March 2018 St George market report
Welcome March! The Parade of Homes is now behind us and Spring is rapidly approaching, although with the strange weather pattern we seem to be having (70’s one week and 50’s and even some snow the next week) our trees and flowers, like the rest of us, are confused. Do we put away our sweaters or not? So back to the St George real estate housing market report, lets look at what has been going on for the first couple of months of 2018. As of today (March 6th, 2018) we will look at the greater St George area, residential real estate.
In a nutshell…inventory is up…sales are down. Don’t panic! There isn’t anything to worry about, and nothing unusual as much of the country is experiencing similar trends. Focusing on St George specifically…our inventory spike is a relatively natural occurrence for the Parade of Homes season, and compared to the previous couple of years, we are still VERY low in inventory, so an inventory spike is welcomed, for sure. Sales being a little lower isn’t unusual either, sales typically spike in March and then a soft reset for April.
The National Association of Realtors Pending Home Sales (measuring purchase contracts signed on existing homes) fell 4.7% in January, here is a link to their article: https://www.nar.realtor/newsroom/pending-home-sales-stumble-47-percent-in-january. NAR is predicting 2018 to shake out similar to 2017, and while NAR measures the country as a whole, I’d have to agree that this assessment will likely be the case for the St George real estate market as well. Interest rates are holding steady, and prices will still likely trend mildly upward. Now that we have a little more inventory for buyers to choose from…the real question is….what are you waiting for?
What Are You Buying in St George?
So, without even looking (yet) I already know the price point that is the most popular, and that is: anything under $300,000. Typically, that price is always the most coveted and highest in sales. I have been seeing a lot of activity in the higher-end price point as well. Let’s take a look at sales in different price points. Below, we are looking at sold units for January and February, 2018. What jumps out to me, are the 12 homes in the 750,000 to 799,000 range! Now I must take a look at this time last year, for comparison.
For this year, we have 68 homes that sold over $500,000 (29 sold for a price of $700,000 and above). For the same time last year, the number of homes sold over $500,000 was: 39 homes (16 were sold at $700,000 and above). Wow, that’s an interesting trend. Higher prices are continuing to move.
I have a wonderful new listing is located in popular Sunriver. This home is larger, and priced to sell! You can learn more about this Sunriver home here: Sunriver Home For Sale. Check it out and let me know if you’d like to see this home.
Looking for additional market statistics? Let me know what you’d like to see. Contact Paula Smith with any requests and I’ll do my best to accommodate. I really appreciate my clients who placed their trust in my for 2017. I sold 6.5 million in real estate in Southern Utah and I was able to make so many friends along the way. My business would not exist without my clients, and for them, I am so grateful. I’m lucky to have an amazing support team behind me as well, my husband and kids have been there supporting me and my Mom (a retired real estate agent) and Dad have been my cheerleaders from day one. And of course the team I’ve been slowly building, it’s been a wonderful journey.
Cheers to 2018, thanks for reading.