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By Nate Shaw & Joe Langston - 27 Jul 16

July 2016

July News Letter

Seems like it is taking me longer and longer to get the data for this post.  Maybe everyone is on vacation, right?  With summer winding down, we are excited to get buckled down and back to work.   We were able help 13 individuals and families, five sellers and eight buyers, with their real estate needs this month. We really appreciate all of your help, many of these closings came from you!

 

The following listings closed this month:

  1. Mr. Stewart
  2. The Polatis family
  3. The Aldred family, Repeat Performers!
  4. The Bagley-Brunsons
  5. The Algers, Repeat Performers!

 

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

  1. The Stahelis, Repeat Performers!
  2. The Matthews, Repeat Performers!
  3. The Prisks
  4. The Ravens
  5. The Sanders, Repeat Performers!
  6. The Bowlers
  7. Ms Patel and Mr Kumar, Repeat Performers!
  8. The Brooksbys

 

Our goal is to help 150 families, groups or individuals with a real estate transaction thisMiLG94XAT year and by the end of June we were sitting at 86, 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 June 2016 vs June 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!

 

June 2016 vs. June 2015
DATA June 2016 June 2015
Absorption Rate 4.39 5.87
Average List Price $422,349 $380,146
Median List Price $314,990 $285,000
Average Sale Price $287,566 $268,023
Median Sale Price $249,900 $230,000
Average CDOM 88 99

 

Average list price is up by over $42,000 and the average sales price is up by over $11,000!  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 June showed an increase of 25 units sold and left us with 48 fewer homes to choose from.  Obviously, if this trend persists, it will result in upward pressure on pricing.

 

Single Family Homes
Month April 2016 May 2016 June 2016
Homes sold 278 322 347
Inventory available 1640 1602 1554

 

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. Oddly enough we gained some ground on inventory.  Which could mean this part of the market will stabilize if this trend persists for a few months.

 

Condo & Townhome
Month April 2016 May 2016 June 2016
Condo/TH sold 63 63 58
Inventory available 213 197 215

 

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 26 in May to 19 in June. The stronger market is bailing out some that were previously underwater.

Foreclosure Sales decreased from 9 in May  to 7 in June. Far from the 60% distressed market of 08-11.

Single Family Building Permits increased from 132 in May to 137 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.

 

bigstock-Lawnmowing-8975140_s4x3.jpg.rend.hgtvcom.1280.960Client Spotlight:

Fall is a nice time to plant grass and trees to get them up and coming for next spring! When we have landscaping work to be done we call Marcus Shaw at A-1 Lawns. If you are looking for someone for monthly yard maintenance or even a landscape install let us know and we can get you connected!

 

 

What’s coming up in St. George?

Tiny houses are a popular trend around the nation and Washington County is no exception. The County has recently removed the square-footage requirement for single-family dwellings. Find out more here!
tiny-house-brownFI-970x546

Comments

One Response to “ July 2016 ”

  1. Ceciley Bachnik says:

    Joe, thanks for sending the newsletter. Interesting and fun read.
    I tried to click on Learn More for Tiny Houses, but it was not available.
    I think they are so interesting. Am thinking about that for one of my sisters, but she is in Grants Pass Oregon.
    Anyway, please say hello to Netta for us and keep up the good work. We definitely will refer anyone we know to you, as we have been completely satisfied with our transactions with you and Netta. You both have such high integrity, knowledge, creativity and resourcefulness. Thanks. Ceciley & Brian Lowe

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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
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Listing information deemed reliable but not guaranteed

Equal Housing Opportunity.