St. George Utah Real Estate Market Statistics: 2014, A Year in Review
As the below St. George Utah real estate market statistics indicate, 2014 was a transformational year for the greater southern Utah real estate market. Based on the current real estate trends and market conditions, many of the areas real estate professionals concur – 2015 should be a breakthrough year for both increased sales and residential appreciation.
While the Washington County Board of Realtors multiple listing service (MLS) was once ruled by distressed properties (Read: short sales, REOs, and foreclosures) less than 12 months ago… those days are done. Now, with historically low interest rates and limited options for tangible investments, Southern Utah’s homebuilders have again begun to do with they do best – build homes. As such, the areas inventory has been steadily increasing.
According to the First American Markets index and the National Association of Homebuilders, Southern Utah’s single-family building permits have rebounded nicely from the dark days of the great recession, increasing to approximately 44% of the market’s high water mark established back in 2003. Additionally, the asking price of the average single-family residential property in Southern Utah is approximately 30% greater than it was back in the heady days of the 2002 – 2003 real estate free-for-all.
The first below graph drills down on the past 12 months of Southern Utah real estate activity; focusing on the number of listings in the greater St. George area, as well as their list price, absorption rate, sold to list ratio, days on market, and the markets overall price volume.
Next up in the year-end review of the St. George Utah real estate market are the year-over-year summary statistics for the greater Southern Utah housing market. Further focusing on the areas overall absorption rate, average list price, median list price, average sales price, median sales price, average collective days on market, as well as the median collective days on market.
Our last graph for this first blog post of 2015 provides a comparative analysis of the year-over-year real estate activity for the greater St. George real estate market. The below for graph drills down on Southern Utah’s Sold, Pending, Active and New real estate for sale in southern Utah.