Market Report – 1st Quarter 2023

Market Overview

1st Quarter Report 2023 - Greater St. George Area

According to a recently published article titled “The Federal Reserve Will Hike Interest Rates Again in 2023,” on bankrate.com, it is anticipated that the Fed will raise rates between 6% to 7,0% to curve the rate of inflation and to help stabilize increasing home prices. It is anticipated with that said hike will hinge on GDP & Inflation results for 2nd & 3rd quarters. YES, there is hope that by MAY 2023 we will see rates come back down to the low 6%

2023 MORTGAGE RATE PREDICTIONS
Average Interest Rate on a 30-year Fixed-Rate Mortgage by Quarter

With interest rates still hovering around 6.9% in March 2023 the principal and interest payment are still relatively fair with the 50 year average rate is 7.90%

Average Days on the Market

The Cumulative Days on Market (CDOM) metric takes into consideration the total days on market for each listing that has sold AND the days on market for that listing if it was previously on the market. The CDOM is hanging steady at around 88 days. Taking into consideration that the average escrow period is approximately 30 days, It shows that homes that are priced correctly have an average marketing time of around 68 days.

Average Days on the Market

As of 1/2023, the Median Home Prices saw another 13.23% decrease since January 2021 and is currently At $458,000. The “healthy” market appreciation rates are typically around 8-12% annually.

ABSORPTION RATE

The absorption rate is defined as how many months it would take to “absorb” or sell off all of the existent inventory, should nothing else come on the market. A “Buyers Market” is defined by 3 months or more of inventory, while a “sellers market” is defined as having 3 months or less of inventory. Currently, the absorption rate for single-family homes is 3.9 months

Curious about the value of your home in today’s market?

With 20+ years of experience in the UTAH & ARIZONA real estate markets, we can provide an accurate and expert assessment of the value of your home in today’s market and what it will take to get your TOP $ for your home.

Market Pulse Report

1st Quarter Report 2023 - Greater St. George Area

Southern Utah Vacation Rentals

Upon traveling through St. George and the rest of Washington County one will see rows of new homes materializing out of the desert floor, new road projects, new stores, hotels, parks and schools. Almost any report will show evidence of Washington County’s record home sales, persistent job growth and commercial investment, and is one of the fastest-growing populations in the U.S.

Now consider how when all of those newcomers first learned about Washington County. They weren’t residents but visitors. Over the past 24 months, vacation rentals have proven to be a great way for visitors to explore and get to know the St. George area, while enjoying the comfort, amenities that vacation rentals provide.

This is Where Your Next Vacation Begins…

Below are reasons that many visitors have chosen to stay in vacation rentals:
• Family Vacations & Reunions
• Executive & Corporate Housing
• Searching for Real Estate
• Traveling with Friends for Events
• Weekend Visitors & Tournaments
• Romantic Getaways
• Playing in the Desert & Warm Sun

Some of the most popular vacation rentals:

• Estancia Resort in Green Valley
• Copper Rock in Hurricane Valley
• Coral Ridge at Coral Springs
• The Escondido or Paseo at Sienna Hills Resort
• The Retreat of Sand Hollow Resort
• Paradise Village in Santa Clara
• The Shores at Desert Color
• Center Place at Coral Canyon
• Zion Gateway Village in Hurriance

“eXperience The Higher Standard of eXcellence”

Our Real Estate Team specializes in superior marketing systems. We drive more Buyer traffic, more offers, and faster selling times. Our strategies will MAXIMIZE the results you deserve.
Thank You for trusting our Team of REAL ESTATE EXPERTS to service your UTAH Real Estate goals.