Our Southern Utah Real Estate Rebound!

We are definitely witnessing a St. George and Southern Utah real estate rebound. St. George housing prices continue to climb. Home prices rising in St. George Utah is nice change, It shows the St. George real estate market is taking a turn to a positive appreciation trend. Folks it is what we have been waiting for years to see.

A report released Tuesday by CoreLogic, a property information, analytics and services provider, indicated that home prices nationwide were on the rise.

Value increases from March 2012 to March 2013

  • U.S.: 10.5 percent.
  • Utah: 11.5 percent.
  • St. George Utah Real Estate is above the national average at: 10.7 percent.
  • Indicators predict home prices will increase 9.6 percent in April nationwide.
  • For more information, visit the CoreLogic website for more details.

St. George — What had been a slow, steady recovery since the Great Recession for the Southern Utah housing market spiked upward over the last year, increasing by 13.7 percent in St. George from March of 2012 to March of 2013, according to a new report.

Excluding distressed sales, year-over-year prices were up 10.6 percent over that same time frame, according to the new CoreLogic Home Price Index released earlier this week.

The booming St. George real estate market follows a national trend that saw 13 straight months of increasing year-over-year prices and the 10.5 percent annual increase was the largest since March of 2006. Indicators predict April will see a 9.6 percent increase.

“For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year over year,” said Dr. Mark Fleming, chief economist for CoreLogic. “The pace of appreciation has been accelerating throughout 2012 and so far in 2013 leading into the home buying season.”

In St. George, prices were up 1.1 percent in March compared to February, and when distressed sales are excluded, prices increased by 2.3 percent.

Washington County was down more than 8 percent in the 12-month period before February, despite nearly a 30-percent increase in new listings.

The median home price for sales in the county increased from $159,000 in February 2012 to $179,950 in February 2013. The average home price jumped 23.7 percent over that same period, from$183,536 to $227,015.

We are seeing $500,000 plus residential with no increase in value YET. But and I mean BUT inventory has not increased in the last year but sales have gone up.

Here are some numbers for you. all the numbers reflect properties above $500,000 and classified as single family residences over a year period. Ending date 5/2/2013

  1. Sold up 58.8%
  2. Pending sales are up 47.1%
  3. Active listings up 3.3%
  4. Total number of sales 134

Based on my conversation with 2 local appraisal firms no significant appreciation in this price range. Each property sale would need to be investigated on a individual basis and evaluated by the specific location and comparable homes. In general the market is stable and sales volume is up. Inventory is only slightly higher making it more competitive. Eventually the competition will drive prices upward. Let me know if you need anything else.

One thought on “Our Southern Utah Real Estate Rebound!

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