With just 60 days to go before the 2014 Real Estate market hits -Reset- and dives into 2015, the October St. George Utah real estate market conditions and statistics continue to look positive.
In drilling down on the current inventory, it’s hard not to notice the the greater St. George Utah area – primarily in the cities of Ivins, Santa Clara, Hurricane, Washington, St. George, Brookdale, and Pine Valley – currently has an inventory of 3,978 active real estate listings. Of those listing, only 196 are listed as condo/townhomes for sale; with 275 townhomes sold thus far this year on the Washington County Board of realtors MLS.
Active Vs. Sold Listings
The Southern Utah real estate market has no doubt survived some rather dramatic vacillation over the past 48 months. During the ordinarily quiet month of September, Realtors in St. George Utah sold 280 real estate listings via the MLS, representative of significant deterioration over 2013s 301 sold properties for the same month. Exploding onto the MLS during September 2014, a total of 2005 Active Listings were listed for sale in the hopes of finding a new owner, representing a significant jump from last year’s Active Listings of 1691 during the month September.
Cumulative Days On Market (CDOM)
With the 2015 holiday rapidly approaching, it’s beneficial for southern Utah’s would-be home sellers to understand that traditionally, while the holiday season is fun for the family- It ultimately means increased -Cumulative Days on Market.- Example: when comparing the average CDOM for a listing in September, a properly listed property lasted on the southern Utah MLS for roughly 78 days. Conversely, that same listing, with the same Realtor – and at the same list price could expect to spend an additional 20 days on the WCBR MLS if listed in during December – a not so welcome Christmas gift.
Southern Utah’s Popular Price Range
The bread-and-butter of the “Palm Springs” of Utah’s (i.e. St. George) real estate inventory, homes under $300,000 remains popular. As the remnants of St. George’s housing inventory gets picked over by the newest -snowbirds- in town, those with access to the WCBR MLS can easily tell that one of the more desirable list price ranges remains those properties under $300,000. When examining some of the available data sets for the past 30 days of MLS activity, we see those properties listed under $200,000 enjoyed a greater proportion of buyers competing for their property – perpetuating a long and healthy trend in southern Utah.
Generally speaking, St. George’s homebuyers feel most comfortable in this price range. For their $200K, today’s buyers are looking for that perfect home; comprising approximately 1800 sq. ft., with a flexible floor plan. Additionally, today’s buyers want a home that backs up to green space – think an open park-like space in many of the newer communities. Upon close review of the single-family residential sales for southern Utah, we see the housing sector standing firm and holding its own.
Currently, the southern Utah MLS absorption rate is increasing incrementally; the cumulative days on market for a properly priced single-family residential list have declined dramatically. Representing a 2.91% increase in the median priced home sold in greater St. George area, our median price sales jumped from $232,000 in 2013 to $249,000 in 2014 – not a bad increase. Learn More At: Southern Utah Real Estate Market Condition