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Washington County Real Estate Market Analysis


September 2017 Statistics

Where is the St George real estate market headed?

Prices are going to start slowing down. This year St George real estate prices have raised 10% from last year. The average of price increase is a steady 3% to 4% year over year. Next year, starting about now, we're going to see a slowdown in rising prices with an increase of 4% to 5% instead of the 10% we've seen this year. We don't foresee any chance of a crash like we did a decade ago. Prices have finally reached back to where they were then, and lenders are not making the bad loans they were then that contributed to the crash.

Is now a good time to sell?

Supply of homes in Washington County, Utah is still overwhelmed by the demand of home buyers looking to own their own home in our little piece of paradise.  Inventory is low and buyers are still competing for the home of their dreams. However, as interest rates rise and with local incomes not having caught up with the prices of homes, many buyers are being priced out of the market. The demand for luxury homes is down so it's an excellent time to sell and move up. You'll get top dollar for your home as well as a great price on a luxury home.

According to Lawrence Yun, Chief Economist at NAR:

“Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out searching for your house.

In summary: We still have low inventory so buyers are still competing for homes. Interest rates are going up, this will lead to buyers qualifying for less home. Home prices are expected to rise at a more steady pace of 4% to 5% in 2018.

See this article from REALTOR®Mag to see the nations Housing Predictions for 2018

1,400

Properties Listed

23

Median Days On Market

10

% YTD Price Change

265,000

Median Sales Price

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