St George Real Estate Market Conditions Reports and Opinions

Housing market reports, news, statistics, and opinions are brought to you by Paula Smith Red Rock Real Estate

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June 14, 2017

St George Real Estate Market Report June 2017

This is our June 2017 St George Utah housing market analysis, for the Greater St George area; which includes: St George, Santa Clara, Ivins, and Washington.  The stats will also include Sunriver (as well as communities like Little Valley and Washington Fields).  I’ll also do a separate report specific to Sunriver within this post.

Time is moving fast, so is the St George Utah real estate market.  As of today, there are 734 homes for sale in St George Utah (and greater St George area).   This number has been on the steady decline, and an obvious sign to the shift into the “sellers market”.   Only two years ago (May 2015) there were 1,303 active homes listed, and one year ago there were 1,065 homes for sale in St George.  In two years, we are seeing a 43% decrease in inventory.   As for SOLD homes in St George, our year to date (YTD) ending May 31, 2017 was: 1492.  Comparing this with 2015 we are about 16% higher (YTD) and comparing last year we are almost 9% higher.  We’ve had our typical spike for May and typically another will occur in August.   Here is a 2 year comparison.

St George Utah Sold Homes

Sunriver is no different than the rest of the St George Utah housing market.  Inventory remains low and prices continue to trend upwards.  I personally set a record last year on one of my listings, having one of the smaller available floor plans selling for the highest amount during that time.  And recently, I personally sold the very last home priced under $200,000 (two months ago).  I’m not expecting to see the “under $200,000” price point again in Sunriver in the near future.   As of today, there are 51 homes available for sale in Sunriver, of these—17 are “spec” homes (or new construction).  This means that there are only 34 resale homes available in Sunriver.  It’s a sought after community, well priced homes having the upgrades that buyers are looking for will sell in a matter of days (sometimes hours!).   Here is a market snapshot of the past 2 years specific to Sunriver.   

Sunriver St George Homes Sold

I just did some updating on my website—let me know what you think!  Feedback is important, I’d like to provide a user friendly and appealing website.  If you’re looking for other statistics for the real estate market or homes sold in St George, Contact Paula Smith and let me know what you’d like to see.  I’ve sold the last of my available listings, so I’m ready to list your home.  If you’re thinking of buying, reach out—I want to help. 

March 5, 2017

233 W Mojave Heights Drive St George, Utah

233 W. Mojave Heights Drive    St George, UT 84790

NEW LISTING!!

Price: $240,000
MLS 17-182482

Bedrooms: 3
WITH VIEWS!
Bathrooms: 2.5
Garage: 2.5 Car
Square Footage: 1,700

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Feb. 9, 2017

1763 W Amethyst Garden Circle, St George Utah

Sunriver Home For Sale~ 3 Bedrooms PLUS an Office, AND a THREE CAR GARAGE!

1763 W. Amethyst Garden Circle
St George, UT 84790

Price: $384,900
MLS 17-181941

Bedrooms: 3
PLUS OFFICE (or Den)
Bathrooms: 2.5
Garage: 3 Car
Square Footage: 2,352

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Jan. 8, 2017

St George Utah Year End Real Estate Market Report 2016

Welcome to 2017, I suspect we will be in for an interesting real estate market ride this year.  In this report, let’s take a look at the year end report for the St George, Utah real estate housing market.  I’ll include market statistics and information assessing our Southern Utah real estate, and sold homes for 2016 as well as offering my opinions for what to expect in 2017.  Let’s begin by showing a 2015 vs 2016 market snapshot.   This section will include information for the Greater St George area, including: St George, Washington, Santa Clara, and Ivins (Sunriver is in St George and will be part of this report). 

St George Utah real estate sold homes-MAKE SURE TO DISPLAY IMAGES

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Dec. 7, 2016

St George Utah Real Estate Market Report December 2016

December 2016 St George real estate market report, brought to you by Paula Smith of Red Rock Real Estate  

This report will take a look at current sale statistics as well as comparing last year with this year.  This report will include residential homes in the Greater St George area (which includes: Santa Clara, Ivins, and Washington).  

For November 2016, there were 252 SOLD HOMES.  This number is slightly lower than previous months, however as we approach the holidays it is not uncommon for the number of sales to slightly reduce (notice similar results for November 2014 as well as 2015).  It’s also interesting to note that the inventory remains low, having under 1,000 active homes listed, since August 2016.  It’s likely that sales will slightly increase for December, as buyers are looking for investment opportunities as the year ends.  

St George Sold home report 2016 

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Posted in Buyers, Sellers, Statistics
Sept. 14, 2016

1612 W 3640 S, St George, UT 84790

New Listing in the coveted subdivision of Bloomington, in St George Utah.  

