The St George real estate market is historically right on track. They say “history repeats itself” and in the case of our market, this appears to be true. The graph below does a great job with illustrating conditions over the past 3 years. You’ll notice that we tend to spike with homes listed in January to February, this is largely due to the Parade of Homes here in St George and secondly due to sellers who wanted to get through the holidays before listing their home for sale. So, the surge in new listings is very typical for this time of year though we are about 8.6% higher when compared to February 2013. This likely stems from seller confidence in the market, realizing that it is a better time to sell than it was last year. Interestingly enough, this also tends to be our two slowest months, this year falling right in line with traditions; however I would like to point out that this was our slowest February since 2011. That said, back in 2011 we did have a higher number of active homes, and the “Months in Inventory” was higher.
St George Real Estate Market on the Decline?
Another observation is that the number of “Pending” homes is lower, down 8.6% compared with February of last year and down 11.6% year to date over the same time last year. Is this cause for concern? Is the the real estate market in a decline? My opinion: probably not. I believe we are stabilizing and adjusting. Our absorption rate has improved and the average SOLD price is actually up 5.4% YTD compared with the same time last year. So while we’ve slowed a little in the first two months of the year, we are right in line with what is historically “normal” for the St George real estate market and we are achieving higher values when compared to the previous year. I’ll reassess the market after March or April which will offer a better indicator of future housing market trend possibilities.
St George Luxury Homes Market
In February, there were a number of Luxury homes (homes priced $500,000 and over) that hit the market. This is an increase of 44.4% over February of last year, which is a big jump. Several of these homes were in part the Parade of Homes, those entered and those jumping on the coat tails of the show. There were several Parade entries that were well over $500,000 and with the confidence in the market, many luxury home sellers decided to list their home during this time. Sold homes in the luxury market are even when compared with last year, so it will be interesting to see how sales play out as we get into spring—which is when our numbers begin to jump.
SunRiver St George Home Sales
Sunriver is an adult community here in St George. With over 1,500 homes within this subdivision it is the largest 55+ community here in Southern Utah. Homes in Sunriver are always higher price per square foot when compared to similar sized homes in Greater St George. They have held their values better than the surrounding areas, though prices did come down as they did nationwide. Over the past year, prices have come up and Sunriver new construction has seen many price increases over the past year. Currently, there are 68 ACTIVE homes for sale (which is a fairly typical number of homes) and YTD Sunriver SOLD homes are 16.7% higher over the same time last year. Interestingly, the average LIST price is about 5% higher over last year, however, the average SALE price is about 2% lower. If you would like to see all Sunriver homes for sale, visit my SunRiver Property search page. I’ve got a listing in Sunriver, which is 1900sqft offering 2 bedrooms, a den (or office) AND a bonus FLEX room. It’s an amazing home, in LIKE NEW condition. Check it out by visiting the address link: www.stgeorgeutrealestate.com/blog/1571-w-songbird-drive-st-george-home-sale/
Do you have any questions or comments? Something you’d like to see included on next months article? Just ask! Contact Paula Smith today and let your opinions be heard. If you know anyone ready to buy or sell, I'm your agent.