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By Nate Shaw & Joe Langston - 29 Sep 16

September 2016

September Newsletter

Fun stat!  Currently 1 out of every 3 sales has a Keller Williams agent involved!  We are so happy our office is doing well and staying productive.

We hope you all had fun this summer and ready for the upcoming fall.  Love to see the leaves change, not so much here of course, and to watch football! We are hoping the start of your fall season is working out well for you!

The following listings closed this month:

  1. The Hutchinsons
  2. The Noltes

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

  1. The Brookings, Repeat Performers!
  2. The Jaars, Thanks Nina Rogers!
  3. The Duesterwalds
  4. The Garcias

 

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 96, 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!

 

Data July 2016 July 2015
Absorption Rate 2.97 4.52
Average List Price $318,433 $281,451
Median List Price $304,450 $269,900
Average Sale Price $237,950 $227,156
Median Sale Price $233,200 $227,000
Average CDOM 60 93

 

Average list price is up almost $40,000 and the average sales price is up by about $10,000!  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 August showed an increase of 22 units sold and left us with 41 fewer homes to choose from.  We predict September and October to be very strong and then all bets are off for the election season.  

 

Month June 2016 July 2016 August 2016
Homes sold 347 290 312
Inventory available 1554 1482 1441

 

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 six less units and have not replaced them as quickly.  Inventory is about the same.

 

Month June 2016 July 2016 August 2016
Condo/TH sold 58 65 59
Inventory available 215 201 202

 

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 increased dramatically from 13 in July to 26 in August. 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 doubled  from 7 in July to 15 in August!

Single Family Building Permits increased from 131 in July to 158 in August. New construction is very strong, the last several 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:

Ben Zitting has been a long time friend and Home Mortgage service provider.  He not only gets the job done, but is thorough, systematic and has a way of getting deals done that are outside of the box for other lenders. 

We are so grateful for Ben and all he does to help our clients.  For Home loan or refinance, you can trust Ben to get it done right!  

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What’s coming up in St. George?

The 40th annual St. George Marathon is taking place this Saturday! Good luck to all the runners!
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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.