St. George, Utah – it’s Thursday, June 11, 2015 and over the past 30+ days Southern Utah’s real estate market has demonstrated that our little corner of the Beehive State continues to attract homebuyers in droves.
Today the number of Southern Utah real estate listings available on the Washington County Board of Realtors MLS system has declined to just north of 1,800 single-family residential units or condo’s / townhomes. Representing a serious decline for available inventory, on a year-over-year basis. In addition to the 1,800 active listings currently available on the flex MLS system, approximately 600 new listings were added to the MLS between April 15, 2015 and May 15, 2015. Additionally, during that same 30-day time period there were 400 closed escrows and 437 pending listings.
As the graph indicates, the Average Active List Price for Southern Utah real estate continues to increase. Primarily thanks to supply and demand issues. As our existing inventory continues to decrease, and the cost of new construction continues to skyrocket on a per square foot basis, we see the Active Average List Price hovering around $400,000. As most experienced real estate buyers understand – the asking price is almost always substantially more than the sales price. As such, between April 15, 2015 and May 15, 2015 the Average New List Price was approximately $325,000; while the median sales price of a St. George home was just below $240,000, the Average Pending and Sold Listing closed for approximately $242,000.
As Washington County’s real estate inventory continues to decline, so does Southern Utah’s real estate absorption rate. Currently, according to the flex MLS system there is approximately 6.35 months worth of housing inventory to choose from. As the inventory and absorption rate continue to dramatically decline, we see the Cumulative Days on Market for the existing inventory slipping to below 100 days as well.
Southern Utah Real Estate Market Statistics – May 2015
Absorption Rate 5.66; Average List Price $387,985; Median List Price $289,900; Average Sales Price $259,632; Median Sales Price $229,500; Average Cumulative Days on Market 99; Median Cumulative Days on Market 46. Aside from the absorption rate declining by 16.15% (thanks to buyers aggressively purchasing southern Utah listings), all of the other market statistics are pointing in a positive direction.
In briefly reviewing four of the more relevant data points for the southern Utah real estate market, we see that there were 538 new listings added to the Washington County Board of realtors MLS system for the month of May. Additionally, there were 400 sold listings, 439 properties placed in escrow and a total of 1,798 active listings of the flex MLS system for all of southern Utah.