Bloomington is a very established neighborhood, which surrounds the newly renovated Bloomington Country Club and golf course.  There are 2 parks nearby, along with popular walking and biking trails.  The community is close to shopping, schools, and it is also within Dixie Power, which will provide the lowest utility rates in the area.  Bloomington Country Club is accepting new members, so this is a great opportunity to get in at a reasonable price and enjoy the amenities offered just down the street from this fabulous home.  If you have off road toys, this is a great community; just down the street from this home is a popular trail that takes you out into the hills.  Take the off road vehicles out for some fun, or drive out to the area where locals enjoy target practice, there really is something for everyone in this area. 

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Sept. 9, 2016

St George Real Estate Market Report September 2016

We’re already heading into the fall season here in St George Utah, and the St George real estate market report is ready for reporting.  Year to date, for the greater St George area, we are clearly in a seller’s market.  Home sales are up 9.7% (compared to last year), the number of Active listings are down 3.8% (year to date), and the average sale price is up 7.4% (year to date).  Check out this graph showing the past 3 years:

St George Market Report Stats (VIEW IMAGE)

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June 10, 2016

June 2016 St George Real Estate Market Report

Summer is heating up as is the St George Utah Real Estate market.  After a brief but welcomed spring, our temps jumped right into summer, and almost simultaneously home sales started to sizzle.  This is our June 2016 market report.  Next month, I’ll take a look at midyear sales and provide a more in depth market analysis.  

Our St George real estate inventory is still low, it’s been low for over a year.  Demand is every bit as high, so this has created a shift into a sellers market.  While prices haven’t skyrocketed, they have been gradually increasing over the past few years, and this year prices are still trending higher.  From 2014 to 2015 the median sale price climbed 4.7%.  2015 compared to 2016 (YTD) we are already at 3.9% higher with April and May having the highest gains, 19.5% and 6.9% respectively.   I expect the increases by year end to be most represented by May sales, meaning the likely increase by year end will probably be around 6%.  Another interesting note, when comparing 2015 to 2016 YTD the number of NEW LISTINGS is down 4.2% while the number of SOLD listings is UP 2.9%

Here is a 2 year comparison for Greater St George; it’s a great snapshot of our declining inventory and increasing prices. 

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June 10, 2016

4835 S Festival Park Circle SunRiver

Home For Sale in SunRiver St George

4835 S. Festival Park Circle
St George, UT 84790

NEW LISTING!!

Price: $268,000
MLS 16-176736

Bedrooms: 2
PLUS TECH CENTER
Bathrooms: 2
Garage: 2.5 Car
Square Footage: 1,262

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Posted in Buyers, SunRiver
April 12, 2016

St George Utah Home Buying Process…explained

What is the home buying process for St George Utah?  The State of Utah, like all states in the US, has a process for home buying and paperwork to accompany every step.  Most buyers feel that Utah has a very simplified home buying process, and our State laws favor the buyer thereby making the process less stressful.  It’s nice to have contracts written in such a way that they are simple and easy to comprehend.

 

St George Homes For Sale Online

 

Most buyers begin their home search online, from the state they currently reside.  Using a local website (such as this site) will allow you to view ALL MLS listed property for sale.  My site will provide every home listed, from every agent within our Board.  Often, buyers will inform me that other websites show “more” homes.  The reason for this is usually because those sites are not updated daily (or hourly, like this site).  So when you’re seeing homes on other sites that may not be included on this site, are homes that are no longer available (cancelled or pending listings).  Once a home is pending, it will be removed from this site (as soon as the listing agent updates our MLS).  

 

Paula Smith~Your St George Buyers Agent

 

Aligning yourself with a local agent is your next step.  It’s important to select an agent and establish a relationship with that agent.  Once you have begun to contact a preferred agent and you’re beginning to make plans to arrive, your agent has already started working for you.  When I speak to a buyer and identify the type of property they are searching for, I set up a preliminary search and populate a list of potential homes.  Together we review the list and add or eliminate to formulate the list of homes the buyer would like to see once they arrive (it’s recommended to do this only a couple of days prior to arrival since our inventory changes so frequently).  It’s okay to call other agents for questions, but it’s important to let them know you’re already working with another agent (more on that in a minute).

 

Next, your home search really begins.  Viewing homes in person is totally different that looking at them online.  Sometimes they are so much better in person, other times buyers are totally disappointed when viewing in person, their “favorite” home.  It’s important to see homes in different areas so you can really get a feel for the area that suits your needs best.  This process can take hours, days, or months (and I’ve had a couple of clients where it took years!).  Once you find a home you’ve got real interest in, that’s where I begin to research.  I’ll begin to research the home, to try and find any details you’ll want to know about the home.  I run comparable sales and evaluate the price.  I do title research to determine the sellers situation and how that compares to the price on the home.  My buyers are always informed as to what has sold in the area and at what price.  Together we determine a price to make an offer.  

 

How Much Under Asking Price Can We Offer?

This is always a popular question, and the answer is always “Offers are a case by case basis”.  There is no “magic number” of how much lower you can offer.  In fact, if a home is newly listed and priced really well…while you’re in the office trying to justify a lower offer, 3 other buyers are already involved in a bidding war and the home will sell at or above asking price.  Other times, a rare home comes on the market and it’s probably considered “over priced” but if it has that rare feature…buyer WILL PAY.  This isn't to say you cant offer less on any home…of course you can!  I make offers for buyers on the regular basis under asking price, and often I’m able to gain acceptance.

