August Market Report

I hope that you had a fantastic Labor Day weekend and welcome to Fall! It’s the first part of the month and you know what that means. It’s time to do the numbers.

August finished strong and ended the busiest summer the St George market has seen in a long time. We tend to see a slowdown in July and August when temperatures are high - but both July and August proved to be strong months.

The trend that we keep seeing is a decrease in inventory (the absorption rate). August saw an 18% increase in Sold listings compared to last August. This keeps pushing the inventory levels lower because not enough new listings are hitting the market to compensate for the number of sold listings coming off of the market. This trend also keep pushing prices up. Hopefully, we will see a surge in new listings coming on the market in September and October to get inventory levels back up for the fall season.

The major question on everyone’s mind this month is whether or not the Fed will raise interest rates. Please see the full report below and please let me know if you have any questions about it. Have a GREAT week!

Summary Statistics

Aug-15

Aug-14

% Chg

2015 YTD

2014 YTD

% Chg

Absorption Rate

5.08

6.77

-24.96

5.87

6.61

-11.20

Average List Price

$397,926

$348,533

14.17

$330,559

$315,667

4.72

Median List Price

$299,000

$264,900

12.87

$259,000

$247,900

4.48

Average Sale Price

$305,260

$241,797

26.25

$258,230

$244,277

5.71

Median Sale Price

$213,000

$204,199

4.31

$220,000

$209,000

5.26

Average CDOM

103

6.19

N/A

Median CDOM

-6.67

-5.26

Sold Listings
	This Month			Year to Date
	2015	2014	% Chg	2015	2014	% Chg
0-49,999	6	2	200.0	42	35	20.0
50,000-99,999	24	22	9.1	143	161	-11.2
100,000-149,999	46	49	-6.1	423	396	6.8
150,000-199,999	68	64	6.3	567	491	15.5
200,000-249,999	56	38	47.4	478	392	21.9
250,000-349,999	74	57	29.8	654	486	34.6
350,000-449,999	25	30	-16.7	253	208	21.6
450,000-549,999	13	10	30.0	103	70	47.1
550,000-649,999	8	5	60.0	49	45	8.9
650,000-749,999	0	1	-100.0	23	18	27.8
750,000-999,999	1	3	-66.7	21	16	31.3
1,000,000-1,499,999	1	1	0.0	8	5	60.0
1,500,000-1,999,999	0	0	0.0	4	2	100.0
2,000,000-2,499,999	0	0	0.0	0	2	-100.0
2,500,000-2,999,999	0	0	0.0	0	1	-100.0
3,000,000+	1	0	N/A	1	1	0.0
Totals	323	282	14.5	2769	2329	18.9

Pending Listings
	This Month			Year to Date
	2015	2014	% Chg	2015	2014	% Chg
0-49,999	7	7	0.0	45	42	7.1
50,000-99,999	19	25	-24.0	163	175	-6.9
100,000-149,999	63	54	16.7	477	419	13.8
150,000-199,999	83	83	0.0	644	559	15.2
200,000-249,999	57	46	23.9	519	437	18.8
250,000-349,999	79	78	1.3	692	554	24.9
350,000-449,999	17	28	-39.3	298	233	27.9
450,000-549,999	12	6	100.0	116	84	38.1
550,000-649,999	9	3	200.0	62	41	51.2
650,000-749,999	1	5	-80.0	26	26	0.0
750,000-999,999	5	1	400.0	32	27	18.5
1,000,000-1,499,999	0	1	-100.0	8	9	-11.1
1,500,000-1,999,999	1	0	N/A	5	4	25.0
2,000,000-2,499,999	0	0	0.0	1	1	0.0
2,500,000-2,999,999	0	0	0.0	0	2	-100.0
3,000,000+	0	0	0.0	0	1	-100.0
Totals	353	337	4.7	3088	2614	18.1

Active Listings
	This Month			Year to Date
	2015	2014	% Chg	2015	2014	% Chg
0-49,999	28	39	-28.2	95	99	-4.0
50,000-99,999	85	119	-28.6	324	399	-18.8
100,000-149,999	154	230	-33.0	755	825	-8.5
150,000-199,999	196	287	-31.7	1000	1052	-4.9
200,000-249,999	206	286	-28.0	921	984	-6.4
250,000-349,999	381	462	-17.5	1457	1454	0.2
350,000-449,999	246	237	3.8	789	750	5.2
450,000-549,999	135	106	27.4	381	313	21.7
550,000-649,999	72	76	-5.3	221	190	16.3
650,000-749,999	50	51	-2.0	121	118	2.5
750,000-999,999	84	65	29.2	171	151	13.2
1,000,000-1,499,999	27	33	-18.2	75	96	-21.9
1,500,000-1,999,999	21	14	50.0	37	35	5.7
2,000,000-2,499,999	4	3	33.3	12	8	50.0
2,500,000-2,999,999	7	6	16.7	11	11	0.0
3,000,000+	9	7	28.6	18	12	50.0
Totals	1705	2021	-15.6	6388	6497	-1.7

New Listings
	This Month			Year to Date
	2015	2014	% Chg	2015	2014	% Chg
0-49,999	7	8	-12.5	61	74	-17.6
50,000-99,999	27	33	-18.2	229	289	-20.8
100,000-149,999	56	77	-27.3	569	640	-11.1
150,000-199,999	75	106	-29.2	739	804	-8.1
200,000-249,999	81	83	-2.4	664	742	-10.5
250,000-349,999	115	113	1.8	1049	1079	-2.8
350,000-449,999	67	70	-4.3	561	552	1.6
450,000-549,999	23	28	-17.9	273	221	23.5
550,000-649,999	21	15	40.0	154	134	14.9
650,000-749,999	12	10	20.0	78	87	-10.3
750,000-999,999	7	9	-22.2	111	105	5.7
1,000,000-1,499,999	7	6	16.7	43	62	-30.6
1,500,000-1,999,999	2	1	100.0	26	21	23.8
2,000,000-2,499,999	2	1	100.0	9	4	125.0
2,500,000-2,999,999	0	1	-100.0	6	5	20.0
3,000,000+	1	1	0.0	7	8	-12.5
Totals	503	562	-10.5	4579	4827	-5.1

August Market Report

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