First and foremost, Happy Holidays! From my family to yours, we wish you good health, happiness, and prosperity for the season and the new year. If you’re on my newsletter mail-out program, I hope you’ve been enjoying those. I have been trying to complete them every month, but as you already know—maybe it’s going to end up every other month in my busier seasons. Calendars are being mailed out this week to you, and I’ll have the first 2020 newsletter by the end of January.
I’ll be doing an end of the year statistics report, but I wanted to look at where things are as we head into the final weeks of 2019. Here are the “get to the point” stats for those who aren’t in this for the long read.
- Median list price YTD is up 7.46%.
- Median SOLD price YTD is up 6.56%.
- Average sale price, YTD, for Greater St George, for 2019, is $364,010.
- Median Days on the Market (DOM) it up a bit (YTD) at 29 days compared to November, 2018 YTD of 25 days.
- Up (YTD) 5.1% for active listings. Currently, we have 875 listed (Greater St George).
- Sold listings are up 3.1% (YTD up to November 2018 vs. 2019); we have sold 3,737 as of today (Greater St George).
- Pending listings are up 6% (YTD to November), and we are 18 days into December, and 369 homes are pending.
It looks like we’ll finish strong for 2019, once all the sales are logged.
What does 2020 look like?
I suspect 2020 will carry the 2019 torch through most of the year (maybe the entire year). I suspect prices to continue, on a slow and steady (gradual) increase. I suspect inventory to remain on the lower side, and I suspect the overall market to stay healthy. New construction will remain a popular choice, mainly due to the lower inventory—buyers can’t find what they are looking for. The better “bang for your buck” is going to be resale. Several builders are constructing homes up as quick as they can, and subs are booked out and shorthanded. As such, I’ve noticed the quality of construction decline a bit (for SOME of the builders). A few builders, trying to construct affordably, are sometimes displaying less than quality work. I’ve noticed several builders feeling like this is “their market,” and they are calling the shots—having firm requirements and unwilling to work with buyers who often cannot meet these demands. Even “budget buyers” have been unimpressed.
I believe for the builders’ long game; this is going to leave a mark. Builders need to remember who makes them successful. Buyers. A short walk down memory lane, the last time builders were on this podium….that was 2005’ish. Remember those days? Not altogether different than today. A strong sellers’ market, higher prices, then….bust. I was a witness to those days when the builders highest on the podium were the first to fall and land the hardest. It took several years to recover, and their tunes sure changed towards buyers (and agents). Suddenly they were willing to work with the client a little more; they were listening. Being humbled by their demise, they suddenly remembered who is in charge (the buyer), and their respect suddenly shifted to where it should have been all along. Now here we are again, some seemingly forget previous lessons.
Now, I’m not bashing “every” builder. In this harsh market, I have found a few diamonds in the rough. I have seen the builders who remember, and I also see the ones that don’t (but will again). I have assisted several buyers with new construction, and we have had some great experiences. So much so…that I’ve decided to do it too! Ugh! I never thought I’d build again…but part of my story above was also first-hand. I’ll be sharing more details about my experience as the process unfolds. So far, I’m excited to report that the builder we’ve selected has been so wonderful to work with (even with several hurdles I’ve had).
If you’re thinking of building…I can help. My favorite aspect of real estate is the first-hand experience. I enjoy helping clients and sharing things I’ve done, to assist them with their choices and decisions. I share personal experience and selections for everything I love and hate, so the clients can make educated decisions (and sometimes know what NOT to do). If you’re looking for a resale—I’ve got several. Take a look at my listings here:
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, and I earned my Brokers license in 2018. 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