Week 12
REPORT: March 17, 2025
1. Inventory Rising, Prices Holding Steady
Inventory across Southern Utah is expanding notably, with new listings (684) significantly outpacing closed sales (273), resulting in a more balanced market. While median home prices remain stable around $520,000, realtors should guide sellers toward realistic initial pricing to prevent the roughly 20% forced into later price reductions, as buyers leverage increased inventory to negotiate better deals.
+684 Listings and 273 Closings
Bottom Line:
Median home price stable at ~$520K.
Listings significantly outpace sales (684 vs. 273).
15–20% of listings reducing prices—advise accurate initial pricing.
2. Mortgage Rates Steady but Elevated (~6.9%)
Mortgage interest rates remain unchanged, hovering around 6.9% for a 30-year fixed mortgage. Buyers continue to seek financial relief, making seller-offered incentives like rate buydowns or closing cost assistance highly attractive and increasingly necessary.
6.9% 30-Year Fixed
Bottom Line:
Current average Utah 30-year fixed rate: ~6.9%.
Seller incentives (e.g., 2-1 rate buydowns) are highly appealing.
New $20M state-funded down-payment assistance available.
3. Little Valley, St. George: Neighborhood Hotspot
Little Valley has become one of Southern Utah’s most desirable neighborhoods due to rapid growth, limited inventory, and substantial community-focused infrastructure improvements. Realtors should highlight the scarcity, strong local demand, and upcoming city developments to position listings effectively and capture motivated buyers.
Bottom Line:
Rapid sales, limited active listings.
Infrastructure enhancements (schools, parks, roads) boosting values.
Family-friendly reputation driving significant buyer interest.
4. Imminent Crackdown on Short-Term Rentals (STRs)
Recent Utah legislation will soon empower local authorities to use online listings to enforce short-term rental regulations more effectively. Realtors must urgently communicate this change to investor-clients to prevent potential compliance violations.
Bottom Line:
Online listings soon valid for STR enforcement.
Increased STR compliance checks expected, especially in St. George and Washington County.
Immediate client communication required for investors with STR interests.
5. Winning with Authentic Social Media Strategies
Local realtors experiencing notable success by adopting candid, brutally honest approaches on social media platforms. Consider launching engaging content series like “Southern Utah Reality Check” to boost credibility and client interest.
Bottom Line:
Brutally honest neighborhood/property videos resonating strongly with buyers.
Recent success story: local agent gained 80K followers through candid content.
Embrace authenticity and transparency to build trust and visibility.
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