Things are slow in our St. George market at the moment, but conditions still favor sellers.
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What’s been happening in the St. George real estate market lately?
As we know, the real estate market is always changing. July and August are typically our slowest months of the year. Back in June, there were 1,500 homes on the market. In July, that number dropped to 1,341. We’ll probably see inventory stay pretty level throughout August, then rise toward 1,500+ homes again in September, October, and November.
As far as interest rates go, the average rate for FHA loans is 4.5%, which is still very low.
For homes in the $200,000 to $300,000 price range, the average days on market is 21 days. Between the $300,000 and $450,000 range, the average is 31 days. Around the $450,000 price bracket, it’s 155 days, which is just over five months.
We’re selling homes faster this year than we did last year, and last year was a super-hot market.
In other words, below $300,000 we are in a seller’s market. At $450,000, conditions are more balanced between buyers and sellers. Once you get above $600,000, it starts to become a buyer’s market.
Overall, we’re still in a seller’s market. We’re selling homes faster this year than we did last year, and last year was a super-hot market. This difference between price ranges illustrates why it’s so important that you have a real estate professional do a comparative market analysis for you before you decide to buy or sell.
As always, if you have any more questions about our market or are thinking of buying or selling a home, please feel free to give us a call. We’d love to help you.