St. George, Utah – it’s Wednesday, September 2, 2015 and over the past 30 days the Washington County real estate market has shown incredible strength.
From August 1 through August 31, 2015 there were 308 closed escrows according to the Washington County Board of Realtors (WCBR) MLS system. Below is an abbreviated summary of the past 30 days of real estate activity for the greater St. George real estate market.
St. George Utah Real Estate Market Statistics – August 2015
St. George Supply And Demand:
As of September 2, 2015 there are currently 1,023 single-family residential listings; that total number includes both freestanding single-family units and townhomes/condominiums. As Southern Utah’s real estate inventory remains at the low end of the spectrum, there is a discernable and direct correlation between the increase in both listing prices and the average sold price of a home in Washington County. Drilling down on the newest listings added to the MLS during the month of August, we see on a year-over-year basis, a decline from 562 listings for August 2014, to 488 new listings for August of 2015. Additionally, during August there were 349 listings placed in escrow compared to 337 last year.
St. George Real Estate Prices:
Upon closer examination of the graph provided by the WCBR’s FlexMLS system, we see that the active average list price in southern Utah has continued to steadily increase since the beginning of the year to $399,323; representing 14.57% increase from August 2014. As buildable land in southern Utah becomes more scarce and the cost of building supplies continues to increase, the average sales price for a home in Washington County has dramatically increased over the past 12 months. Shooting up 28.49% on a year-over-year basis, meanwhile the average sales price for a home in southern Utah during August 2015 was $310,686 – up from 2014’s $241,797
St. George Absorption Rate:
Stating the obvious; as Southern Utah’s real estate inventory continues to decrease, the absorption rate – the rate at which existing inventory would be depleted should no new listings be placed on the MLS – continues to drop as well. Just 12 short months ago the Washington County MLS had an inventory that was approximately 7 months deep, as of August 2015 that number has declined to just over 5 months worth of available inventory. As buyers closely monitor the interest rates on 30 year fixed mortgages, listening for the feds warning shot across the bow of homeownership, reticent buyers have been jumping off the fence of indecisiveness and surrendering to the American dream.
St. George Utah Real Estate Market Summary
Absorption Rate: 5.05 months
Average List Price: $399,323
Median List Price: $299,000
Average Sales Price: $310,686
Median Sales Price: $213,535
Average Cumulative Days On Market (CDOM): 106
Median Cumulative Days on Market (CDOM): 43
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.