Have you been watching the Washington County Utah real estate market? If so, you’ll notice that the number of homes for sale is inching up and sales have declined slightly. A lot of homeowners are watching to see if it’s a good time to put their home on the market. Home buyers are hoping the market is starting to cool off. More inventory and fewer bidding wars will make it easier and less stressful for them to purchase a home.
In a recent article in Realtor Magazine, home buyers are saying they’re not concerned with rising prices, but other buyers. Forty-five percent of prospective buyers surveyed say they keep getting outbid by other offers! Twenty-two percent of buyers are saying they’ll give up their home search until next year or longer.
Below is the Washington County Utah Real Estate Snapshot for October 2021. We’ll also take a look and compare the housing market in September 2021 versus October 2021.
Here’s three years at a glance from October 2019 to October 2021-
Inventory of homes available has decreased 57.31% from 2 years ago. There were 812 fewer homes listed for sale on the Washington County MLS in October 2021 than in October 2019. Even though there was significantly fewer homes for sale in 2021, closed sales was about the same. Compare 2020 to 2021 and there were 239 fewer homes sold than last October.
Median sold price has continued to increase significantly over the past 3 years. If you examine the chart you’ll see that the median sold price increased 24.25% from 2020 to 2021. Median sold price in October 2020 was $374,235 and in 2021 it rose to $465,000.
Average days on the market dropped from 44 in September 2020 to 23 in October 2021. Our absorption rate was 1.71 for October 2021. According to the experts, a healthy absorption rate is usually about 3.0.
Because the Washington County Utah real estate market is changing to rapidly, let’s compare September 2021 to October 2021 to get a better idea of what’s happening currently.
Active listings increased in October 2021 up from 868 in September to 885 during the month of October. This isn’t a significant increase in inventory, but there was 1.93% more homes on the market for buyers to choose from in October. This is still good news for buyers hoping for more homes to choose from.
Average days on the market also increased slightly from 21 in September to 23 in October 2021.
Median sold prices continue to climb. Sold prices rose by 3.27% from September to October 2021. Median sold price in September was $450,000 and it rose to $465,000 in October.
If you’d like more information on selling or purchasing a home in Saint George and surrounding areas please contact me anytime.
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