Well, here we are at the beginning of 2018. 2017 was a great year for real estate. I mean, rates were still low, prices were gradually increasing, sellers were doing a bang up job at selling their home for full price, and buyers were finally back out on the market looking at homes and buying them. So what can 2017 tell us about how the market is going? It’s projected to be a great 2018 in the real estate market as well. Let’s take a quick snapshot as to where we were, where we are, and maybe where we’re going.
At the beginning of the year we were looking at around eight $215,000 average home price and now we’re up to about $243,000. This shows a 7% change year-over-year. And predictions show will rise another 2% in 2018. The median list price per square foot is about $162, which is lower than the St. George Metro average of $163.
The average listing price is about $400,000 with approximately 280 properties on the market throughout St. George. The median rent is between $1300 and $1400, which is also risen slightly over the last year.
Some demographic stats:
- 67% of residents are homeowners
- The median age is 33
- The median household income is about $47,000
- 32% are college educated
- 25% are single residents
- 94% of homeowners commute by car
List price is about $315,000, which is average to about $140 per square foot. That’s different than the sale price. Homeowners are getting about 96% to 98% of the asking price on average.
The highest appreciating St. George neighborhoods since 2000.
- Snow Canyon
- Dammeron Valley
- Stake Farm Road
- Willow Drive
The higher-priced homes in the area also include properties around Stake Farm Rd, Fort Pierce Rod, Willow Dr, and Veyo/Dammeron Valley. It’s no surprise then that these are also some of the neighborhood’s offering the best education with the highest ranking schools in St. George.
So what does this mean for homebuyers and sellers coming into 2018? The rates are still low but they will continue to rise a slowly over the next couple of years. Rates are still hovering around the 4% mark so it’s still a good time to buy. For sellers, you can either wait until spring and have more buyers or sell now have less competition. There will be more homes on the market but you also might be able to get a little bit more in the spring. However, that’s a trade-off because if you list now in the winter months you have less competition so you’re more likely to get your asking price because there’s just not that many homes out there on the market this time of year.
Whatever you choose to do, check back to my website for updates on the market, St. George events and activities, tips for new homeowners or buying and selling advice. And of course, you can always browse all the most current listings in St. George and surrounding areas on my website for free.