St. George Utah Real Estate Statistics: October 2014

St. George, Utah – it’s Sunday morning November 2, 2014 – and here are the individual data sets for October, which collectively describe the overall Southern Utah Real Estate market conditions.

The first set of St. George Utah Real Estate statistics outlines the overall sales volume by its defined area: Greater St. George (Santa Clara, Ivins, Bloomington, Bloomington Hills, and St. George), Hurricane Valley, Northeast Wn, Northwest Wn, Outside area, and Zion Park.

St. George Utah Real Estate Statistics: October 2014

St. George Utah Real Estate Statistics: October 2014

Based on the MLS statistics provided by the Washington County Board of Realtors and our FlexMLS system, we can see a total of 316 Residential units sold for the entire month of October. For the sake of this data set, “residential units” are defined as both single-family residential units and condominiums/townhomes. According to the sales statistics data, the 316 sold residential units equaled a sales volume worth $73,934,679, representing an average sales price of $239,271. For October 2014, the average Days On Market (DOM) for an accurately priced listing in St. George Utah was 69, with a Cumulative Days On Market (CDOM: from the date it was listed, to the date it closed escrow) of 100.

 St. George Utah Year to Date Activity Report

The next interesting data set looks at Year-to-Date activity for the greater St. George Utah real estate market. At a glance, the MLS data indicates that 4,314 new listings were taken during the month of October, with 317 properties pending escrow – and 2,249 successfully closing escrow (COE). The Year-to-Date average sales price for the greater St. George Real Estate market is $254,398, with the average listing lasting approximately 89 days on the MLS – DOM (days on market).

St. George Utah Year to date activity report

St. George Utah Year to date activity report

St. George Utah Real Estate Statistics: October 2014

For the greater St. George residential real estate market, the number of Active listings held steady when compared to both New and Sold listings. Also for the month of October, there was a discernible spike in both the New Median List Price, as well as the New Median Sold Price for Southern Utah Real Estate. As lenders began to loosen their requirements and developers begin to build new inventory, St. George’s absorption ratethe rate at which we would run out of inventory if no new houses were added to the MLS – has passed the seven month mark. As our inventory increases marginally, the sold price to list price ratiothe difference between the original list price and the actual sales price – remains just south of 96%. Indicating our areas Realtors are getting better at preparing their Comparative Market Analysis (CMA) for their sellers, and thereby listing the property closer to its fair market value. The next data set – Days On Market – has several variables that feed into it; the time of year (holiday season), list price, and interest rates. As we glance up to two of the above data sets; “Number of listings” and “Listing prices” there is a noticeable uptick in both the number of listings and the average listing price. Those two data sets directly correlate – in conjunction with the fast approaching holiday season – with the increased days on market. The last data set, “Price volume” is also related to the first two data sets. As the number of listings increase, as well as the overall average List price, our Price volume parallels those increases.

 St. George Utah real estate statistics

St. George Utah real estate statistics