CONTRIBUTED CONTENT — It’s no secret that the real estate market has changed quite a bit over the past year. With this in mind, the experts at Red Rock Real Estate are examining some of the key statistics within Southern Utah and what they mean for prospective buyers and sellers.
One of the most significant changes occurring between August 2021 and last month is the amount of inventory on the market. Available homes have more than doubled, jumping from 773 to 1,565.
While cooling demand has created some uncertainty among buyers and sellers in recent months, Red Rock Real Estate managing broker Tammy Houchen said it’s important to look at the bigger picture. Today’s inventory is on par with the historical average for Southern Utah, which typically has between 1,500 and 1,700 homes for sale at any given time.
“We’re currently shifting from a seller’s market to a more stabilized market,” she added. “This is still a great time to sell, and buyers have more inventory to choose from.”
In another sign of shifting trends, homes are staying on the market longer. The average property now sells in 34 days, as compared to just 16 days last summer. The monthly absorption rate, a metric calculated by dividing the number of homes sold in an allotted time period by the total number of available homes, has increased from 1.44 to 3.41 over the past year.
The average listing price also has decreased from $811,500 to $736,900. Real Broker Red Rock principal broker Allen Holland said prices peaked about seven months ago, so a slight correction was expected. However, property values are still much higher overall than before the pandemic boom.
“Historically, even when prices come down, they tend to go back up,” he added. “We’ll never have a huge decrease in prices because it’s still an area where people want to both retire and live. You’ll continue to see a good, stable market here in Southern Utah.”
Not all real estate companies are created equal, and neither are their agents. As locals, Red Rock Real Estate agents and brokers love Southern Utah and are passionate about the housing market. Their knowledge of the area allows them to serve clients more effectively, helping both buyers and sellers get the most value out of every transaction.
“Most of our agents have been in the industry for many years, so they’ve seen both the highs and lows of real estate,” Holland said. “They know what to look for when purchasing and/or selling a home, how to design an offer to get accepted and how to market a home successfully.”
Red Rock Real Estate is a group of real estate professionals representing buyers, sellers, property owners, tenants and people from all walks of life looking to make an investment in Southern Utah. When the brokerage was established in 2012, the founding partners set out to revolutionize the industry with their leadership mentality. Today, their team encompasses over 40 brokers and 375 agents.
Red Rock Real Estate is among the top 100 largest independent brokerages in the United States, according to RealTrends. They closed more than 2,800 transactions totaling over $1.5 billion in volume and paid $25 million in gross commission income to their agents in 2021.
Alongside Red Rock Property Management, which maintains a portfolio of more than 650 homes, and Red Rock Vacation Rentals, which manages over 230 nightly rentals, the brokerage is growing, thriving and owns the greatest market share in the St. George area.
Find your agent and the answers to all your real estate questions at RedRockRealEstate.com.
Written by ALEXA MORGAN for St. George News.
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- Red Rock Real Estate | Address: 90 E. 100 South, St. George | Telephone: 435-275-2775 | Website.
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