Welcome to this month’s real estate market report for St. George, Utah. There was a slowdown in sales during August compared to one year ago. There are more homes available to buyers this year than at this time in 2023. Single family homes are staying on the market longer than average. 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 homes in St. George, Utah, at the end of August 2024 was $581,920, this is down .26% compared to August of 2023.
For 2024 the average sale price for single family homes sold in St. George is $617,301, this is up 6.68% from $578,645 sale price average at this time in 2023.
There was a total of 400 single family homes sold during August in St. George, this down 4.3% compared to August of last year.
There has been a total of 3,406 single family homes sold so far this in St. George, this is up 8.5% from 3,139 sold listings at this same time last year.
There was a total of 416 single family homes that went under a pending contract last month, pending contracts are up 1.7% from one year ago.
For 2024 there has been a total of 3,640 single family properties go under a pending contract, this is an increase of 9.2% from 3,333 pending listings at this time in 2023.
There was a total of 688 new listings to hit the market in St. George during August, new listing activity is up 5% compared to the previous August.
So far in 2024 there has been a total of 5,502 new listings for sale in the St. George area, new listings are up 13.5% from just 4,846 new listings by this time in 2023.
There was a total of 1,793 single family homes listed for sale in St. George at the end of August, total active listings are up 17.8% from one year ago.
There has been a total of 6,881 active listings in St. George for 2024 so far, this is up 8.9% from 6,316 listings to hit the market at this time in 2023.
This brings the amount of real estate inventory in St. George, Utah, to 4.4 months of inventory available, inventory has increased from 4.1 month available in June to 4.3 months in July.
Single family homes were on the market for an average of 65 days in August before being sold, and sellers were getting 95.4% of their original list price for their home at closing.
What Does This Mean For Buyers In St George Utah?
The good news for buyers of single-family homes in St. George, Utah, is that sellers are accepting almost a full five percent off the asking price for their home. What is seasonally a busy time for the market the summer has seen a slowdown in buying activity, which has helped buyers get more value for their money. Buyers can expect to see more inventory available, and buyers may have more leverage with impatient sellers. Buyers who have financing in place and are ready to act will be in a stronger position to negotiate with sellers. There has been a slowdown in overall buying activity and this helps the remaining buyers by eliminating competition.
Buyers can expect these trends to continue as we head in to the fall season. While listing prices are up, the average sale price for homes is well below the average list price.
What Does This Mean For Sellers?
The market demand for homes has slowed over the summer months, home sales are down month to month, and homes are sitting on the market longer before being sold, up to 65 days on average. There is also more inventory available to buyers at this time of year, and this has pushed the list price to sold price ratio down to just 95%. Overall sales volume has fallen steadily over the summer as many buyers have been sidelined due to higher interest rates or inflationary concerns.
Expect these trends to continue as we head in to the fall season, any drastic changes in the market could take place after the November election. While there is still demand for homes in St. George, sellers should have a plan of action in place and work closely with their listing agent to get their home sold quickly and for the most money possible.
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 $581,920 or less.
