January 2018 southern Utah real estate report

January Sales Statistics: St. George Real Estate Report

January real estate sales in southern Utah continues its upward trend. Since December 31, St. George Realtors have successfully completed 233 real estate transactions, valued at just over $80 million.

St. George, Utah – From New Year’s Day through Jan. 31, licensed real estate agents with southern Utah’s Washington County Board Realtors (WCBR) closed escrow on 233 condominiums, townhomes, or single-family residential units in the greater St. George area.

On the high-end of southern Utah’s sold spectrum, December’s top three real estate sales totaled $5,610,000.  Primarily occurring in the Ivins/Entrada area, these sales typically took between 113 to 200 days. Sold in the Reserve of Entrada at Snow Canyon Estates, a home listed for $2,450,000 – or $293.10 per square foot – closed escrow after 113 days.

Over the past 30 days, 107 of the 233 homes sold in Washington County spent less than 30 days on the MLS. These typically well-priced sellers received an Average Sales Price (SP) to List Price (LP) of 98.97 percent. Between 31 and 60 Days, another 40 homes sold received an Average SP to LP ratio of  97.54 percent. And taking between 61 and 90 days to close escrow, 40 homes received 97.54 percent of their listed MLS price. Spending between three to six months on the MLS before finding the right buyer, 20 homes received 98.13 percent of their MLS list price during January.  

Last, and certainly not costing the least, a fair percentage of the 26 homes that took more than 121 days to close escrow existed at the high-end of the price per square foot spectrum.

January’s Average List Price of a sold home in southern Utah was  $348,956.  And because it’s real estate, and a matter of “willing buyer willing seller,” those homes that sold within the average price range did so for approximately  $343,547. And, for the month of January, the Median asking price for a home in southern Utah was   $297,500. Those homes listed within the median price range during the month of January typically sold for $290,000 and spent approximately 37 Collective Days on Market.

A few of southern Utah’s sold real estate listings during the month of January took longer than their sellers may have hoped. Potentially slowed by reservations over the Trump tax plan (SALT), southern Utah’s luxury real estate can hover well above $750,000. Per the 2018 Tax Cut and Jobs Act the new cap on interest against principal tax deduction has been reduced from $1 million to $750,000. This change came into effect after December 14, 2017.

 January Days On Market

  • 107 Southern Utah real estate listings sold in less than 30 days
  •  40 Southern Utah real estate listings sold in less than 60 days
  •  40 Southern Utah real estate listings sold in less than 90 days
  •  20 Southern Utah real estate listings sold in less than 120 days
  •  26 Southern Utah real estate listings sold after 121 days

Top Five Sold Southern Utah Real Estate Listings for January

  • List Price: $2,474,900 – Sold Price:  $2,450,000 – Days on Market:113
  • List Price: $1,875,000 – Sold Price:  $1,775,000 – Days on Market:202
  • List Price: $1,490,000 – Sold Price: $1,385,000 – Days on Market:201
  • List Price: $889,000 – Sold Price:  $875,000 – Days on Market:   323
  • List Price: $849,000 – Sold Price:  $810,000 – Days on Market: 236

January Sales Statistics: Top Five Sales

On a year-over-year comparative basis, Southern Utah’s active Realtors have sold 22 more real estate listings this January then in 2017. A 7.3 percent uptick from 2017’s 301 closed in January, these numbers included four properties that were worth more than $1 million.

 January St. George, Utah Real Estate Absorption Rate

As of  Saturday, Feb.3, 2018, there are just over 755 single-family residential listings and/or condominium/townhomes for sale in the greater St. George area. As southern Utah’s dwindling inventory stays near historic lows, buyers and their agents will have to remain diligent to find the best deals. The WCBR Market Summary for January indicates our absorption rate is just 3.21 months. In other words, if no new listings were taken and placed on the MLS – our inventory would be depleted within approximately 3.2 months.

 January Washington County Real Estate Prices

The WCBR’s FlexMLS system data indicates the Active Average list price of a home in southern Utah for the month of January was  $502,168; representing  15.75 percent increase on a year-over-year basis. While the asking price has significantly increased over the past 12 months, the average sales price for a home in Washington County has increased 14.42 percent on a year-over-year basis. Vacillating up-and-down on a monthly basis, appreciation for southern Utah real estate and 2018 will not likely remain in the double digits.

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 Saturday, Jan. 3, 2018 at  4:20 AM. all