Southern Utah Real Estate Activity:
Summertime High Gives Way To Holiday Retreat!
October 26, 2014 – As the interest rate on a 30-year fixed mortgage remains at historic lows – 3.98% – the Southern Utah Real Estate Market conditions continues to show strength and tenacity. With October’s sometimes-scary real estate statistics for southern Utah due out in just a few days from our FlexMLS system, many Realtors on the WCBR board are wondering whether this month snapshot of the St. George Utah real estate market will be a trick, or a treat? Regardless of how the data is skewed, Utah's version of "Palm Springs" continues to attract the first-time homebuyer, new families and retirees.
With Halloween kicking off the 2014 holiday season in just five short days, most of the real estate activity is in the rearview mirror for Southern Utah. Typically during the holiday season, the southern Utah real estate activity tends to go dormant. During the happiest time of the year, sellers are inclined to restrict showings based on out-of-town visitors, and buyers are more focused on accomplishing their holiday shopping tasks … leaving any real estate transaction for the New Year.
That said; let's take a quick peek at the last nine months of activity on the Washington County Board of Realtors MLS system.
According to our FlexMLS system, the number of single-family residential units listed during 2014 enjoyed a 9% increase over the previous year, jumping from 3887 units to 4258. Additionally we see the number of Days On Market (DOM) declining precipitously over the same 12 months, shrinking from 114 cumulative days on market to just over three months – just 96 days. With just over 60 days remaining in 2014, the southern Utah real estate market has some ground to make up in order to match last year's sales. For all of 2013, 1880 single-family residential units successfully closed escrow in Washington County. So far this year, 1655 close escrows have been reported; meaning we need to close more than 225 escrows in the next 60 days to in order to try and get close to last year's sold volume of $522,961,196.
Well, it's 6 AM on Sunday morning … that means it's time to go get ready to go play a quick round of golf on one of St. George's twelve 18 hole golf courses. Enjoy what's left of your weekend!