St. George, Utah is the perfect place to enjoy life. This safe community is perfect for anyone looking for an area where luxury reigns, leisure expounds, and life is lived to the fullest every day. There are plenty of golf courses, swimming pools, and leisure activities nearby to make this a wonderful home.
📊 Housing Stats
The median price of houses sold in St. George for November was $278,000, up 14.64% from last year at this time. This means that demand for housing has increased with more properties becoming available. In addition, a total of 393 homes were sold during November, which is not the peak time of the year for this real estate market. During 2017, more homes were sold in the $250,000-$349,000 range than any other, making real estate a lucrative investment in this small town located in southwest Utah.
📈 What do the statistics mean?
At the end of November 2017, the average number of days on the market for St. George real estate had increased to over 72 days, the highest number since April of this year. This means that housing is getting harder to sell and buyers are taking their time, looking at more properties and negotiating more on prices. It’s predicted that costs will come down slightly in 2018 due to this fact, so potential sellers need to think about what attractions will help sell their homes faster, as sales have dropped somewhat since summer.
💰 What does this mean for buyers?
Buyers are able to better negotiate sales prices, as well as other costs associated with purchasing a home in the St. George area. Brokerage fees, surveyor fees, government taxes, and closing costs can all be covered easily by the seller if the property has been on the market for a while. It’s important to negotiate who pays what in this process, and buyers have a slight advantage in this area. The end of November showed a total of 456 new listings, which isn’t a significant increase over last year at this time (only a 2% increase). Thus, the demand for new home purchases has remained relatively stable while prices have increased.
🏠 What does this mean for sellers?
Statistically, sellers need to consider how long they want to have their homes on the market, how low a price they’re willing to accept, and whether they want to consider paying some of the purchaser’s closing costs to enhance the deal. September was the fastest-selling month in 2017, with the average home on the market for only 54 days. Sellers should thoughtfully consider when they list their home so that the final price isn’t hampered by length of time on the market.
🏡 Luxury Home Market Stats
The latest reports show the median size of luxury homes being sold in St. George is 4,010 square feet with a median lot size of 1.0 – 2.5 acres of land. While you may think that most luxury homes are new construction, the interesting fact is that the average age of luxury homes being sold in the area is 30 years. The median sales price is an estimated $1,638,631. St. George is showing up with pretty stable home prices when it comes to the luxury market. At the end of this period, there were 19,859 homes on the market without an offer. The number of new listings is down a bit from previous reports at 902.
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