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April 2018 Washington County Real Estate Market Video Update

April 2018 Washington County Real Estate Market Video Update

Summit Sotheby’s International Realty has released information about real estate markets in Washington County for the previous month. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Washington County – Single Family Homes: Active inventory was down 24% from 2017 with 832 units on the market and down 8% from the previous month. The median listing price was just under $430,000. The average days on market was down 14% from 65 days in 2017 to 56 days in 2018. The median sales price was just over $320,000. The averages for units sold in the month of March decreased 15% for units sold year over year and increased 38% month over month with a total of 307 units sold.

Washington County – Condominiums: Active inventory was down 16% from 2017 with 124 units on the market and down 18% from the previous month. The median listing price was just over $220,000. The average days on market was up 2% from 46 days in 2017 to 47 days in 2018. The median sales price was just under $190,000. The averages for the month of March show an decrease of 19% for units sold year over year and 5% increase over the previous month with a total of 60 units sold.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.summitsothebysrealty.com/market-update

Summit Sotheby’s International Realty Update for April 2018

Our Passion: Million-Dollar Marketing

While our competitors may have graphic designers, we at Summit Sotheby’s International
Realty have built an award-winning, in-house advertising agency. Why? Because your
property deserves the power of an entire creative team working together to position and
market your property to a world-wide audience through photography, videography, print,
social media, email marketing and content creation. We do more than list your property on the MLS – we work tirelessly to market and sell it. Being Utah’s only real estate firm with an in-house advertising agency is just another reason why Summit Sotheby’s International Realty is like no other.

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March 2018 Washington County Real Estate Market Video Update

March 2018 Washington County Real Estate Market Video Update

Summit Sotheby’s International Realty has released information about real estate markets in Washington County for the previous month. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Washington County – Single Family Homes: Active inventory was down 22% from 2017 with 870 units on the market and up 5% from the previous month. The median listing price was just under $420,000. The average days on market was down 10% from 63 days in 2017 to 57 days in 2018. The median sales price was just under $330,000. The averages for units sold in the month of February decreased 5% for units sold year over year and decreased 8% month over month with a total of 213 units sold.

Washington County – Condominiums: Active inventory was down 11% from 2017 with 126 units on the market and down 3% from the previous month. The median listing price was just under $225,000. The average days on market was up 16% from 38 days in 2017 to 44 days in 2018. The median sales price was just over $190,000. The averages for the month of February show an increase of 6% for units sold year over year and 7% decrease over the previous month with a total of 53 units sold.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.summitsothebysrealty.com/market-update

January 2018 Washington County Real Estate Market Video Update

January 2018 Washington County Real Estate Market Video Update

Summit Sotheby’s International Realty has released information about real estate markets in Washington County for the previous month. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Washington County – Single Family Homes: Active inventory was down 25% from 2017 with 755 units on the market and down 19% from the previous month. The median listing price was just under $400,000. The average days on market was down 20% from 56 days in 2017 to 45 days in 2018. The median sales price was $300,000. The averages for units sold in the month of December decreased 5% for units sold year over year and decreased 9% month over month with a total of 272 units sold.

Washington County – Condominiums: Active inventory was down 26% from 2017 with 105 units on the market and down 18% from the previous month. The median listing price was just under $220,000. The average days on market was up 18% from 28 days in 2017 to 33 days in 2018. The median sales price was just over $180,000. The averages for the month of December show an decrease of 30% for units sold year over year and 26% increase over the previous month with a total of 49 units sold.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.summitsothebysrealty.com/market-update

Sotheby’s Cares Golf Tournament 2017

Last Monday was Summit Sotheby’s International Realty’s annual “Sotheby’s Cares” Golf tournament, generously hosted by Victory Ranch. Thank you to everyone who came out to support the local community!

Check out the “Sotheby’s Cares” feature in the Park Record  double truck that ran over Labor Day weekend!

