With 48% of the homes on the market failing to sell, it is important to make sure to have solid pricing when getting ready to sell or invest. The homes that are getting the most activity are either in the bottom 10% in price, or the top 10% in condition. According to Darcy Thompson of Keller Williams Real Estate in St. George, Utah the Washington County real estate market has been following a typical up and down 10 year cycle. In 1995 it showed significant growth, and 2005 was a record year in all categories. Luckily, 2015 is right around the corner, and we could see some significant growth again. Keeping your eyes on interest rates is also important. A 1% increase in rates can affect your purchasing power as a buyer by 10%.
The following information is a compilation of what is happening in St. George, Utah. Check your local market analysis for more information specific to your area.
52% of the homes listed actually sell. Those homes that are priced right are getting the most activity and multiple offers, while those that are not are coming off the market as expired.
The total number of Single-Family homes sold since January 2014 has dropped about 6%. With inventory slightly up, and total units sold down slightly, there has been some downward pressure on prices.
The total dollar volume of Single-Family homes sold has remained fairly consistent throughout 2014. Both 2012 and 2013 were strong correction years, and it appears we are experiencing a minor correction and flattening out of the market overall.
Statistics through the end of 2014 show that the real estate market continues to be solid.
Thanks to Darcy Thompson with KW St. George for the data.