The Washington County Utah housing market was still on FIRE during the month of July 2021. According to the experts, the housing market will remain strong through 2021. Interest rates are still great and there’s lots of people “on the move”. 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 Washington County Utah. We’re seeing multiple offers on most homes and those offers are typically well ABOVE the listed price.
There may be some good news on the horizon for buyers though. Realtor®Magazine states in an article published on August 10, 2021 that new listings rose by 6.5% in July. This continues a four month streak for annual increases. The added inventory is shifting the housing market back in favor of buyers to a certain degree.
Take a look at the Washington County Board of Realtors Housing Market Update- Three Years at a Glance to compare year over year. Inventory of homes available has declined significantly for the last 2 years. There were 864 fewer homes listed for sale in 2021 than in 2019. Because of the lack of inventory, total sales dropped too but only by 48!
Median sold price has jumped up drastically too in Washington County Utah. In July 2019 it was $303,950 and in July 2021 it rose to $465,000. That comes out to a 52.9857% increase over the 2 years!
Average days on the market dropped from 66 in July 2020 to 17 in July 2021. Our absorption rate was 1.25 for July 2021. A healthy absorption rate is usually about 3.0 so we’re on the low side!
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.