Reported by Rand McCullough, Associate Broker, CRS, GRI, Owner
Updated August 16, 2008.
Current Market Rating: 2
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Current Price Trend: 2
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Hurricane Valley which includes Hurricane, La Verkin, Toquerville, & Virgin, is a direct beneficiary of St. George, the Country's 2nd fastest growing Metro area in the U.S. As a result, the Hurricane Valley area had been experiencing considerable price increases and a shortage of inventory through the 3rd qtr of 2005.
We now have a more than adequate supply of homes for sale, and the cost of building is on the decline, due to an abundance of lumber and labor. The average price for a single-family home is now $229,753, up from the September, 2005 high of $226,600 but down 8.4% from the same period last year. Listings are up 20% over last year, and sales are equal. Because of the high level of inventory, sellers of existing homes are having to reduce their pricing to well below the price of new homes to entice the buyer, so this is a great adfvantage for the Buyer..... NOW is the time to buy!
Building lots are experiencing the same pricing issues; lots sold at an average of $57,901 in 2005, but are now averaging approx. $96,700, down from last year by 13%.
Buyers have a wider range of choices. We see a considerable amount of bulding lot inventory ready to be placed on the market which will influence the pricing down even more.
The Southwest Utah Housing market is, due to it's 'Resort' status, at or near it's bottom. You shouldn't see any more industry-wide adjustments, just adjustments due to individual seller's needs.There are new projects that are going to create their own demand, therefore increasing the demand County-wide. These are the expansion of Coral Canyon, the new Elim Valley Project, Sandhollow Resort, The Ledges, and many other fine developments.
ZIP Codes: 84737, 84745, 84774 Approximate Location Boundaries: From I-15 Hurricane Exit to Highway 9 on the 15 mile loop back to I-15 on the North
Location Characteristics: Southern Utah is Utah's "Hotspot"..... warmer than anywhere in the state at almost any time of the year. Couple that with some of the most unique & beautiful scenery to be found anywhere in the world, and you've got a winning combination of weather and recreation.
Southern Utah is known for it's wide range of scenery and "things to do": Beautiful Red Rock sandstone hills surround the cities, heavy pine forests within a short drive, Water skiing at Lake Mead or Lake Powell, and snow skiing at Brianhead Ski Resort; all on the same day, if you'd like.... Golfing at any of our 11 courses such as the Troon World-Class Entrada Course or one of our fantastic City Courses. And don't forget.... Las Vegas is just 110 miles to the South. See what it's all about on RandsLand.com.
About Rand McCullough:
Over 35 years in sales and sales management allows me to understand the wants & needs of you, my clients and find just the right property for you, with honesty & integrity throughout the transaction. Awareness of the current market and the "trends" that define the future pricing and availability is one of the strong points I bring to you as a client.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