Philanthropy

When we talk about Summit Sotheby’s International Realty and how our sales associates differ from the competition, we typically talk about market share, significant sales, and global brand power. The truth is, our commitment to excellence in real estate is only matched by our commitment to our community. This week, our agents and clients teed off to support local non-profit organizations at the awe-inspiring course at Victory Ranch. We are proud to share with you, our neighbors, our community, and our friends, that since its inception, Sotheby’s Cares has raised $550,000 and counting for local charities and non-profits. By choosing Summit Sotheby’s International Realty, you help us support the community and we graciously thank you.

Global Network with Summit Sotheby’s International Realty and LuxuryRealEstate.com

Park Record Double Truck 8-12-17

The Park Record 8.12.2017

WE TAKE PRIDE IN OFFERING OUR CLIENTS AN UNPRECEDENTED LEVEL OF EXPOSURE
When your property is represented by Summit Sotheby’s International Realty, it not only benefits from the worldwide recognition and prestige of the Sotheby’s name, it also gains access to highly qualified global clientele through our exclusive affiliations with Sotheby’s International Realty and luxuryrealestate.com. These strategic affiliations ensure a consistent, high-quality customer experience, resulting in maximum exposure for our clients seeking to reach buyers from all corners of the world. Simply put, only with us will your property be displayed and marketed by the top two luxury real estate networks in the world. This level of exposure is just another example of how Summit Sotheby’s International Realty is like no other.

Introducing: The Summer Edition of Collections Magazine

3covers

 

Summit Sotheby’s International Realty is excited to announce the release of the 17th edition of Collections Magazine. For this summer edition, Summit Sotheby’s International Realty’s in-house marketing team produced hand painted floral accents, a fairytale fashion editorial, and three unique regional covers to seamlessly combine Utah real estate, fashion, and art.

Collections Magazine epitomizes the passion, professionalism, and integrity of Summit Sotheby’s International Realty, its sales associates, marketing department, transaction management team, and office staff. Each of the 132 pages have been painstakingly designed with innovation and unprecedented exposure in mind. Continuing the theme of offering clients a level of unprecedented exposure, Summit Sotheby’s International Realty has partnered with Salt Lake Magazine, Utah Style and Design Magazine, Zion’s Bank Community Magazine, The St. George Spectrum, and The Salt Lake Tribune to deliver Collections Magazine directly to subscribers. These strategic partnerships are in addition to the over 265 distribution locations where Collections Magazine is on display and available for pickup.

Collections Magazine is a pictorial illustration of what we do at Summit Sotheby’s International Realty. To have a magazine that encapsulates our creativity, our passion, and the amazing properties we represent is really exciting,” said Thomas Wright, President and Principal Broker of Summit Sotheby’s International Realty. “With Collections Magazine you know that everyone in the state of Utah, is going to see the publication, and more importantly, experience how committed we are to quality and the homes that we represent.”

Collections Magazine has seen extensive growth and transformation since its inception in 2009. This growth is due in-part to the brokerage’s definition of luxury: luxury represents high quality service, knowledge, and experience that every client receives regardless of area or price point. This definition is certainly reflected throughout the pages of Collections Magazine, proudly displaying the brokerage’s active listings from all across the state and at all price points. “Our sales associates provide their clients such a high level of service. Because of their efforts the Summit Sotheby’s International Realty brand continues to expand throughout the state,” said Joe Averett, Vice President of Communications. “I’ve seen the magazine grow from 20,000 copies to over 115,000 copies and our page count increase from 24 pages to 132 pages. We couldn’t be more thrilled to present the 17th edition to our sales associates, our clients, and our community.”

Distribution of Collections Magazine began this week, hitting pickup locations and mailboxes state-wide. A digital version can be found on the Summit Sotheby’s International Realty website: summitsothebysrealty.com. For more information on how to have your property featured within the pages of Collections Magazine, contact your local Summit Sotheby’s International Realty sales associate.

Please enjoy our three digital editions below.
Park City
Cover Shot at 10015 N Summit View Drive

Salt Lake
Cover Shot at 1220 Yale Avenue

Southern Utah
Cover Shot at our St. George Office

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2017 St. George Parade of Homes – Respiro

Summit Sotheby’s International Realty is proud to represent “Respiro” located in the Encanto resort development in the 2017 St. George Parade of Homes.

