Sales Prices
Last month, the average sales price year-to-date came in at $632,000, which is about $20,000 lower than the same time last year ($652,000) — roughly a 3% decrease.
That said, I wouldn’t put too much weight on the average sales price. It can swing $20,000 month-to-month just because of a few higher-end or lower-priced sales.
The median sales price — a better indicator — has held steady at $525,000 for both this year and last year.
Sales Volume
In July, there were 356 homes sold, compared to 351 in July 2024 — not much of a change.
Year-to-date, sales are actually up about 3% compared to the same period last year.
Pending Sales
This is where we’re seeing the biggest jump. Pending sales — homes that went under contract in the last 30 days — totaled 409 in July, compared to 326 in July last year. That’s a 25% increase, which means we should expect closing numbers to rise over the next month or two.
Active Listings
We currently have 1,809 active listings on the market. That’s fairly steady compared to the last few months, but it’s a 36% increase from the 1,328 listings we had at this time last year.
New Listings
Last month, 552 new listings hit the market, which is very similar to the 545 new listings in July 2024.
Year-to-date, new listings are up about 13% compared to last year.
Key Takeaway
The biggest change we’re seeing is the spike in pending sales, which should translate into higher closing numbers soon.
Interest Rates & Fed Rate Cuts
You may have heard about a possible Fed rate cut. If it happens, it could lead to lower interest rates — though last year the Fed indicated similar cuts and they didn’t materialize as expected. Fingers crossed we see some relief this time.
If The Ames Team can help you with buying or selling real estate here in Southern Utah, give us a call — we’re here to help.
