Welcome to this month’s real estate market report for St. George, Utah, the fifth largest city in Utah, with a metropolitan population of 180,279 people. St. George is a world renown region known for its convenient location near several prominent state parks. St. George has seen an uptick in real estate activity over the last month with total sales volume increasing from month to month and overall home prices up from one year ago. Find out more about the St. George real estate market in this helpful report.
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St. George Utah Housing Stats
The average sale price for single family residential homes in St. George, Utah, at the end of March 2024 was $620,390. For the year so far the average sale price for single family homes is $631,258, which is up 10% from $573,370 at this time in 2023.
There was a total of 431 single family properties sold in St. George last month, this is up 1.4% compared to the previous March.
At the end of March 2024, there has been a total of 1,106 single family properties sold in St. George, this is up 10.3% from a total of 1,003 sold by this time in 2023.
There was a total of 497 listings that were under a pending contract in St. George during March, this is up 13% compared to March of last year.
For the year there has been a total of 1,378 properties that were under a pending contract, this is up 14% from 1,203 pending contacts at this time in 2023.
There was a total of 612 new single-family listings to hit the market in St. George in March, this is 7% compared to March of one year ago.
There has been a total of 2,001 new single-family property listings to hit the market in St. George so far in 2024, this is up 8.8% from a total of 1,840 new single-family property listings to the market at the end of March 2023.
There was a total of 1,592 active single-family residential listings available to buyers in St. George at the end of March 2024, this down 0.4% compared to March 2023.
So far in 2024, there has been a total of 3,363 single family property listings in St. George, total listings are up 1.4% from this time in 2023.
Single family homes were on the market for an average of 82 days before being sold during March 2024, this is up 15% from 71 days before being sold during March 2023.
Sellers are getting 96.4% of their original list price at closing, this is up from 95.9% at the end of February, and from 95% at the end of March 2023.
What Does This Mean For Buyers In St George Utah?
There has been an increase in buying activity in St. George, Utah, during March of 2023. Total sales volume increased from February, and buyers were paying almost 96.5% of original list price, which is up 1% from two months ago. New property listings increased during March which gives St. George just over four months of inventory available to buyers.
Buyers may be in a more favorable position going in to April and May as homes are staying on the market longer before selling. This may be due to fewer buyers seeking homes or buyers not finding full value in properties. Buyers do have some leverage as they are able to pay slightly less than full asking price for homes. Individuals looking to buy a home cannot be too picky, as single-family home prices may increase going in to summer.
Buyers should have a financing in place and be ready to act when a property is found, delaying or not having a specific plan of action may cause you to lose out on a property.
What Does This Mean For Sellers?
The market for single family homes in St. George continues to favor sellers. Sales volume was higher in March, and there was an increase in the list price to sale price ratio. There were more homes sold during March than the past three months and sellers were getting more for their homes this year than the year before.
There is still competition for homes among buyers, while sellers can expect to see a slowdown in activity, the summer season could see a spike in home buying activity. Inventory levels still remain under the four and half month mark, and buyers are still searching for homes. Pending contracts were up month to month during March, and as we continue in to the summer, buying activity should remain steady, if slightly lower than one year ago.
Sellers who are thinking of selling their homes should prepare to get their homes properly valued and listed today. Give us a call today and we can prepare a selling plan for you!
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!
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 $620,390 or less.
