Welcome to this month’s real estate market report for the community of St. George, Utah. As we head in to the end of the year, the list price for homes is falling, inventory has increased, and homes are being sold for less than full asking price. However, single-family home sale prices continue to increase, this is creating a slowdown in the real estate market. Find out more about St. George, Utah housing market with this helpful report.
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St. George Utah Housing Stats
The average sale price for single-family homes in St. George at the end of November 2022 was $592,383, this is up 5.7% compared to November 2021. For the year 2022 so far, the average sale price for single-family homes is $617,542, which 19.25% higher than at this time in 2021.
The average list price for single-family homes in St. George has dropped 13% from this time last year, dropping from $860,042 to $741,588. List prices for single-family homes in St. George for the year so far are 18.06% higher than at this time in 2021, up from $595,859 to $703,455.
There was a total of 286 single-family properties sold during the month of November, compared to the previous November this is a 42.3% drop in sales activity. Home sales in all price markets are down from one year ago. Total sales for 2022 are down 19.6% from one year ago, falling from 5,493 to 4,414.
A total of 308 single-family homes went under contract in November 2022, this is down from 509 in November 2021. There has been a total of 4,344 single-family homes that have gone under contract in 2022 so far, this is down 23.5% from 5,678 pending listings at this time in 2021.
The total number of new single-family listings to hit the market in St. George during November was 440, this is down just 5.4% when compared to the previous November. Inventory is slowly climbing from one year ago, new listings for the year are up 5.2% in 2022, up from 6,660 to 7,004.
Inventory has climbed from year to year, at the end of November 2022 there were 1,671 active listings, this is up 100.8% compared to November 2021 which only had 832 active listings in St. George. The total active listings for single-family homes in St. George for 2022 so far is 7,549, this is up just 5% from 7,189 active listings at this time in 2021.
The overall number of days on the market before a home is sold increased 56.6% compared to this time one year ago, up from 29 to 46. For 2022, the average number of days a home is on the market before being sold is 29, which is up 26% from the 23-day average at this time in 2021.
Sellers of single-family properties in St. George are getting just 93% of their original asking price for their homes, this is down from 97% at this time one year ago. The sold-to-list price ratio for single-family homes is down from its highs over 100.5% during the summer.
What Does This Mean For Buyers In St George Utah?
For buyers of single-family homes in St. George, Utah list prices are higher, however, there is more inventory of single-family homes and many buyers are paying on average almost 10% below the original list price. The winter season is typically slow for home sales in St. George, shrewd buyers can find homes that may be slightly higher price but have lots of value for the money.
Buyers should have financing in place and be ready to act when a property is found. While the market is slower at this time of year, there is still competition for homes that have in-demand features. If you are thinking of buying a home in St. George, Utah, give us a call today and we will help get you started.
What Does This Mean For Sellers In St George Utah?
If you are planning to sell your home in St. George, Utah this year it is important to have a sales strategy in place. Sellers should have patience when it comes to getting their property sold quickly, homes are on the market for slightly longer and there is more inventory for buyers to choose from. Many homes are being bought for less than the asking price, however, there is lots of competition for homes that have the most desirable features. Sellers should exercise patience as we end this year and head into 2023.
It is important to price your home accurately when selling your property. While today’s climate is one of rising prices, some homes can be overpriced which means your home sits on the market longer. We are experts at creating a sales and pricing strategy to get your home sold and to net you the most amount of money possible. If you are thinking of selling, give us a call today and we’ll get you started.
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, we understand the dynamics of the current real estate market in St. George. 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 $592,383 or less.
Entrada Homes For Sale
