What happened in July in the Southern Utah Real Esate Market! (the stats)

Before we get started, I would like to thank the following individuals for the opportunity I had to help them close on a property in July:

1. Brian and Robyn Yardley (Purchase)
2. Alex and Jean Macpherson (Listing sold)
3. Duff Smith and Jane Rogers (Listing sold)
4. Jeannine Hendricks (Listing sold)
5. Dick and Jerilyn Abel (Purchase)

Thank you for your business! Alex and Jean Macpherson are fourth time customers and Dick and Jerilyn Abel are second time customers, Thanks a million for coming back!

According to the Washington County Board of Realtors multiple listing service, this is what happened in our market place in July. It looks like to me that there are a lot of opportunities for buyers out there, and if one needs to sell soon, that is in the next few months, it is time to get it on the market now! For buyers, I still think a good deal now... is a good deal, and if you have a two to five year plan of staying in a home, I would not hesitate if I saw something that met my needs.

I have decided to use stats based on the greater St. George area (St. George, Ivins, Santa Clara, and Washington) and the Hurricane Valley (Hurricane, La Verkin and Toquerville,) as our data base. That way everyone has an idea of the numbers based on the specific geography. That being said, here are the stats!

Total HOME listings on the MLS for July:

Total Active Listings: 2,527 (2,479 June)
New Listings in July: 519 (479 June)
Sold Listings in July: 139 (178 June)
Months of Inventory: 18.18 (13.93 June)

(Note: Months of Inventory assumes that no other homes are added to the current listings on the market, nor do any leave the market without being purchased, and they are absorbed at the same rate as the current month.)

Home (single family, townhouse and condo) listings in the $100-$150K range for July:

Total Active Listings: 175 (171 June)
New Listings in July: 26 (42 June)
Sold Listings in July: 19 (14 June)
Months of Inventory: 9.21 (12.21 June)

Home (single family, townhouse and condo) listings in the $150,001-$200K range for July:

Total Active Listings: 324 (313 June)
New Listings in July: 70 (73 June)
Sold Listings in July: 25 (27 June)
Months of Inventory: 12.96 (11.59 June)

Home (single family, townhouse and condo) listings in the $200,001-$250K range for July:

Total Active Listings: 407 (386 June)
New Listings in July: 81 (94 June)
Sold Listings in July: 31 (33 June)
Months of Inventory: 13.13 (11.7 June)

Home (single family, townhouse and condo) listings in the $250,001-$300K range for July:

Total Active Listings: 379 (360 June)
New Listings in July: 93 (68 June)
Sold Listings in July: 21 (31 June)
Months of Inventory: 18.05 (11.61 June)

Home (single family, townhouse and condo) listings in the $250,001-$300K range for July:

Total Active Listings: 379 (360 June)
New Listings in July: 93 (68 June)
Sold Listings in July: 21 (31 June)
Months of Inventory: 18.05 (11.61 June)

Home (single family, townhouse and condo) listings in the $300,001-$350K range for July:

Total Active Listings: 235 (219 June)
New Listings in July: 71 (45 June)
Sold Listings in July: 13 (18 June)
Months of Inventory: 18.08 (12.17 June)

Home (single family, townhouse and condo) listings in the $350,001-$400K range for July:

Total Active Listings: 188 (186 June)
New Listings in July: 36 (35 June)
Sold Listings in July: 9 (14 June)
Months of Inventory: 20.89 (13.29 June)

Home (single family, townhouse and condo) listings in the $400,001-$500K range for July: (notice larger range of asking price)

Total Active Listings: 233 (230 June)
New Listings in July: 46 (43 June)
Sold Listings in July: 7 (14 June)
Months of Inventory: 33.29 (16.43 June)

Home (single family, townhouse and condo) listings in the $500,001-$600K range for July: (notice larger range of asking price)

Total Active Listings: 151 (149 June)
New Listings in July: 33 (23 June)
Sold Listings in July: 3 (10 June)
Months of Inventory: 50.33 (14.9 June)* May had only 3 sales too, but April had 10 as well. Looks like you need to stick to even months if you are selling in this range.

Home (single family, townhouse and condo) listings in the $600,001-$750K range for July: (notice larger range of asking price)

Total Active Listings: 107 (112 June)
New Listings in July: 24 (15 June)
Sold Listings in July: 1 (1 June)
Months of Inventory: 107 (112 June)* Even I can do the math on this one!

Home (single family, townhouse and condo) listings in the $750,001 and UP!

Total Active Listings: 232 (247 June)
New Listings in July: 24 (27 June)
Sold Listings in July: 4 (6 June)
Months of Inventory: 58 (41.47 June)* If you are in the previous category, looks like you need to raise your price.

The next section is for building lots, not including raw land.

All Building Lots on the MLS for July:

Total Active Listings: 1,462 (1,519 June)
New Listings in July: 81 (110 June)
Sold Listings in July: 6 (21 June)
Months of Inventory: 243.67 (72.33 June)* not a typo, yes, over a 20 year supply!

Building lots under $100K

Total Active Listings: 504 (535 June)
New Listings in July: 24 (43 June)
Sold Listings in July: 4 (11 June)
Months of Inventory: 126 (48.68 June)*10 years isn’t so bad!

Building lots $100,001-$150K

Total Active Listings: 406 (419 June)
New Listings in July: 18 (37 June)
Sold Listings in July: 2 (3 June)
Months of Inventory: 203 (139.67 June)*Just a shade under 17 years for these!

Building lots $150,001-$200K

Total Active Listings: 209 (214 June)
New Listings in July: 6 (12 June)
Sold Listings in July: 0 (4 June)
Months of Inventory: Can’t divide by 0 (53 June)

Building lots $200,001 and above

Total Active Listings: 344 (352 June)
New Listings in July: 33 (18 June)
Sold Listings in July: 0 (3 June)
Months of Inventory: Can’t divide by 0 (117.33 June)

You might have notice after carefully analysing the data, that lots, unlike the years of 2004-5, are not currently at a premium. (I hope you appreciate the irony of this comment).

Short sells and foreclosures!

I hesitate to put this section in, because I know it is not accurate. I know some agents purposely do not code their listings as short sells or REO (Bank owned/foreclosed) for their own reasons. But, of the sold listings that are coded correctly in the month of July the MLS recorded three closed short sells and 29 closed REO (Bank owned/foreclosed) properties. I suspect we will see the REO stat on the rise by next update.

As always, for more information, including a free look at part of the MLS without having to speak to me, go to joelangston.com and click on “Find A Home”

If you would like a free ball park figure of value on your home, without me coming out to see it, go to joelangston.com and click on “Your Home’s Value”

Lastly, I am interested in your thoughts; please post them on the blog.