We are nearing the end of summer mark, with Labor Day fast approaching. It’s been hot here in St George, both the weather and the real estate market. We’ve gone over 100 since August first---100 degrees and 110 homes went pending in St George alone! Here is a snapshot for the past 30 days (since July 23, 2015) for the Greater St George area (includes St George, Washington, Santa Clara, & Ivins)
Currently Active: 1,060
Here are the numbers specific to SUN RIVER:
Currently Active: 55
How Does this St George Market Report Compare?
See the picture below to find a year to date comparison for the St George Utah real estate market. This illustrates that almost every month we’ve sold more homes than the previous year. August is showing incomplete (since today is only the 23rd) but I’m guessing we’ll exceed last year’s numbers as well. It’s also interesting to note that the median sold price is also higher.
Let’s look at the same view specific to SUN RIVER. See below for the SunRiver St George housing market comparison. Sunriver is a 55+ active adult community in St George Utah:
Again, Sunriver St George real estate numbers are higher than the previous year. It’s really interesting to note that even though August is showing incomplete in comparison to last year, even with the current numbers we are already higher in the Median Sale Price. This is an indicator that prices are moving up in Sunriver, though this is mostly due to new construction. The numbers above reflect both new and resale homes. If I pull the same search but eliminate homes built in 2014 and 2015 (new construction) the numbers drop, though not very significantly. This shows that resale home values have remained fairly consistent in Sun River, but new construction prices have increased.
St George Utah Luxury Homes
Luxury homes in St George are an interesting market here in Southern Utah. For this snapshot, I’ve pulled all homes with a list price of $500,000 or higher. While the price does not necessarily equate to “luxury” it will help us to gain some perspective on the higher end market. The photo below shows a graph for the past year. It’s interesting to note that while sales have remained rather consistent, the number of active listings has doubled. It seems the higher-end sellers are recognizing the lack of inventory, so perhaps they are jumping on board to get their homes sold, the irony is that the demand is more in the $200,000 to $400,000 range and this is where the inventory shortage remains. This is great news for high-end buyers. You’ve got more to choose from and motivated sellers will have to compete harder for your business, which means there is a potential for some great deals. The trick is to locate the motivated seller, I can help with that.
ST GEORGE LUXURY HOMES PRICED $500,000 and above:
New Construction and the Luxury Home Market
In the past 6 months there have been 362 new construction homes sold in the greater St George area. Of those, 41 homes were priced $500,000 and above. This indicates that 11% of new construction is being sold in the higher end price range.
What’s the Forecast?
Well, I believe the St George area will remain hot through Larbor Day…both in temperatures and in the housing market. Though we will likely see some cooling trends in the weather, I believe St George real estate will continue going strong. New construction is still dominating, but this is mostly due to the fact that we do not have enough inventory. We have so many buyers looking for virtually the same type of home, and so few to choose from. This is pushing buyers to build what they are searching for and ultimately pay more for it…which is tipping the sold prices on the higher scale.
If you’re considering selling, or if you’ve been unsuccessful in the past getting your home sold, now is the time! High demand and low inventory are great things for a seller. Couple this with a great listing agent who can maximize your homes exposure and you’re sure to get it sold quick. Contact me today for a free comprehensive market evaluation on your home, or you can use this handy tool for a quick Market Analysis on your St George area home:
If you’re a buyer and you’ve been sitting on the fence, do you not read my posts?? I told you to jump a year ago. That’s okay, you’re not too late, but I’d suggest not waiting much longer. Interest rates are ticking up and the selection of the most desired homes are low. If you are thinking of building your dream home, I can help you with that as well. I’ve had a number of buyers building and I will personally be there to guide you through the transaction and decisions. Several of my buyers build their homes while still living out of the area. I cater to these buyers as I understand the stress of building from afar. I will keep you up to date with progress photos and videos. We can also utilize technology with video chat where we can do a walk through of your construction. The best part is that using my services will not cost you anything, and nothing will be added to the price of the home.
If you are receiving property alerts for new listings and price reductions matching your search criteria, be sure to let me know if I need to fine tune your search results. I want to make sure you are receiving exactly the type of property you are searching for. I can also adjust the frequency, so if you’d like to receive alerts daily, weekly, or monthly—just let me know what I can do.
Planning a trip out to St George or Sunriver? Let me know a few days in advance so I can get you on the schedule to see homes. I show property by appointment only, so I’ll need a little time to coordinate and set up showing appointments. I look forward to assisting you. CONTACT PAULA SMITH