St. George Utah Summertime Real Estate Synopsis: Inventory Is up, Sales Prices Are Steady
As the Dog Days of summer 2014 begin to wind down in St. George, Utah, a quick look at the Southern Utah Board of Realtors MLS statistics indicates that there are some interesting market forces at play in the greater St. George area. For starters, the average Days on Market (DOM), increased from 109 days in June to 118 DOM for July 2014.
Though the increase in the DOM could easily be attributed to the summer time heat, the next item is not quite so easy to dismiss. The Absorption Rate shown in this graph indicates the amount of time the current inventory would last at the current rate of sales in Washington County.
With over 2,061 single-family residential listings currently For Sale on the Washington County border Realtors MLS system, and approximately 600 new listings being put up for sale each month, its more important than ever to understand your home’s real value.
The graph titled Number of Listings demonstrates the divergence between those homeowners that have their properties listed for sale as an “Active Listing,” and those that get their homes “Sold.” Thanks to aggressive pricing based on recently sold comps.
While the Washington County Board of Realtors currently has just north of 1,800 residential listings on the MLS for sale, roughly 300 a month are successful in finding a buyer, negotiating a mutually agreed-upon contract, getting the home to appraise at the real estate purchase contract price, and ultimately closing escrow.
Here are some additional St. George Utah real estate statistics for your consideration…
Below are some year-over-year comparisons for sold Washington County properties for the month of July