This is the May 2020 housing market report for the Greater St George Utah area, specific to residential homes. This report will look at April sales and statistics, which places us in the middle of the COVID crisis.
Sales are lower, and as a result, inventory is higher—however, we are faring well. For the past couple of years, the St George housing market tends to spike from March to April, but this COVID year we did experience a decline. These results should not come as a surprise, considering the situation of the world having travel bans and lockdown. It was interesting to note, however, that each week our "pending" homes have been quite strong, and ultimately selling 252 homes confirms strength and resiliency. Take a look at the current previous 3 years:
I do expect to see a decent spike in May for home sales, and I expect to see these numbers to remain strong through the summer. If you look at our black line of sales going back to April 2017, you can see that we have peaks and valleys throughout the entire year, but for the most part, our sales are steady. We do not have a time in St George Utah when homes do not sell, and apparently, a pandemic is also immune.
The St George Utah real estate market is selling. Prices seem to be holding firm. I've noticed buyers commenting that prices are dipping, but a pricing decline is very typical for our market, this time of the year. We have the Parade of Homes every February, and an increase in prices systematically coincides with that event. Within a month or two after the Parade, for homes that did not sell, over-inflated prices tend to reduce to their fair market values (hence a noticeable "decline in prices" may be observed). It is my opinion that the generalized statement of "I see prices coming down" really has nothing to do with COVID, but more to do with what is typical for April and May in St George. In a couple of months, we will have a better understanding of any significant pricing moves that could be related to the economy. However, at this point, I cannot attribute any radar blip pricing declines to the pandemic.
Year to date activity (from 1/1/20 to 4/30/20) compared to the same time last year, shows that the Greater St George (residential) is down only 1% over last year (there were only 20 sold homes separating the YTD from the previous year at the same time). The average sale price was UP 8% (again, using the same data YTD compared to the prior year same time). At this point, I'm simply not seeing any indicators that the market is doing anything but holding strong. I've had a few buyers that mentioned they plan to wait until prices decline before they purchase. Hopefully, they love their current quarantine headquarters...because I feel they'll be hunkering down for a while before pricing may decrease. At this point, I think that we will finish out the year with strength and values continuing to trend upward, gently.
Sellers that have urgency may be more motivated to bargain, but that will apply to any time of the year (crisis or otherwise). The number stressed sellers are going to be few and far between, so buyers will have to surrender to fair market prices at this point. There are some deals to be had, but they are more like diamonds in the rough, and you will be better paired with a skilled agent who can spot the deals. Waiting for prices to dip on a particular home is like waiting for the pinata to burst…once it goes--- you're going to have some serious competition. Multiple offers are still common, even during the pandemic. I see no real indicators at this point that leads me to believe any shift is close. We currently (as of today) have 452 PENDING homes! Since March 1st, there are 377 pending. That demonstrates incredible strength. I suspect many of these will close in May. Time to close has been slightly delayed, with banks and lenders being overwhelmed and running minimally staffed.
I've got some pinata candy on the way…anyone looking for a fantastic view home in Entrada? How about a smaller 2-bedroom home in Sunriver (priced under $275,000)? Check out a couple of my newest listings, below.
Homes Listed by Paula Smith RealtyPath
Are you interested in other statistical information? I'd love to hear from you, especially if you're out of the area—how is your market doing?
I am Paula Smith, Associate Broker with RealtyPath of St George. I have been a licensed, full-time real estate agent in Southern Utah since 2006. I have been selling residential real estate during all of the changes in the market, as well as witnessing our St George area grow to become one of the fastest-growing cities in America. I keep my finger on the pulse and not only pay attention to what is going on, and I've accurately predicted future market conditions.
Allow me to be of assistance and earn your business. If you've got a home in Southern Utah that you're thinking of selling and you'd like a property market report, I can send that to you.
If you're ready to buy or sell, I'm prepared to make it happen. 435-773-3751
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Opportunity knocks! You can live in a rare 55+ gated community right here in St George. Reflections is a smaller, more exclusive section of Sunriver having their private amenities, and the ability to utilize everything you already love about the main SunRiver amenities.
Because of the vast ceiling height, there are big windows that fill the home with light and view of the beautiful greenery and sky. The master bedroom features a glass surround shower and separate tub, perfect for relaxing. There are handicap features in the shower and bathroom, making this home is ideal to age in place.
Meadow Valley Farms is a custom home neighborhood in Little Valley (St George), and the homes are on larger parcels of land being half an acre or one-acre lots. The area is farm-friendly, meaning you can have horses or other animals. This home was built in 2015 and custom. Shy of 4300sqft, having most of the living on the main level and with timeless selections, this home will appeal to many. The master, casita, and another bedroom (used as an office) is downstairs (along with 2 full bathrooms, and 1 half bath). Upstairs you’ll find 3 additional bedrooms, a large bonus room with a Romeo & Juliet balcony that opens to the entry. The bonus room also offers a large outside (covered) balcony patio which looks to the north and enjoys Pine Mountain Views and views into the red mountains (city lights at night too). There is a full bath (with two vanities) and another half bath upstairs as well. 
As you approach the front door, you’ll notice the custom iron door with panels that open to enjoy fresh air during our many months of excellent St George weather. The grand entry offers vaulted ceilings, and views to the mountain and backyard. The office is just off the front door, there are glass double doors, and this is a functional bedroom with a large closet and window if you’d like to use it as such. The Casita or guest room is ahead, with an exterior entrance and ensuite bathroom. The master is also on the main floor, and it’s very spacious, with views to the back overlooking the pool and views. The master bath offers a freestanding tub, extra-large zero entry shower, and extra-long double vanity featuring granite carried throughout the home — two closets (his and her wardrobe) just off the bathroom. 
The beautiful staircase adds to the details with a well-thought-out place for your Christmas tree right at the curve of the staircase. The great room is spacious, as is the kitchen. The island is abundant, with suspended seating and a full-size dining room just off the kitchen. All doors and drawers feature soft-close, and they are taller/deeper for added storage. All details were carefully thought out, giving the most amount of space as well as the best use of space. The in-counter microwave will allow better access for users, and the induction Kitchenaid cooktop is certainly a sought-after feature. If you’re a person that prefers a gas cooktop—you’ll likely change your mind quickly after you realize how amazing an induction is—but if not—there is already a gas line stubbed in so you can switch it out. Down the hall, you find the half-bath and the laundry/craft room. Even the laundry room has a beautiful view. There is an exterior door offering easy access from the pool to the half bath just outside of the laundry room. .jpg)
The backyard is fantastic. There is so much space to turn your dream into reality. There is already a wood fence; if you’ve got horses or farm animals, they can go back there. Or, if you’d like to add an RV garage and Sport Courts, …there is so much room. The pool was completed in 2017, featuring a salt system with high-end equipment, and automatic cover. Ample concrete around the pool gives you so much space to entertain. There are three patios and a small trail that takes you to the back. The spiral staircase takes you to the upper deck, where you’ll enjoy more of the view while still seeing the pool. Inside is the bonus room which is wired for surround sound. There are 3 bedrooms upstairs, and all bedrooms are larger with big closets (as well as three more storage closets up there too!)
There were many upgrades added to the home during construction, including added insulation (interior walls and garage), solid core door, raised ceilings and doors, counter height vanities, cat 5 for rooms and security, and many upgraded electrical features. If you’d like to see this home, contact Paula Smith today for an appointment. Owner/Agent.
Sunriver Villa Community, priced at $359,900.