October 2017 St George Utah Real Estate Market Report
Fall is upon us and it’s been a wonderful break in the temperatures. Our mornings have been crisp and our afternoons warm, leaving something everyone can enjoy. Hopefully you’re outside doing something around our beautiful town. I know the St George Marathon is currently underway, what a perfect time for our many athletes to partake in this race. If you’re out driving around town, you’ll likely encounter a few detours and our restaurants may become busier than usual, welcome racers and fans and we hope everyone will enjoy St George.
The St George Utah real estate market has been racing as well. Home prices and values have continued to tick upward and inventory remains very low; however we did see a very slight increase. Let’s get into the numbers and details. This report will cover residential, greater St George area (including Sunriver, Santa Clara, Ivins, Washington, and surrounding areas). As of today, October 5, 2017, we currently have 802 active listings and 428 PENDING listings. For September 2017 we show 244 SOLD listings, this is down slightly from August, at 298 SOLD listings. This is not of concern as for the past few years, sold homes in St George during September is historically a slower month (schools returning to session etc…) and typically we can expect to show a similar slight decrease for October and November as we move into the holidays. While a slightly slower time, homes are still selling (it’s not at all a stagnant market). Here is an illustration for the past 2 years:
Year to date, we are down approximately 8% for TOTAL ACTIVE homes, when compared to the same period last year. DAYS ON THE MARKET is down approximately 29%, which is significant (again, comparing to the same period last year). The number of SOLD homes is quite similar, up only 1% this year (showing our sales are steady) and as a result of the lower inventory and steady sales, it’s no surprise that our AVERAGE SALE PRICE is UP 9% compared to 2016.
What Price Point is Selling?
For the past 3 months (July, August, and September) the number of
St George sold homes under $200,000 was 198.
Sale price of $200,000 to $299,000 was 260.
Sale price of $300,000 to $399,999 was 216.
Sale price of $400,000 to $499,999 was: 108.
Sale price of homes $500,000 and up were 62. Luxury homes are selling, this number is similar to the same time last year (there were 70 sold) and the same time in 2015 there were 56 sold.
St George, Utah most coveted price point has always been the “under $300,000” range, however many buyers want the view, which will throw them over $400,000 in most cases. The irony is there seems to be quite a shortage of “view” homes listed for sale. Few have come on the market, but if they are priced well and offer features popular to buyers, the home can go under contract in a matter of days (sometimes hours). Multiple offers is still fairly normal, however timing is more important. Buyers must be ready and know what they want.
If you are looking for an agent in St George, contact Paula Smith with Red Rock Real Estate today. Also, if you have other statistical information you'd like to read about, let me know.