St. George, Utah – it’s October 20, 2016, and since the beginning of the year, real estate activity in southern Utah has been on a tear. With a 7-point increase in closed escrows for condominiums/townhomes, and a 16-point increase for single-family listings placed under contract, 2016 will be remembered fondly by most Realtors on the Washington County Board.
With the third debate from the 2016 election thankfully over, it’s time to get back to the business at hand, crunching numbers, disseminating information and preparing for the holidays.
Single-family residential listings statistics – under contract
Since January 1, 2016, there has been a total of 1963 single-family residences placed under contract in the greater St. George Utah area, representing a 16-point increase on a year-over-year basis from 2015’s 1688 homes placed under contract.
Single-family residential listings statistics – closed escrows
By this point during 2015, there had been a total of 1619 single-family residential listings that successfully COE (closed escrow), as compared to this year’s 1799 closed escrows – representing an 11% increase in close escrows.
Dropping from a 5.45 to 4.13, Southern Utah’s real estate absorption rate as declined 24.63% on a year-over-year basis. Meaning, if no other listings were to be made available for sale on the multiple listing service(MLS) – we would run out of inventory and 4.13 months. Understanding that supply and demand dictates price, this reduced inventory has led to an average year to date list price of $345,091 for 2016, and an average sales price of $269,762.
Southern Utah Real Estate Summary Statistics
- Absorption Rate 4.13
- Average list Price $428,782
- Median List Price $324,900
- Average Sales Price $277,749
- Median sales price $237,950
- Average Collective Days on Market 81
- Median Collective Days on Market 29
As the holiday’s approach and our buyer’s retreat, the total number of available residential real estate listings in southern Utah has dipped below 1800, representing just over four months worth of available inventory. Thanks to historically low-interest rates, Southern Utah’s real estate market is seeing prices go up, the number of listings going down, and the total Days On Market for the average real estate listing holding steady at just under 80 days. Causing southern Utah’s real estate values to appreciate nicely since the beginning of the year.
With southern Utah’s real estate inventory depleted and buyers anxious, we see 370 out of 395 deals successfully closed during September 2016. Of those successfully closed Washington County real estate listings, 5 occurred below $50,000, 12 occurred between 50,000 – $100,000, 43 real estate listings closed escrow between 100,000 – $149,999, 72 real estate listings closed escrow between $150,000 – $199,999, 67 real estate listings closed escrow between $200,000 – $249,999, 86 real estate listings successfully close escrow between $250,000 – $349,999, 41 Southern Utah real estate listing successfully closed escrow between $350,000 – $499,999, 20 St. George real estate listings successfully close escrow between $450,000 – $549,999, 13 Washington County real estate listing successfully closed escrow between $550,000 – $649,999, 5 real estate listings between $650,000 – $749,999 successfully closed escrow, 4 southern Utah real estate listings between $750,000 – $999,999 successfully closed escrow, and last but not least, just 2 southern Utah real estate listings during the month of September closed escrow between $1 million – $1,499,999.
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.
(All photos provided by the WCBR, FlexMLS, and the listing Realtor)
* Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS. Prepared by ALEXANDER YEAGER, 435MLS on Thursday, October 20, 2016