by David Ellis
on Monday, August 7th, 2017 at 10:14am.
Whether you're buying, selling, or a first-time home buyer, you need to know the pulse of the St. George Real Estate Market. Here are 5 big trends to watch!
Are you looking to buy or sell a home in the St. George, Utah area? If so, you're in luck! The real estate market is booming in this scenic southwestern city and for good reason. Sometimes referred to as "Utah's Florida," St George offers great weather including over 300 days of sunshine per year, world-class golf, and close proximity to Zion National Park and many other state and national parks and monuments.
Today, we're breaking down St George real estate trends to watch, so you'll know what to look for when making your next move.
While this means more people are in a position to buy and sell their homes, it also means that competition is up, and as a result, home prices are reflecting this higher demand.
In fact, over the past year, St. George house prices have increased 6.3%, and are predicted to rise another 3.3% into 2018.
2. Houses are Selling Quicker
Currently, the average time an active listing sits on the market in St. George is around 88 days. This statistic, known as Days on Market (DOM), gives us a snapshot of how long available listings have been active.
Yet, it's important to note that industry analysis shows that of the houses in the city that sold over the last six months, the average DOM was only 58 days.
Since the six-month sample revealed a lower DOM rate than the city's average, this means demand is up. Put simply, houses are selling quicker than usual, so if you see one that catches your eye, don't hesitate to act if the circumstance is right.
3. The $300K to $500K Price Range is Hot
Over the past six months, homes priced within the $300K to $500K range have continued to perform well on the selling field. Specifically, though projections vary, most real estate experts reveal the median price for a home in St. George is around $474,000.
Yet, while this price range is tops for sales volume, some reports reveal that properties within the $1.0 to $1.1 million range have actually sold the quickest during this same timeframe, revealing the importance of factoring in DOM when researching your St George real estate options (see trend 2!)
4. List Prices are Being Met
In real estate lingo, list-to-sales ratio means how much of a home's list price a buyer actually ends up paying in the end.
In a buyer's market, where supply exceeds demand, a homeowner might end up selling his or her home for less than what it was originally listed for, as buyers are in the position to leverage a lower deal.
Yet, the popularity of the St George real estate market means that buyers are often paying close to full list price on the home of their choice.
The current list-to-sales ratio is just under 98%, meaning that there's only a 2% average difference between the price a seller lists a home for and how much he or she ultimately receives. Understanding this up front can make all the difference in a successful bid!
5. Single-Family Detached Homes are Popular
There are many types of dwellings available in St. George including townhomes, apartments, duplexes, and more. Yet, single-family detached homes are the most popular, accounting for roughly 65% of the area's housing.
Considering all home types in general, the average age of each is around 32.5 years, with a majority (58%) built between 1970 and 1999.
In addition, more people own their homes in the city (about 64%) than rent (about 36%), and approximately 20% of homes are currently vacant.
Keeping this data in mind can be helpful as you begin your journey into the real estate sector of St. George. Whether you're buying or selling, understanding the ebbs and flows of the market is critical to succeeding in your transaction.
Next Steps: Your St George Real Estate Source
Looking to learn more about housing options in St. George? Interested in selling your home and not sure where to start? Either way, we'd love to help.
We're a professional real estate team dedicated to helping our clients find their perfect fit. We help both buyers and sellers successfully navigate the process as they make one of the most important decisions of their lives.
Feel free to contact us today to learn more, and let's take this important first step together!