Welcome to this month’s real estate market report for the southwestern Utah community of St. George. The demand for single-family homes in St. George, Utah has dropped compared to one year ago. Average sale prices for residential properties has fallen 7% from one year ago. Inventory levels remain low, falling to just below four months of supply available. 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 August 2023 was $567,609, this is down 3.6% compared to the end of August 2022.
As we head into September, the average sale price for single-family home in St. George this year is $575,564. This is down 7.5% from $622,378 average sale price at this time in 2022.
There was a total of 362 single-family properties sold during the month of August, this is down 8.4% compared to 395 sold the previous August. For the year there has been a total of 3,080 homes sold in St. George, this is 10.6% fewer than had been sold by the end of August 2022.
There was a total of 439 listings that went under a pending contract in St. George in August, this is up 16.4% compared to 377 listings that went under pending contract during August of one year ago. Total pending listings for the year are down only 1.1% from the number of pending listings twelve months ago.
For the year in St. George there has been a total of 4,803 new property listings to hit the market, new property listings are down 10.5% compared to this time last year.
There is approximately four months of inventory supply available to buyers in St. George, inventory has dropped from a high of 4.2 months during April 2023.
At the end of August, there was a total of 1,466 active single-family residential listings for sale in St. George, this is down 8.8% compared to the previous August.
Single-family residential properties were on the market for an average of 66 days during the month of August, this is up 88.5% from an average of 35 days on the market before being sold at the end of the previous August.
Seller of single-family residential properties in St. George were getting 96% of the original list price at closing, up from 95% one year ago.
What Does This Mean For Buyers In St George Utah?
Buyers who are searching for a home to buy in St. George can expect to find slightly lower prices and only slightly more inventory than the previous year. Buyers may encounter less competition for available and paying less for a home than expected. As homes stay on the market longer sellers may reduce their price or accept less than full asking price.
Buyers may find opportunities to spend less, however, buyers cannot be too patient as home prices may increase. Buyers should have a plan in place, financing ready to go, and act when the perfect property is found.
What Does This Mean For Sellers In St George Utah?
If you are selling your home in St. George, Utah, exercise patience. While there is demand for homes, market activity is slowing. Sellers who have property for sale should take steps to insure the best features of the home are displayed and work to eliminate any blemishes that hurt the home’s appeal. The market should continue to remain less active than what is typical for this time in St. George. Interest rates are still high, almost as much as 7%, which will continue to side line buyers. Some homeowners may not be motivated to put their home on the market for fear of losing their low mortgage rate. Expect the real estate market in St. George to remain less active for the remainder of the year.
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 $567,609 or less.
Entrada Homes For Sale