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With an unbeatable views and a gorgeous interior, this luxurious home located in the prestigious Encanto Resort is a wonderful choice for your Southern Utah Home.

stg parade homeImagine yourself vacationing in luxury as you breathe in the panoramic views of Snow Canyon’s brilliant red mountains anchored by vast lava fields. This spectacular Brian Geer home encompasses rich textures and subtle colors of the desert evoking a sense of solitude. State-of-the art architecture highlights unique exterior angles defined by handcrafted metallic elements. Contemporary lines, layered with luxurious finishes and fine detail all come together at Encanto’s Respiro.

stg parade home 3

The open floor plan invites you to enjoy your time with family and friends after you’ve finished taking advantage of the year-round activities St. George has to offer. Kitchen features granite counters, Wolf/Sub-Zero appliances and gorgeous brushed brass accents. The sumptuous suite is a private oasis with a fireplace, kitchenette, outdoor access, and a gorgeous en suite bathroom with a soaking tub, walk in shower, and double sink vanity. Not only do you benefit from these well-appointed spaces and excellent location, there is also a state-of-the-art clubhouse where you can take a dip in the pool, get a quick workout in or just relax and take in the scenery.

stg parade home 2

View more info at summitsothebysrealty.com/eng/sales/detail/280-l-82417-rsl47e.

St. George Area Parade of Homes 2017

The 2017 St. George Area Parade of Homes is no ordinary Parade. It is the largest Parade in the state featuring 28 new homes full of the extraordinary.

This event has a long-standing tradition of displaying a variety of spectacular homes and introducing exciting new trends to attendees across the state. The homes are set among breathtaking landscapes only found in Southern Utah.

General Information

  • Parade of Homes Dates February 17 – 26, 2017
  • 28 New Homes Open 10 am to 7 pm daily. Closes at 5 pm on February 26, 2017
  • Scattered home site event throughout Washington County, Utah
  • Self-guided tour. Take up to all 10 days to view homes.
  • Wear comfortable easy to remove shoes. You will need to remove your shoes. Please wear socks and carry your shoes with you.
  • Presented by the Southern Utah Home Builders Association and Zions Bank
  • For questions, call 435-674-1400 or send email to suhba@suhba.com

Tickets & Map

Tickets are $15 each, no discounts for children or seniors. You can purchase tickets through this website or beginning February 16th at 5 pm at the Red Cliffs Mall (1750 E. Red Cliffs Drive, St. George in center court) or Lin’s Markets (St. George, Hurricane, Washington & Cedar City).  NO TICKETS WILL BE SOLD AT THE HOMES. When you purchase a ticket on-line, a map with home addresses will be emailed to you on Thursday, February 16, 2017. We do not release the map or addresses earlier because the contractors are working hard to finish the homes. A magazine with the map included will be available at the homes (must show proof of purchased ticket).  Red Cliffs Mall ticket hours are 9 am to 8 pm, except Sundays 10 am to 5 pm.

Ticket entitles visitor admittance to each of the homes once during the 10-day event. The ticket has an additional benefit allowing two repeat admittances to two of your favorite Parade homes. Visitors must purchase a new ticket if re-entry exceeds more than two homes.

Etiquette

Please do not bring large bags into the homes. If booties are provided by the contractors, please do not wear them outside. Some contractors prefer not to use booties in their homes. If a room is roped off, please stay outside that area. Please do not sit on the furniture or turn on any water faucets or shower heads.

Lodging & Relocation

Hurry and reserve your lodging accommodations as early as possible. The Parade of Homes begins on President’s Day Weekend and rooms sell out quickly. For lodging accommodations, see https://utah.com/hotels/st-george. Now is a great time to purchase a home in beautiful Washington County. Search for SUHBA members to find qualified Builders and Realtors to meet your needs.

