The latest market statistics for Washington County, UT just came out. For all the details, please see the attached report from our friends at Southern Utah Title. It looks like the number of units sold through July 31st, including lots and homes, are down 9.3% from the same period last year. So far this year, we have sold 3,784 lots and homes in Washington County. Last year, we were at 4,171 sales.
Notices of default, the first step in the foreclosure process, continue to fall, and so to do actual foreclosures.
I feel that the main reason sales have dropped off is that interest rates have steadily risen over the last year.
What does this mean for our market moving forward? Fewer sales indicates lower demand, which should have a slowing effect on price appreciation. If you are banking on the market improving, and are waiting for the market to come up to the price you want for your property, it may be a long wait.
All in all, the market appears to be quite healthy, and sales are up significantly from 2011 and 2012. Moving forward, I predict slow and steady price appreciation for the next 3-5 years.