Market Overview

3rd 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 7.0% to 8.0% 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 3rd & 4th quarters. YES, there is hope that by MAY 2024 we will see rates come back down to the low 6%.

With interest rates still hovering around 7.5% in Nov. 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 58 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 28 days.

AVERAGE MEDIAN HOME SALE$

As of 1/2023, the Median Home Prices saw another 5.6% decrease since January 2023 and is currently At $485,000. 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 4,5 months, so definitely a Buyers Market.

MARKET PULSE REPORT

3rd Quarter Report 2023 - Greater St. George Area

Black Desert Report

435.767.7355 to reach the LUXRE TEAM

1031 S. Bluff St. St George, UT 84770

Southern Utah’s New Hawaiian Resort

Nestled within Southern Utah’s breathtaking, storied landscape of jet-black lava beds and towering cliffs, a new resort destination and championship Tom Weiskopf 19-hole golf course beckons you to experience Greater Zion. A welcoming community of kindred spirits that celebrates the rare, natural grandeur of Utah’s desert with awe-inspiring amenities and a full spectrum of experiences, Black Desert Resort, puts remarkable within reach. – BlackDesertresort.com

What is Black Desert…?

Below are the reasons why many visitors have chosen
or will chose to spend time enjoying Black Desert:

  • GPA Championship Golf Course
  • Executive Lodging & Suites
  • 150 Room High End Hotel/Resort
  • Convention Center / World Class Spa
  • A High Density Townhomes/Condos
  • Luxury Residential Estate Homes
  • Family Village with Family Fun Activities
  • Boardwalk of Retail Shopping & 8+ Restaurants

 

Black Desert is literally a City within a City and something to behold and experience.

Learn more at: BlackDesertresort.com

“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.

Coming soon to so. utah

BIG BOX STORES STG NEEDS

  1. New Smiths Marketplace
    (Exist 2 – Sun River – Opening Summer 2024)
  2. Sprouts Farmers Market
    (River Rd/1450 S – Opening Summer 2024)
  3. Hobby Lobby
    (Bluff St where old K-Mart was – 2025)

Meet The Real Estate eXperts

Scan to visit our Main Luxre Website: Search Homes, Market Stats, Tips and more!

Scan to visit our Preferred Lending & Moving Partners for Discounts

Why our clients hire our preferred

Team?

Top 6 Reasons

  1. Top 1% of all Realtors Nationwide
  2. 20+ Years Experience Selling Homes
  3. 2,000+ Properties Sold

4. 100+ Five Star Client Reviews
5. Advanced Systems & Proven Marketing Results
6. 1st Class Guarantee/Beyond Full Service

LUXRE GROUP
Powered By Nexgen
SOLD 100+
HOMES IN 2022
100+ Zillow Reviews
= 5 Reviews

Market Statistics

3rd Quarter Report 2023 - Greater St. George Area

The housing market has been relatively flat the last 12 months as a result of high interest rates, so some things to watch for are the increase in mortgage applications, buyer demand and housing permits pulled. This will help stabilize the housing inventory and home values will start to correct. Most Housing Experts & Economist are projecting double digit appreciation in 2024 as market conditions improve, rates decrease and the demand for homeownership is high.

months of inventory
days of market

Besides Provo, cities in Utah that made the list include St. George (number five), Logan (number eight) and Ogden (number nine). “Utah has fostered a business-friendly environment that has attracted companies from various industries, including technology, finance, health care and outdoor recreation,” researchers note. “This has led to job opportunities and a steady influx of professionals and skilled workers seeking employment in these thriving sectors.” – Realtor.org August 2023 

Utah only State with 5 Cities in the Top 25 Fastest Growing Cities in 2023