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By Nate Shaw & Joe Langston - 31 Oct 16

October 2016

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We took a ride in the Mountains here last weekend to find the leaves are down, or at least they are in Cedar Mtn, the changes are in the air and perhaps a bit in our market as well.

September was a pretty journeyman like month.  Not breaking any records but holding our own and being able to help a few families and individuals with their real estate dreams. So this is how it went last month.  We were able to close 11 transactions.  sold

The following listings closed this month:

  1. The Polatis family
  2. The Polatis family, again
  3. The Duesterwalds, repeat performer
  4. The Ellermans
  5. The Halls
  6. The Wallaces
  7. The Duttons

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

  1. The Jones family, repeat performers!
  2. The Sanders family
  3. Mr. Howard, multiple repeat performer!
  4. Mr. Hess, repeat performer!

Our goal is to help 150 families, groups or individuals with a real estate transaction this year and by the end of September we were sitting at 104, 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 September 2016 vs. September 2015.  As always it appears that the sweet spot in our market is in the $200-250K range and is still doing well.

Data September 2016 September 2015
Absorption Rate 4.13 5.49
Average List Price $429,083 $387,058
Median List Price $324,900 $294,000
Average Sale Price $277,749 $252,497
Median Sale Price $237,950 $220,000
Average CDOM 81 75

Average list price is up over $40,000 and the average sales price is up by about $15,000!  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.  NOTICE days on the market are starting to extend and absorption is increasing, this symbolizes a slight change or balance in the market.  Could be a bit seasonal, but traditionally September is a fantastic month for real estate and the fact that it went down from August is something to watch!

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 September showed a decrease of 51 units sold and gave us with 28 more homes to choose from.  We predicted September and October to be very strong but it slowed a bit faster than we thought!    

Month July 2016 August 2016 September 2016
Homes sold 290 312 261
Inventory available 1482 1441 1469

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.  The board of Realtors sold three more units and have not replaced them as quickly.  Notice we have 30 less to choose from now.  

Month July 2016 August 2016 September 2016
Condo/TH sold 65 59 62
Inventory available 201 202 172

These trends are to be watched closely.  This could be a sign of a shift it if persists, which means sellers will have less power and buyers might have more to negotiate.

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

Notices of default increased slightly from 26 in Augu to 28 in September. This stat is a bit alarming since our market has bailed out so many that were previously underwater.  I am actually very surprised that many people are 90 days plus late on their payment.

Foreclosure Sales over leveled  from15 in August to 12 in September!

Single Family Building Permits decreased from 158 in August to 141 in August. New construction has been very strong, the last several months, however if this trend persists, we may see building dip a bit.  New Construction still represents about ⅓ of our market for the time being, so it must be considered.

Client Spotlight:

Instead of a client spot light this month, we want to introduce you to a new project we are working on.  “The Hills at Santa Clara”.   If you are headed toward Ivins in Santa Clara Valley right across street from the Historic Jacob Hamblin home is a bridge that maxresdefaulttakes you across the Santa Clara River to this development.  A lot more to come by way of information, but there are some incredible lots with stunning views at affordable prices.  Come out and see what this development has to offer!

 

 

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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.