St. George, Utah – it’s Tuesday morning March 3, 2015 and the Southern Utah Real Estate Market Summary for February shows the number of real estate listings in the greater St. George area increasing, in addition to the overall the list price, days on market, and MLS absorption rate.
Southern Utah Real Estate Statistics: Market Summary For February 2015
After witnessing the traditional dip of new real estate listings during the holidays (Nov., & Dec. 2014) being placed on the Southern Utah MLS (multiple listing system), the number of St. George Utah real estate listings have spiked during the past 30 days – to approximately 1500 single-family residential units. February’s 1500 level represents: Active Listings, New Listings, Pending Listings, and Sold listings on the Washington County Board of Realtors (WCBR) MLS system. While there is obviously a wide divergence between the average list price and the average sales price, the fact remains, our market is heading in the right direction. Providing a healthy number of listings for southern Utah’s homebuyers to choose from, while not saturating the market and ultimately stalling the appreciation of our already existing inventory.
When looking at the WCBR summary of statistics for the existing MLS listings, and comparing February 2014 to February 2015, we see the market headed in the right direction. During February 2014, the WCBR MLS had an absorption rate of 5.98, and an average list price of $382,354 – meanwhile the average sales price was $250,356. For February 2015, our absorption rate has increased to 6.19 – this number represents the months worth of existing inventory, should no new listings be placed on the MLS – with an average list price of $410,874, and an average sales price of $256,573. For 2015 we currently see an average sales price of $265,695, which represents a 5.56 percentage change over this time last year. Additionally, there has been a nominal change between the average Cumulative Days on Market for southern Utah’s MLS listings: 100 days for February 2014, 103 days for February 2015… representing an uptick of 3%.
Since it’s Tuesday morning, that can only mean one thing for me – it’s time for to get ready for the Washington County Board of Realtors “Brokers Tour.” Have a great Tuesday, and I’ll see you tomorrow.