 — Median sales price $189,450 – Average cumulative days on market (CDOM) 78 –

Median CDOM 42.

This time last year there were a total of 1199 listings for sale, this year there are 1384 — reflecting a 15 point percentage increase in listings, while the overall sold volume decreased from $48,834,008 to $44,763,115 – representing an approximate 8% drop.

Southern Utah MLS summary statistics at a glance

Southern Utah MLS summary statistics at a glance

St George Utah Real Estate Market Statistics

St George Utah  Real Estate Market Statistics | September 20, 2014

St. George, Utah – Before I go out on Saturday morning and tour the existing Open Houses, I make sure to do a little research – paying close attention to the number of listings available, the average list price versus the average sold price, the market’s current absorption rate in months, it’s sold to list ratio, the WCBR MLS inventory’s average days on market. As well as a few other summary statistics: like its absorption rate, average list price, median list price, average sale price, median sale price, and the average DOM (Days on market).

By comparing these data sets for the Greater St. George area, we see that the Southern Utah Real Estate Prices and Values have made a serious comeback since the low point of late 2011 — early 2012. At that historic low in 2012, the median price was approximately $190,000. Fast-forward two hectic years in the St. George Real Estate market and we see the average median price home listed on the MLS at approximately $265,000 … with a average median sale price of $203,000.

Screen Shot 2014-09-19 at 10.10.44 PM

 

 

 

 

 

FHFA Examines Home Prices at Both Regional and MSA Levels

As part of my Saturday morning ritual, I like to start my day trolling the Internet for potentially useful information for my clients, in the hopes of helping those looking to relocate to the greater St. George, Utah, area. Helping them gain critical insight on their own local market.  On a monthly basis the National Association of Realtors puts out their Economists’ Outlook blog which goes around the country gathering pertinent MLS activity data for the sole purpose of drilling down on regional markets. Which more often than not finds itself subject to regional market conditions and variables.

While some may understand many of these abbreviations – I have to assume that some do not. So, as a quick roadmap the acronyms you’re about to bounce into in this rather brief but helpful article, I will provide a quick translation … from gibberish to English:

FHFA = Federal Housing Finance Agency

MSA = Metropolitan statistical area

NAR = National Association of Realtors

  • Earlier this week, we looked at the FHFA and Case-Shiller release focusing on national data trends.  Today, we’ll dig a bit deeper to look at more local data at the regional, state, and city or MSA level.
  • FHFA releases monthly data at the Census division level and quarterly state and metro area data.  Case-Shiller offers data on 20-cities monthly.  Both of these sources confirm the trend seen in NAR measures.
  • At the regional level: the most robust home price gains from a year ago were still in the West in spite of the fact that this region has seen the biggest drop in the growth rate.  NAR reported price change of 6.4% and 6.5% from a year earlier in both June and July in the West.  According to FHFA year over year prices in June 2014 rose 9.4 percent in the Pacific division which includes Hawaii, Alaska, Washington, Oregon, and California and 7.3 percent in the Mountain division which includes Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, and New Mexico.
  • While NAR data showed the smallest price growth from a year ago in the Northeast (0.6% for the year ending in June and 2.7% for the year ending in July), FHFA showed the smallest gains of 1.9 percent in the East South Central Census division which includes the states of Mississippi, Alabama, Tennessee, and Kentucky.
  • State by state data showed that Western states top the list.  Nevada and California each saw house prices rise in the double-digits, 14.8 and 11.4 percent, respectively.  North Dakota is ranked 4th in a list that includes DC in the rankings at number 3.  At the other end, only Mississippi saw a loss in home prices from one year ago.  Connecticut and Alaska each saw home price gains of less than 1 percent.
  • Among cities, Case-Shiller reported the biggest year over year gains in Las Vegas and San Francisco.  Each had more than 12% year over year gains—high, but a marked slowdown.  Miami, Los Angeles, Detroit, and San Diego were next on the list, each showing year over year gains of more than 10 percent from a year ago.  The smallest gains in Case Shiller’s cities were Cleveland at 0.8 percent, Charlotte at 3.8 percent and New York at 4.3 percent.  However, the data provided evidence that the longer trend may be shifting. San Francisco had the smallest month to month price gain whereas New York had the largest.
  • For a more detailed, interactive look at home prices in more than 150 metro areas, see
  • NAR’s quarterly metro area median info graphic.

It’s been a busy night playing with the website, re-building it in anticipation that at some point in the near future, banks will be willing to lend at a slightly more helpful pace. Ultimately allowing those looking to relocate to southern Utah in making a seamless transition; closing escrow on their old place and new St. George home simultaneously.

Have a great Saturday,

Alex Yeager