 

Can I Make An Offer Contingent On My Other Home Selling

Short answer….YES.  The best situation is when your home is already listed.  If you’ve already got an offer…even better.  You CAN make an offer contingent on your home selling and it will be very little risk to you (if your home does not sell you wont lose your earnest money in MOST circumstances).  

 

Making the Offer

There are several documents to sign for your first offer, typically I have a few of these signed up front to avoid confusion.  First and foremost you MUST sign a Buyer Broker Agreement.  This allows the agent to work for the buyer, and this is an exclusive commitment (you can not sign this document and then turn around and work with another agent).  The written agreement clarifies buyer and agent relationship and the buyer is confirming they understand the agent will be paid within the transaction (HOWEVER…IT IS NOT THE BUYER WHO WILL PAY THE AGENT…THE SELLER WILL PAY THE AGENT AND THIS WILL NOT ADD ANYTHING TO THE COST OF THE HOME).  When a sellers lists their home, they are already agreeing to an amount to compensate a buyers agent.  So the buyer will be represented and offered information and consultation throughout the entire transaction, with no cost (within a typical transaction).  

 

The Utah Real Estate Purchase Contract

The details of the contract are very straight forward.  A buyer will not need an attorney present at closing.  The buyer will have a due diligence period which will give them about 2 weeks to really get to know the home, the neighborhood, and do any home inspections they deem necessary (at the buyers expense).  During this Due Diligence period, a buyer can cancel the contract for any reason.  This way if you find a home you love and it’s a popular listing—you can instantly make an offer—once accepted you can get all of the questions answered and if you’re not happy—you can cancel the transaction.  So many times I’ve had buyers tell me “we will go home and think about it”.  They call me a week later and they are ready to make an offer.  Sorry…that home is pending.  You’ll also have a couple of weeks to get your loan in order and an appraisal done (if applicable).  If you realize you are unable to secure financing during the specified period, you can cancel the contract and your earnest money is returned.  Earnest money is typically about 1% of the purchase price, but depending on the situation it may be appropriate to offer more or less. 

 

If you realized AFTER your due diligence or financing period (both are typically 14-18 days) that you no longer want to purchase the home (or you are unable to) then you may be at risk for losing your earnest money.  The earnest is in place to compensate the seller for taking the home off the market, and it’s designed to essentially be a tool to avoid going to court.  

 

Closing

The most misunderstood time of the transaction is always “closing”.  Closing is the event where the documents are signed and the money is delivered.  You can close here in St Georgeat the title company, or title can set up a courtesy closing in your area, where the documents are sent over to you to be signed and notarized. When you “close” here in town, you are not at a table with the sellers—only the title agent and typically the real estate agent, and sometimes your loan officer will attend.  The element that always becomes a source of confusion is that you DO NOT get your keys at closing.  Perhaps you’ve already wired your down payment to title, you’ve now signed your documents and your moving truck just pulled up in front of your new home.  Well…there is a problem because you’re not moving in and it may be another few days.  While I’ve never personally had this happen to my buyers (because I thoroughly explain the process) it still becomes a point of confusion with many deals.  A few things have to happen before you get your keys.  You first sign your documents (if you’re doing it out of town, they need to be RECEIVED by the title company).  Your funds need to be wired to title (and RECEIVED).  If you wire at 3pm on Friday…it wont be received until the next BUSINESS day (if Monday is a holiday, we’re looking at Tuesday).  The seller must sign their documents.  If you have a loan, the lender must fund the loan.  Typically they fund the same day, but not always.  Then once all of these events have transpired, title will send the documents to record.  Now we must wait for the recorders office…again…if you send this out at 4:55pm on Friday and Monday is a holiday….we wont record until Tuesday.  Once the document records…you are an official homeowner and your keys will be delivered.  

 

What Fees Will I Pay?

There are very few fees the buyer is obligated to pay.  If it's a cash deal, you'll have title/recording fees which are usually less than $300.  The other costs are pro-rated property tax and HOA fees (if applicable).  The seller will pay for a seller policy title insurance (this will protect your title from any liens if claims are made against former).   If there is a loan involved, your lender will have all of the fees broken down for you prior to making an offer (or soon after) and you'll have the fees already mentioned along with lender fees, appraisals etc....  If you're hiring a Home Inspector, you'll pay him after the inspection so these fees will not be apart of closing. 

  

As a buyers agent, I’m working behind the scenes to make sure my buyers are staying on top of their deadlines, hiring professional and competent home inspectors, and completing all of their due diligence.  I’m working directly with the title company and their lender to ensure a smooth transaction, while keeping the buyer informed every step of the way.  If you’re ready to purchase a home and you are not already working with a buyers agent, give Paula Smith a call—I’d appreciate the opportunity to assist you.  If you have additional questions