Our St George Utah real estate market is already half way through the year. We’ve had some rather hot, dry, and even humid conditions to contend with this year. While July (and August) is typically among the warmest of our desert months, it did seem to start a little sooner this year. Combined with the monsoons bringing (much needed) rain, monsoons also add to the humidity which we are not accustomed to experiencing in this usually dry climate. No complaints however, it’s a small price to pay to live in such a beautiful piece of the country. The real estate market continues to stay hot, and the summer heat only seem to add some sizzle to the market.
Our inventory is about the lowest we’ve seen in since January 2016. Our sales are trending upward (although we do have months that jump around a bit). Below, is a snapshot of our greater St George real estate market sales and inventory (this includes St George as well as surrounding areas: Santa Clara, Ivins, and Washington):
What Homes Are Selling in St George Utah?
As always, the most coveted price point is $250,000 or less. Buyers typically search for 1800+sqft, newer, private yard, and in “turn-key” condition. These features, in this price point, are virtually impossible to find (together). For homes in St George priced under $250,000, buyers may find 1500sqft that is very clean, but likely built in the 80’s or 90’s. Buyers may find 1800 or 1900sqft, but in return, the home is likely not going to be “turn-key”, meaning it will have some work or cleaning needed. Usually, theses homes will also have a less desirable floor plan, such as a tri-level, or non-open floor plan. I’ve seen a few at this price point that didn’t offer a traditional master bedroom, meaning there was not a larger room with an attached bathroom (en-suite).
SunRiver St George Market Conditions
Sunriver is doing well, although the community is nearing completion. Sunriver is an active adult community (55+) here in St George and sales have never slowed in this community. Buyers typically have similar search criteria as mentioned above for this community, however buyer standards tend to be a bit more refined since buyers for Sunriver are typically more seasoned. Unfortunately, the days of finding homes in Sunriver priced under $200,000 are about over. As of today, there are only 48 homes available in SunRiver, with prices starting at $244,000. Since January, there have been 92 homes sold in Sunriver, and of those, not one was priced under $200,000 (sold prices started at $210,000). Inventory has remained low in Sunriver for more than two years, and sales have remained steady. What has increased (along with all of St George) is the price. Here, in Sunriver, the AVERAGE sale price is up approximately 8% when comparing sales from the first half of this year to the first half of last year; while the number of overall sales is actually down (11%).
Comparing the same time (Jan 1-June 30th) of this year to last year for the rest of St George, the AVERAGE sale price is up 12% and the number of overall sales is up 5.4%. The median sale price for Greater St George, year to date is up 11.6%.
New construction is the biggest push for this price increase, since prices of new construction homes will ALWAYS be more, compared to a resale home (this applies to all of St George). Because our inventory is low, buyers have been unable to find what they want, causing them to shift from resale to new construction. There aren’t many new construction deals to be had; however. working with a buyers agent as opposed to the agents within the model homes (working for the seller) will save you money (even if they tell you otherwise). Knowing what to select through the design center, and what upgrades to do on your own is key. Also, having the right contacts for doing it on your own will help to save a good amount of money.
Luxury Homes Are Selling
While the focus of this article has been concentrated on typical search criteria and average priced homes, it should not go unnoticed that luxury homes are selling. High-end homes in St George have been known to have higher days on the market, but lately the market has been fierce for high end and luxury homes—some selling in a few days. Of course, once you move up into the luxury level, there are expectations for superior views and/or exquisite property details. Larger parcels (half acre or more) and big garages (or RV garages) top the lists on the high-end homes.
As of today, there are 212 homes for sale in St George (the greater St George area) that are priced $500,000 or more, and in the past 60 days, there have been 89 homes sold that were priced over $500,000. Of course, it’s not the price that determines “luxury” but it’s certainly going to demonstrate movement in this price point.
If you’re looking to buy or sell in St George, give Paula Smith with RealtyPath a call.
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. Reach out by email or phone.