November St George area Market Report
Before we get too deep into the holidays that are quickly approaching, I wanted to take a look at the area housing market conditions. This report will focus on the Greater St George area, which includes St George, Santa Clara, Ivins, Washington, and Sunriver. I’ll also be taking a closer look at Sunriver and offering specific information for that community. Also, I’ve got two new listings in there I want you to see.
For those of you that want me to get to the point…the market year to date for the entire county is up over last year. The number sold (for the ENTIRE COUNTY) is up 2%, and the average sale price is up 5%. Specific to St George areas (mentioned above), the number sold is up 1.8%, and the median sale price is up 6.6%. Here is my favorite “go-to” graph, which is illustrating the past two years:
Specifically looking at last month (October), our “sold” listings dipped a bit over the months past. A lower number of sold listings isn’t uncommon as we head into fall. We may see a small spike for November and/or December as investors make year-end tax moves. Our numbers have been relatively steady over the past several years. We do have peaks and dips, but they are small blips on the housing radar.
Home prices have continued the climb. It’s been slow and steady. Here is a graph showing the past two years on pricing.
That last line is an interesting one. The LP/SP shows the difference between the List Price and the Sale Price. I am asked that question every day from both buyers and sellers. “How much less can I offer on the home” and “How much higher should I list the home to expect the offer of the price I want to achieve.” The short answer is that there is no “formula.” This graph should not be expected to answer that question either—but it is interesting to note that most homes DO sell very close to asking, and these margins show an approximate 1-2% within the list price. Homes DO sell for FULL PRICE, and they DO sell OVER asking every day. If the home is priced well, it will probably go for full price. Buyers that insist on “deal seeking” for an already underpriced listing (by offering lower) are usually upset when their offer is not accepted, and the client was outbid by one (or more) offers. You can not approach every listing with the intent on offering XX amount under asking with the expectation it will be accepted. With that said, it CAN be done. When I represent buyers, I’ve been able to achieve the best deals on overpriced listings! It’s true. Not by SP/LP percentage—actual price.
Sunriver St George Housing Market
While SunRiver is included in part of the statistics above (a default as being part of St George), I wanted to take a closer look at the community.
The inventory in Sunriver has been very low for the past couple of years. Take a look at March; the inventory seems to have jumped off a cliff! Sunriver inventory has been increasing over the past couple of months, but sales slowed a bit, creating the uptick in Active. If you’ll notice “new listings” are down—so the uptick isn’t a result of more people listing their homes, it’s only that sales have slowed. Several homes have gone pending over the past 30 days, so I’ll expect the sales to increase a bit over the next month, as those pending homes close.
I’ve got two new listings, one over in SunRiver and the other is in SunRiver Villas. My Sunriver (classic) listing has been completely renovated, with “brand new” everything. It’s going to go quick, priced at $279,000. Check it out HERE: https://www.stgeorgeutrealestate.com/blog/4515-cold-river-drive-sunriver-home-sale/
My other Sunriver Villa listing is a dream! It’s "like new" (only a few months old). 2 bedrooms, plus an office, shutters, wood-look tile, private (fenced) backyard, and located in a community that allows you to rent it out month-to-month (rules and restrictions apply). You can live it in, or use it for added income. Either way, you’ll love their clubhouse, pool, pickleball courts, and walking trails. Check that Villa home out HERE: https://www.stgeorgeutrealestate.com/blog/4743-s-martin-drive-st-george-utah/
I’ll be getting the year-end market report out next, so if I don’t have the opportunity before that to wish a fantastic Holiday Season, then I will take that opportunity now. Life gets busy, and we are never promised tomorrow. Enjoy today. Enjoy today with people you love. Reach out and call friends or family that you haven’t talked to in a while. Do something nice for someone, even if they don’t know you’ve done it. Let someone know they matter, but also know how much you matter. Live your best life. And hey, if you want to live your best life here in St George—I can help. From my family to yours, have a wonderful holiday season.