Welcome to this month’s real estate market report for the city of St. George, Utah, presented to you by the Jackie Ruden Realty Team. Give us a call today if you are thinking of buying or selling a home! There has been a strong demand for homes in St. George causing prices to go up compared to one year ago, just how much more does it cost to buy a home today? Find out in this helpful report.
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If you are ready to sell your home today, you should know what its market value would be. Find out what your home may be worth by using our free home valuation tool. Enter some basic information about your home, and next, we will provide you with a comprehensive market summary with a suggested list price for your home! Get started today, give us a call at (435) 272-7710!
St. George Utah Housing Stats
The average sale price for single-family homes in St. George at the end of March was $664,005, which is a year-to-year increase of 29.16% in sale price. For the year so far, the average sale price for single-family homes is $625,097, which is up 25.37% from $498,585 at this time one year ago.
The average list price for single-family homes in St. George also climbed year to year, up 40.27% from $745,401 to $1,045,576. The average list price for homes in St. George so far this year is $796,430, up 38.43% from $575,321 at this time in 2021.
There were 523 listings sold in St. George during the month of March, this is down 10.6% from one year ago. As we end the first quarter of 2022, there has been a total of 1,309 listings sold, down 9.3% from 1,444 sold at this time last year.
There were 497 properties that went under contract last month, this is a drop-in activity of 7.3% compared to the previous March. Total pending listings for the year are 13.5% fewer than at this time one year ago, dropping from 1,623 to 1,404.
There is a total of 556 active single-family home listings in St. George, this is an increase of 27.5% in listing activity compared to one year ago. So far in St. George, there has been a total of 2,164 active listings, this is up just 1.2% from 2,139 active listings at this time last year.
There was a total of 582 new listings hit the market in St. George during March, this was a year-to-year increase of 8.4% in new listing activity. Total new listings in St. George this year so far is 1,630, up 0.8% from 1,617 at this time one year ago.
There are approximately 1.2 months of inventory available to buyers in St. George, while inventory has climbed slightly month to month, inventory levels are only a half month higher than at this time one year ago.
Homes are on the market for an average of 25 days before being sold, dropping from 40 days during February.
Sellers are getting 100.1% of their original list price at closing, list price to closing price ratio has climbed over the last three months, up from 98.5% in January, to 98.6% in February.
What Does This Mean For Buyers In St George Utah?
Buyers looking for a home in St. George, Utah, should expect lots of competition for homes available. Overbidding is continuing, meaning buyers should be prepared to submit the above asking price for homes. Buyers should be aware that interest rates are now at pre-2008 levels, this may put some buyers on the sideline, driving down the competition.
Buyers can find homes if they are patient, yet, must act quickly when a property is found. Inventory may become tighter if interest rates climb, and sellers who wanted to sell can’t find a home to buy. The one silver lining is buyers may see prices start to come down during the summer, however, this may not happen until early 2023.
What Does This Mean For Sellers In St George Utah?
If you are thinking of selling your home, now is the time to get it listed and on the market. There is still demand housing in St. George, and while interest rates are climbing, and sales have slowed compared to just one year ago, they are still well above pre-pandemic levels. Sellers will want to take advantage of the current timing and get ahead of any potential slowdowns.
It is important for sellers to price their homes correctly in dynamic markets like St. George. As prices climb, sellers do not want to give away too much value when selling their homes. As we head into summer, sellers should be aware that there may be a cooling of the market and prices dropping. Sellers who are thinking of selling should be prepared for this and plan accordingly.
If you are interested in buying or selling a home, take advantage of the knowledge and tools we provide on this site. As a buyer educate yourself as much as possible with the articles on the right-hand side of this page, and if you are considering selling your home take advantage of our free home valuation tool. Give the Jackie Ruden Realty Team a call today and we will put our expertise to work for you!
See Additional Reports on the St. George Real Estate Market
St. George Homes for Sale
Here are the most recent home listings just added to the database in the average sale price range for St. George. All homes here are priced at $664,005 or less.
Entrada Homes For Sale
