Half way through the year already it’s that time to reflect on the first half and evaluate the current St George Utah real estate market conditions and statistics. First, let’s take a look at the recent and current conditions. As of today, looking at Greater St George (St George, Santa Clara, Ivins, and Washington) single family and condo/townhomes we have:
PENDING: 243 (this is accounting for homes under contract since May 1st).
The St George Utah real estate market sales definitely peaked last month (May 2014) with more homes sold at 265 compared to 216 sold in June. The months in inventory went slightly higher in June in comparison to May as well. Is the real estate market in a decline? Is the market going soft? While we did sell less in June in comparison to May, we are close in line with the preceding 4 months as we compare our first six months of 2014:
Also, St George real estate history has demonstrated that January tends to be the month of increased listings, and May tends to be the month of increased sales.
Comparing the first six months of this year, to the first six months of 2013 it is interesting to note for single family homes, that the number of active homes is up 10%, the number of sold homes is down 15%; however, the average sale price is up 10%.
The most coveted price range continues to be $300,000 and less. Take a look at the image below, which nicely illustrates the past 30 days of Active homes and Sold homes. This shows anything priced under $200,000 features the most buyers, and has always been the most sought after price range. Most people desire this range and request a lot that backs to open space, 3+ bedrooms, 1800+sqft, a view, newer, and little or no HOA…sorry guys…that’s just not what you’ll get in this range. Hey don’t get discouraged—you’ll likely find a couple of these desires within this range—just not all together, and anytime you toss in a view, the price jumps pretty substantially.
My assessment of the current market conditions for July 2014 is that we are a bit softer in comparison with last year but overall holding our own. While price remains higher, we are slightly higher in inventory stemming from our “January jump” and remaining steady with sales—which is good—but the only way for the market to gain momentum would be for the inventory to hold or reduce. Take a look at this 2 year comparison.
What you notice is that the most stable line we have is SOLD(black line). St George homes have never had an issue selling, pricing is key. If a home is priced right—it’s sold. If you have a home you’d like “sold” give Paula Smith Red Rock Real Estate a call! Check out my new Seller Home Evaluation Tool which is fairly accurate. If you’d like a more extensive market report, I can send you a Current Market Analysis. Contact me today.