St. George, Utah – it’s Friday, October 2, 2015 and over the past 30 days the St. George Utah real estate market has continued to show incredible resilience.
From Sept. 1 through Oct. 1, 2015 there were 337 closed escrows per to the WCBR (Washington County Board of Realtors) MLS system. The below report is a brief summation of the past 30 days of real estate activity for the greater Southern Utah real estate market.
St. George Utah Real Estate Market Statistics – September 2015
St. George Supply And Demand:
As of October 2, 2015 there are currently 1,055 single-family residential listings available in Washington County; that total number includes both freestanding single-family units and townhomes/condominiums. As the dwindling stock of Washington County real estate listings remains at the low end of the spectrum, there is a noticeable and direct connection between the precipitous increase in the listing prices and the average sold price of a home in Southern Utah. Upon closer examination of the newest listings added to the MLS during the month of September, we see on a year-over-year basis a decline from 583 listings for September 2014, to 509 new listings for September of 2015. Additionally, during September 2015 there were 351 listings placed in escrow compared to 315 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 $399,749; representing 13.50% increase from September 2014. As available lots in St. George become harder to find 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 13.77% on a year-over-year basis, the average sales price for a home in southern Utah during September 2015 was $248,686 – up from 2014’s $218,595
St. George Absorption Rate:
Not to overstate the obvious; as Washington county’s real estate inventory continues to dwindle, the absorption rate – the rate at which existing inventory would be depleted should no new listings be placed on the MLS – continues to drop. Just 12 short months ago the Washington County MLS had approximately 8 months worth of inventory, as of August 2015 that number has declined to just over 5 months worth of available inventory. As buyers closely monitor the feds statements, listings for the “dog whistle” warning to potential homebuyers, worried buyers have been jumping off the indecisive fence and surrendering to the American dream.
St. George Utah Real Estate Market Summary
Absorption Rate: 5.07 months
Average List Price: $399,749
Median List Price: $299,900
Average Sales Price: $248,686
Median Sales Price: $220,000
Average Cumulative Days On Market (CDOM): 70
Median Cumulative Days on Market (CDOM): 39
he 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.