 

Experts tackle growth, regulation in 2017 St. George real estate preview

St. George City as seen from the Dixie Rock/Sugarload formation at Pioneer Park, St. George, Utah, July 2016 | Photo by Mori Kessler, St. George News

ST. GEORGE Real estate development in Washington County is trending toward positive growth but still faces challenges such as rising construction costs and prohibitive impact fees.

Thursday’s St. George Area Economic Summit included breakout sessions previewing residential and commercial real estate development in Southern Utah. The presentations highlighted how population growth, vacancy, regulation, construction costs and inventory are shaping the area’s real estate landscape.

Population and inventory

As Utah leads the nation in population growth, Southwestern Utah leads the state in growth, according to the Kem C. Gardner Policy Institute at the University of Utah. Since 2010, the county has grown by 22,000 people and is projected by the Governor’s Office to reach a population of 200,000 by 2020.

Southern Utah Home Builders Association Executive Officer Mari Krashowetz speaks at the 2017 St. George Area Economic Summit, St. George, Utah, Jan. 13, 2017 | Photo by Joseph Witham, St. George News

“I will tell you it’s been my experience looking at some of the population projections provided by the state, they’re almost always less than what reality is,” Washington County Board of Realtors Vardell Curtis said.

With the spike in population growth, housing vacancy rates have shrunk to their lowest numbers in decades, with rental vacancy at less than 1 percent and single family homes at around 3 percent for the St. George area, according to research by NAI Excel.

The vacancy rates are exacerbated by a relatively low supply of inventory. As of the third quarter of 2016, housing supply was projected to last only 36 months.

“We definitely are running into a shortage, and that can bring up the price of homes,” Southern Utah Home Builders Association Executive Officer Mari Krashowetz said.

Housing and employment

“Unemployment has dropped to 3.2 percent in Washington County. That is pretty much full employment. Anybody that wanted a job has a job,” Curtis said.

Residential real estate is currently ripe with buyers, creating an ideal seller’s market.

Housing is key to continued economic development,” Krashowetz said. “When we build a thousand average single family homes in our community that creates just under 3,000 jobs and generates about $111 million for government – local, state and national.”

Housing will need to keep pace with some of the major economic developments in the area, including the expansion of Dixie Regional Medical Center and Dixie State University. Thousands of jobs are expected to be added to the economy as a result of these developments.

Regulation and construction costs

“When the 115th Congress convenes, there are some things that need to happen specific to real estate,” Curtis said. “Specifically, policy makers need to reform the regulatory process.”

Chief among regulations that create prohibitive real estate development conditions are impact fees.

Such fees range from $8 to $10 per square foot for commercial real estate projects.

It feels like a tax on the landowners … they can’t sell the land for the price they really want to sell for because new construction doesn’t pencil when you fill in that big chunk of impact fees,” Andrew Sorensen, director for Cushman & Wakefield Commerce, said.

Getting these fees reduced will require legislative action.

Krashowetz mentioned President-elect Donald Trump’s claim that 25 percent of home building costs are due to regulation, a number he said he’d like to see reduced to 2 percent.

Construction costs are projected to go up as worker’s wages increase and immigration laws tighten.

“Those considering new construction, again, be aware that there may be some additional costs, especially if ‘the wall’ gets built and so the trades go back,” Curtis said in reference to Trump’s proposed wall along the U.S.-Mexico border.

Projects in the works

Despite looming challenges, several major commercial and residential real estate projects are already under construction or slated to begin this year.

On the residential end, some of the bigger projects include:

  • St. George Downtown City View, a $30 million mixed-use development, including a hotel, 100-unit apartments and 10,000 square feet of retail.
  • 300 new twin homes and new Hampton Hotel at SunRiver.
  • 120-140 condos and 30-40 homes by Bloomington Country Club.
  • 244 multi-family apartment units in Rivers Edge at 501 S. 2200 E.

Some large commercial projects are already in the works.

  • 3,600-acre area off of Interstate 15 exit 2. This is a 20-year State Institutional Trust Lands Administration project that includes residential, resort, commercial and education developments.
  • Dixie State University expansion.
  • Dixie Regional Medical Center expansion.
  • Ridge Top Complex.

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