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By Nate Shaw & Joe Langston - 22 Aug 16

August 2016

August News Letter

House-with-sold-sign-in-yard.12.2015School is back in for those of us with kids still at home! Summer flew by and now it is back to the grind!  We were able help 10 individuals and families, a total of three sellers and seven buyers, with their real estate needs this month. We really appreciate all of your help, many of these closings came from you, and we need to get back to work!!!

 

 

The following listings closed this month:

  1. The Benchs Thanks Blake! (Repeat performers)
  2. The Stouts
  3. The Merkels

 

We would like to welcome the following that bought homes or other real estate this month:

  1. The Raines (Repeat performers)
  2. The Murdocks (Repeat performers)
  3. The Murdocks (Repeat performers)
  4. The Gingrichs
  5. Justin Williams (Repeat performer)
  6. The Orchards
  7. The Ershigs

 

Our goal is to help 150 families, groups or individuals with a real estate transaction this year and by the end of July we were sitting at 90, so once again, thanks you so much for all your referrals.  Who do you know that we can help buy or sale a home in Washington County?  We promise to make it worth your while.

 

Market snapshot

The following data is per the Washington County Board of Realtors and is comparison of market conditions in July 2016 vs July 2015.  As always it appears that the sweet spot in our market is in the $200-250K range and it is red hot right now!

 

July 2016 vs. July 2015
Data July 2016 July 2015
Absorption Rate 4.34 5.72
Average List Price $421,852 $382,071
Median List Price $314,900 $287,300
Average Sale Price $264,741 $246,836
Median Sale Price $230,975 $224,900
Average CDOM 75 89

 

Average list price is up almost $40,000 and the average sales price is up by almost $18,000!  Great news for sellers while buyers are left paying a bit higher prices to get into the market. However, with interest rates maintaining such a low level, the affordability index is very strong!   As usual the best deals can be found for those that have budgets over $500,000.  

 

 

The following data is for Single Family homes sales in Washington County for the past three months.  The bottom number indicates the amount of single family inventory available at any price on the market.  You will notice that July showed a significant drop of 57 units sold and left us with 72 fewer homes to choose from.  If this trend persists, then the market may be turning to normal, however, we are not willing to forecast that until August’s numbers come in.

Single Family Homes
Month May 2016 June 2016 July 2016
Homes sold 322 347 290
Inventory available 1602 1554 1482

 

 

The following data is for Condo or Townhome sales in Washington County for the past three months and the amount of Condo or Townhome inventory available at any price on the market.  We sold a few more units and have not replaced them as quickly.  Lets’ see what happens in August.

Condo & Townhome
Month May 2016 June 2016 July 2016
Condo/TH sold 63 58 65
Inventory available 197 215 201

 

I suspect that we should continue to be very strong through the fall months as long as there is inventory to sale.

Let’s take a look at some of the default and new construction trending:

Notices of default decreased from 19 in June to 13 in July. The stronger market is bailing out some that were previously under water.

Foreclosure Sales stayed consistent at 7 in both June and July.

Single Family Building Permits decreased from 137 in May to 131 in June. New construction is very strong, the last two months have been pretty consistent. There is quite a bit of new housing coming out of the ground which will represent about 30-40% of home sales in the coming months. If you are looking to buy, New Construction has to be a consideration if you do not want to miss over a third of the market.

 

Client Spotlight:

Do you have an investment property that needs a little more hands on management?  SuntimeOne of our fabulous past clients, Sony and Robert, own and operate Sun Time Property Management.  They are competitively priced, can do small in-house repairs, and even provide maintenance and monitoring service for second homes! Visit their website to see what they can do for you!! 

 

 

What’s coming up in St. George?

A proposed $30 million development in the heart of downtown St. George is a step closer to reality with the City Council approving a development agreement Thursday night. mgk-st-george-boulevard-development-stgnews-2-640x355The development brings in an anticipated mix of commercial and residential space that could break ground later this year. For more information visit St. George News website here!

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  • Langston-Shaw Realty Group Joe Langston & Nate Shaw
  • Keller Williams Realty, St. George
  • 1624 S. Convention Center Drive
  • St. George, UT 84790
  • DRE#: 5460249-BB00
DISCLAIMER:

Listing information deemed reliable but not guaranteed

Equal Housing Opportunity.