Over the past seven days, southern Utah Realtors sold (closed escrow) 35 homes in Washington County. From the Cottonwood Creek subdivision in Santa Clara to the Citadel in Ivins, Realtors with the Washington County Board closed nearly $12.5 million worth of real estate since last Monday.
It’s Monday, May 8, 2017, and compared to last week’s activity (60 sold), this week’s 35 closed escrows is a strong indication that summertime is upon us. Historically slower thanks to our warmer weather; the Washington County real estate market generally slows down between May and August.
Southern Utah Weekly Real Estate Statistics
Last week, of the 35 sold real estate listings, 24 sold in less than 30 days, 2 took less than 60 days, 3 sold in 90 days, and six took more than 121 days to eventually close escrow. The below graph indicates the ‘Average List Price’ of a home in greater St. George over the last seven days was $370,854. Meanwhile, the average ‘Sold Price’ during the same time period was $356,750. Also worth noting, the Median List Price of a home on the Washington County Board of realtors last week was $239,900 – or $142 per square foot.
Originally listed for $12,979,877, southern Utah’s Realtors collectively closed 35 escrows for $12,486,256, over the past seven days.
Top Five Sold Southern Utah Real Estate Listings
List Price: $1,750,000 – Sold Price: $1,500,000 – Days on Market: 187
List Price: $777,000 – Sold Price: $777,000 – Days on Market: 07
List Price: $849,900 – Sold Price: $750,000 – Days on Market: 02
List Price: $759,900 – Sold Price: $745,000 – Days on Market: 04
List Price: $650,000 – Sold Price: $620,000 – Days on Market: 154
Cottonwood Creek, Citadel, and Pheasant Meadow: Sold Southern Utah Real Estate
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.
(All photos provided by the WCBR, FlexMLS, and the listing Realtor)
* Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS. Prepared by ALEXANDER YEAGER, 435MLS on Monday, May 8, 2017
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.
St. George, Utah – its Wednesday, April 1, 2015, and the Southern Utah Home Price Index (SUHPI) for March increased by 4.42% from the same time last year, according to the WCBR (Washington County Board of Realtors) MLS system.
Washington County’s housing affordability remains steady: While the great State of Utah’s overall median home value remained affordable at $209,100, Southern Utah’s median sales price for a single-family residential unit increased on a year-over-year basis to $215,000. Representing a 4.42% increase from 2014’s $205,900 median sales price – as indicated by the local MLS statistics.
Utah’s Mortgage Delinquencies Decline: The overall health of Southern Utah’s real estate market has continued to show resiliency and is projected to increase by 3.4% over the next 12 months. Another indicator that points to additional signs of the markets overall health for the SUHPI compares and contrasts the national average for Mortgage delinquency. Currently the national average for mortgage delinquency is 6.3%. Meanwhile the mortgage delinquency rate in the Beehive State has declined to 2.7%.
As Southern Utah’s distressed inventory continues to decline, the average homebuyer is forced to search the southern Utah MLS listing inventory – which currently has an absorption rate of 6.23 months of inventory for all of Washington County.
SUHPI: Southern Utah Home Price Index – March 2015
SUHPI: Southern Utah Home Price Index – March 2015
Average List Price: $386,358
Median List Price: $289,900
Average Sales Price: $254,506
Median Sales Price: $225,000
Average Cumulative Days on Market: 100
Median Cumulative Days on Market: 46
The greater St. George Utah real estate market remained strong during the first month of 2015 – thanks to the continued low interest rates, surging enthusiasm in real estate as an investment vehicle, as well as Fannie Mae’s & Freddie Mac’s 3% down payment program for today’s marginal homebuyers. As the number of St. George Utah real estate listings continued to decline on the Washington County Board of Realtors MLS system during January 2015, the active median list price continued to go up and the sold median price of St. George Utah real estate declined slightly.
Summary of statistics: January 2015 vs. January 2014 | Percentage of change
Absorption rate 5.35 4.71 +13.59%
Average list price $381,378 $383,166 -.47%
Median list price $309,000 $298,950 +3.36%
Average sales price $260,837 $267,892 -2.63%
Median sales price $217,500 $227,750 -4.50%
Average days on market 106 110 -2.64%
Median days on market 50 40 +25%
View the entire summary of statistics from the Washington County Board of Realtors below…
On a month over month comparison basis of January 2014 to January 2015, we see that the average sales price dipped slightly from $267,892 in January 2014 to $260,837 for January 2015. Representing a 2.63% decline in the overall sales price for the greater St. George real estate market.
While January 2015’s overall days on market has increased for St. George Utah real estate listings, Southern Utah’s absorption rate – the number of months it would take to consume all of St. George’s real estate inventory – continued to decline to just over five months worth of inventory.
Dependent on the dollar amount of the sold St. George Utah real estate listings we’re referencing – some sectors did better than others when it came to obtaining 100% of their original list price in an acceptable real estate purchase contract. Again, view the summary statistics provided by the Washington County Board of Realtors within this blog post.
Boding well for the Southern Utah real estate market, and remaining on par with January 2014, the number of St. George Utah real estate listings sold during January 2015 held steady at 56 for the first month of 2015.
Of the 56 real estate listings sold during January 2015 in the greater St. George market, the numbers break down like this:
2 St. George Utah real estate listings sold for between $100,000 – $119,000
1 St. George Utah real estate listings sold for between $120,000 – $139,999
8 St. George Utah real estate listings sold for between $140,000 – $159,999
3 St. George Utah real estate listings sold for between $160,000 – $179,999
4 St. George Utah real estate listings sold for between $180,000 – $199,999
16 St. George Utah real estate listings sold for between $200,000 – $249,999
3 St. George Utah real estate listings sold for between $250,000 – $299,999
13 St. George Utah real estate listings sold for between $300,000 – $399,999
2 St. George Utah real estate listings sold for between $400,000 – $499,999
3 St. George Utah real estate listings sold for more than $500,000
With interest rates remaining near historic lows and the federal government’s newly implemented 3% down programs – there’s never been a better time to purchase St. George Utah real estate.
Should you have any questions about the southern Utah real estate market in St. George, or if you would like more information regarding any of the St. George Utah real estate listings found on www.UtahMLSrealestate.com – please do not hesitate to call or email me. I can easily be reached at (435) 619–2206, or just write me a quick email (firstname.lastname@example.org) outlining your questions, concerns or search criteria … and I will respond immediately.
* The above St. George Utah real estate summary of statistics is provided by the Washington County Board of realtors and their MLS system: This data excludes homes sold as “For Sale by Owners” and any other non-published real estate listings. Additionally, Alex Yeager and Fidelity Real Estate St. George are not responsible for the data and does not guarantee its accuracy.