March Sales Report: Southern Utah Realtors Sell 284 Homes

The March sales report shows it was another great month for real estate in southern Utah. Realtors in the greater St. George area sold 284 listings classified as either a single-family residential home or a condominium/townhome.

St. George, Utah – its Sunday, April 1 and from March 1 through March 30, Realtors with the Washington County Board successfully closed escrow on  $104,793,747. A testament to southern Utah’s reclaimed title of the fastest-growing metropolitan statistical area in the United States, my reported total represents a large fraction of the overall transactions completed the last 30 days.

 March Real Estate Statistics for Southern Utah

The average sales price for a southern Utah home jumped 13.15% on a year-over-year basis

Ignoring transactions occurring within categories such as vacant lots and land, commercial, manufactured housing and fractional ownership, March statistics provided by flex MLS indicate the most expensive sale in the last 30 days occurred for $1.8 million.  Sold in Stone Cliff and originally listed for $2.2 Million, that home closed escrow in 32 days. In a testament to the strength of our current real estate market, 157 of March’s 284 sold real estate listings closed escrow in less than 30 days. Not bad.

Per the March sales report, the Average sold price of a home in southern Utah was $337,908.  A perpetual issue of negotiations, listings selling within the “Average” price range were originally placed on the Flex MLS system for roughly  $515,203. Since March 1, the median list price for a home in southern Utah has been approximately $367,900, with those medium priced homes typically selling for roughly $297,000.

55.28% of Southern Utah’s sold single-family residential units sold within the first 30 days

Statistically speaking, buyers were quick to act during the month of March. More than half of Southern Utah’s single-family residential (or condominium/townhome) sales occurred within 30 days of being placed on the multiple listing service. That total number represents 55.28 percent of the total real estate activity for March. Those homes that sold within the first 30 days received an average Sales Price to Original List Price ratio of 99.34 percent.

March Top Five Sold Real Estate Listings

  • List Price: $2,200,000 – Sold Price: $1,800,000 – Days on Market:.32
  • List Price: $1,799,900 – Sold Price: $1,799,900 – Days on Market: 06
  • List Price: $1,499,900 – Sold Price: $1,499,900 – Days on Market:319
  • List Price: $1,200,000 – Sold Price: $1,125,000 – Days on Market: 09
  • List Price: $1,195,900 – Sold Price:  $1,030,000 – Days on Market: 373

March Days on Market

  • 157 southern Utah real estate listings sold in less than 30 days
  • 31 southern Utah real estate listings sold in less than 60 days
  • 34 southern Utah real estate listings sold in less than 90 days
  • 24 southern Utah real estate listings sold in less than  120 days
  • 38 southern Utah real estate listings sold in less than  121+ days

March Real Estate Activity for Washington County

On a year-over-year comparative basis, so far in 2018, Southern Utah’s active Realtors have sold  1087 total real estate listings. A 1.6 percent decline from 2017’s 1105 closed escrows, these sales included 12 listings valued in excess of $1 million.  So far in 2018, 13 homes valued between $1 million and $1,999,999 have successfully closed escrow. Shocking few and pleasing many, that represents a  44.4 percent uptick from last year’s total million-dollar sales.

There were 583 new real estate listings placed on the flex MLS system for March

 March Real Estate Prices

March statistics provided by the WCBR’s FlexMLS system indicates the Active Average list price in southern Utah has continued to steadily increase since the beginning of the year to  $515,203; representing 16.50percent increase from March 2017.  Also up over the past 12 months, the Average Sales Price for a home in Washington County has witnessed a double-digit increase – jumping 13.15 percent.

 March Real Estate Absorption Rate

As of Sunday,  April 1, there are just 767 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 March 2018 indicates our absorption rate is just 3.26 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 3.26 months.

Southern Utah Real Estate Inventory, List Price, Absorption Rate, Days on Market

The above information is presented as a courtesy of Alex Yeager @ 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,  April 1, 2018,  4:20 AM.