St. George, Utah – it’s November 1, 2014 and the Southern Utah Real Estate Market conditions remain better than stable. With Halloween 2014 now thankfully in our rearview mirror and the month of November officially arriving, FlexMLS and the Washington County Board of Realtors have just released Southern Utah’s October 2014 real estate market analysis. Drilling down on the areas real estate market activity for October 2014, this post will look at year-over-year comparisons, Hot Sheet price change trends, and Southern Utah’s overall volume of sold single-family residential real estate.
Southern Utah Real Estate Market Conditions
First up, there were 2,090 Active Listings throughout the month of October on the Washington County Board of realtors MLS system. These “Active Listings” encompass a broad swath of categories: single-family residential units, condominium/townhomes, vacant lots and land – as well as manufactured housing. Of those 2,090 listings, 568 were New to the WCBR’s MLS for the month of October and 312 listing successfully closed escrow (COE). While the cumulative days on market (CDOM) remained relatively high at 102, the average Sold Days on market (DOM) was only 70. Indicating that the average escrow was approximately 30 days long.
Southern Utah Real Estate Market Year-over-Year Comparison: Representing a 9% uptick in activity for single-family residential listings in the southern Utah real estate market; this time last year agents in St. George had listed for sale 3,939 homes by the end of October. Conversely, this year, Southern Utah’s Realtors have listed 4,316 single-family homes on the WCBR MLS. Additionally, last year there were 1,995 single-family residential units put under contract on our local MLS, compared to this year’s 1836 listings. Representing a 6% drop in listings under contract for southern Utah.
Southern Utah’s Average single-family Sale Price Jumps 6%: for 2013 the average sales price of the southern Utah single-family home was $277,635. For 2014 that average sales price has jumped to $295,766.
Southern Utah Hot Sheet Price Change Trend Chart: