Reported by Rand McCullough, Associate Broker, CRS, GRI, Owner
Updated September 21, 2009.
Current Market Rating: 2
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Current Price Trend: 2
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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 Sandhollow Resort & Golf Course, The Ledges, and many other fine developments.
As a result of Southwest Utah's 2nd Place ranking in Metro growth areas of the U.S., the area experienced considerable price increases and a shortage of inventory throughout 2005. Now, however, the average price for a single-family home is $268,563, down 17% from the same period last year; Days On Market are 126. The quantity of listings are 12% below last year, but sales are up 24% against the same period one year ago. The "gap" between List Price & Sold Price is about 4.0% & will continue to widen until sellers realize that the market is still adjusting. New homes are still abundant and are getting to be a better value as time goes on- bargains are to be had; It's the TIME TO BUY!
Building lots are experiencing these pricing issues; 1/4 to 1/2 acre lots are selling at an average of $94,174, down -33% from the same period last year. Lot Listings are down -12%, and Lot Unit Sales are down 30% under 1 year ago. Investing in Southern Utah's future? Now's the time!
ZIP Codes: 84790, 84780, 84770, 84738, 84767, 84714, 84782, 84722, 84725, 84737, 84746, 84745, 84757, 84781, 84763, 84765, 84767, 84779, 84774 Location Characteristics: Washington County, located in the Southwest corner of 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.
