Sun River is a large (55+) active adult community located within St George Utah. There are approximately 2100 homes within this community with plans for a total of about 2,500, making it feel like a small town but it is actually a subdivision in St George. Interest for Sunriver is always high. Buyers flock to the community from all over the US and buyers within the community will sell and purchase another Sunriver St George home. So the question on everyone’s mind….what’s the housing market like in Sun River St George? I’m thinking of buying in Sunriver and I’m thinking of selling my Sunriver home. This report will break down the current SunRiver real estate market conditions, and if you’re looking to buy or sell in Sunriver, can I earn your business?
As of today (March 11, 2015) there are 63 Active homes for sale in Sunriver. Of these, 48 are resale (preowned) homes and 15 are new construction (spec) homes. This number is about average for Sunriver. I am often asked “why are there so many homes for sale in Sunriver?” Honestly, this number is very low considering the overall number of homes there are in the community. They are still building in Sunriver and this is expected to continue for the next couple of years. There are 21 homes pending and of these-13 are resales and 8 are new construction. In the past 30 days 8 SunRiver homes have sold and of those, half are resale. Much like the rest of St George, Sunriver saw a dip in sales over the past 2 months. This is not uncommon and the past 2 years of data illustrates that we are very typical for this time of year. If trends continue, Spring should produce higher sales. Here is a graph illustrating the past 2 years of data. Keep in mind; this is ONLY for SunRiver St George.
New Construction vs. Resale in Sunriver
Should I buy a new construction or should I buy a resale home in Sunriver St George? This is a very common question, and the answer boils down to money. If you want a new construction home, you’ll pay quite a bit more for it. It seems the Reverse Mortgage loan has made purchasing new construction more appealing, and this is why the number of sold new construction homes competes so well with resale. Most buyers are using this type of loan to purchase, thereby allowing buyers to purchase larger and/or nicer homes for less out of pocket than a traditional loan or cash. However, the reverse mortgage CAN be done on a resale home as well—with even LESS out of pocket. The loan equates to approximately 50% of the purchase price is put down in cash, the rest is wrapped in a reverse mortgage where the owner will make no additional payments. Still, the allure of a brand new home with finishings a buyer can select on their own is very appealing. Looking at the homes sold in the past 60 days—there were 23 SunRiver homes sold. Of those 23, there were 15 that were resale. It’s interesting to point out that of those 15 resale homes, only 2 were in the $300,000 range (the rest were below $300,000). Of the 8 new construction homes sold in the past 60 days, NONE were below the $300,000 range. In fact…only half of them were in the $300,000 range and the other half were in the $400,000 and $500,000 range. It’s also interesting to point out that all sold homes were comparable in size (most being 1500-2000sqft).
There are some buyers who simply want a brand new house. There is no shame for wanting that, just know you’ll pay more to get it. The advantage, you’ll get just want you want and you won’t have a bit of cleaning or replacing to do. If you’re more budget driven, then you’ll get more bang for your buck on a resale. You’ll be able to get all of the things new construction buyers have to add into the price, or after purchasing – window treatments, added trees or landscape, patio covers, built-ins and water features.
Paula Smith is an independent agent with Red Rock real estate. I can sell homes in Sunriver and surrounding areas. I am NOT affiliated with the Sunriver sales office, which simply means I do not represent the developer—I represent you. If you are interested in purchasing a new construction or a resale home, I can help. I work with buyers through the entire process and offer advice on how to save money along the way. If you are thinking of selling your SunRiver home, give me a call for a comprehensive market analysis on your home. 435.773.3751