Summer is heating up as is the St George Utah Real Estate market. After a brief but welcomed spring, our temps jumped right into summer, and almost simultaneously home sales started to sizzle. This is our June 2016 market report. Next month, I’ll take a look at midyear sales and provide a more in depth market analysis.
Our St George real estate inventory is still low, it’s been low for over a year. Demand is every bit as high, so this has created a shift into a sellers market. While prices haven’t skyrocketed, they have been gradually increasing over the past few years, and this year prices are still trending higher. From 2014 to 2015 the median sale price climbed 4.7%. 2015 compared to 2016 (YTD) we are already at 3.9% higher with April and May having the highest gains, 19.5% and 6.9% respectively. I expect the increases by year end to be most represented by May sales, meaning the likely increase by year end will probably be around 6%. Another interesting note, when comparing 2015 to 2016 YTD the number of NEW LISTINGS is down 4.2% while the number of SOLD listings is UP 2.9%
Here is a 2 year comparison for Greater St George; it’s a great snapshot of our declining inventory and increasing prices.
SUN RIVER ST GEORGE
A popular 55+ Active Adult community in St George is SunRiver. I assist many clients who are looking to buy or sell in Sunriver for both new construction and resale. The following report is specific to SunRiver. As of today (6-9-16), there are only 50 homes available. There are 38 homes pending. Homes in Sunriver are selling very fast. The most sought after homes are: 1300+sqft, newer, 2 bedroom plus den, private, some view, and 2.5+ garage. Of course the most sought after price point is $250,000 or less, but the description above typically starts around $260,000. Prices in Sunriver have also been climbing, in fact compared to 2015 home prices for 2016 are up 14.1% YTD. This means that buyers that jumped off the fence last year have some equity—and buyers from 2014 are enjoying even more equity (which some are doing “move up” purchases—to get a larger home or a home with a view in Sunriver). Here is a 2 year market snapshot specific to Sunriver.
I have a home for sale in Sunriver. This home is in Reflections, which is the gated section of Sunriver, and more exclusive with their own clubhouse and pool. This larger home offers 3163sqft and is steps away from the clubhouse and pool. It offers fantastic views of the red mountains and is on a private lot with no homes directly beside or behind. We're having an OPEN HOUSE this weekend! Call for details. You can check it out here: http://www.stgeorgeutrealestate.com/blog/4722-s-sonata-circle-st-george-reflections-sunriver/
Another home which is coming up on the market—it’s going to sell quickly! Built in 2013, this newer home is the SunRiver Imaginations floorplan and is easily one of the nicest homes in SunRiver. Featuring 1262sqft and having many upgrades, with an ultra private backyard, 2.5 garage, and at the end of the culdesac. There are no homes on one side and no homes directly behind. The front courtyard has great open views and the seller thoughtfully positioned this home to be the most energy efficient (east facing backyard) while having privacy, views, and a longer driveway. This home will hit the market next week and it will be priced at $298,500, you can view more information on this home HERE: http://www.stgeorgeutrealestate.com/blog/4835-s-festival-park-circle-sunriver/