Here’s the Housing Market Update for Washington County Utah August 2021. The local housing market was still as HOT as the temperature for the month of August 2021. The experts are predicting the housing market will remain strong through 2021 and so far, they’re correct.
Interest rates are still at historical lows and people are feeling the need to make a change. Many buyers are looking for a change in scenery and climate or better quality of life. These factors all play into it being a SELLERS market here in the St George Utah area. There has been a slight change in the real estate market this month though. Inventory has increased slightly and we did see some PRICE REDUCTIONS on homes in August. Be sure to look a the Housing Market Update for August 2021 below.
According to Realtor®Magazine some buyers have shelved their decision to buy right now. The article published on September 22, 2021 notes sales are down 1.5% from the same time as last year. All four major regions of the U.S. posted declines in existing-home sales last month.
Let’s take a look at the August Washington County Board of Realtors Housing Market Update- Three Years at a Glance to compare year over year.
Inventory of homes available has declined by almost exactly 50% from 2 years ago. There were 738 fewer homes listed for sale in 2021 than in 2019. Due to the lack of inventory, total sales dropped too, but only by 60!
Median sold price has jumped up drastically too in Washington County Utah. In August 2019 it was $319,000 and in August 2021 it rose to $440,000. Interestingly the median sold price for July 2021 was $465,000, so prices dropped 5.37% in August. Comparing year over year for August, home prices increased 37.931% over the 2 years!
Average days on the market dropped from 66 in August 2020 to 16 in August 2021. Our absorption rate was 1.35 for August 2021. A healthy absorption rate is usually about 3.0 so we’re definitely still on the low end!
The above information was taken from data on the Washington County Utah MLS. Neither the Washington County MLS, Red Rock Real Estate or Erika Rogers guarantees or is responsible for its accuracy. Market data does not show FSBO, non broker members listings, or listings not published.