Welcome to this month’s real estate market report for the city of St. George, Utah. The last month of the year saw a slowdown in buying and selling activity, residential sales were down for the month and list prices for homes were also down. Prices for single-family homes are up, and total inventory of homes available to buyers has also increased month to month. Find out more about St. George real estate with 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 December 2022 was $579,865, which is just a slight year-to-year increase of 0.89%.
For the year ending 2022, the overall average sale price for single-family homes in St. George was $614,834, which is up 17.61% from $522,792 at the end of December 2021.
The average list price for single-family homes in St. George at the end of December was $734,747, which was a year-to-year drop of 19.08%.
The overall list price for the St. George real estate market at the end of 2022 was $698,626, which is up 17% from $596,762 at the end of 2021.
There was a total of just 277 single-family properties sold during December, this is down 47.6% year to year. There was a total of 4,730 single-family homes sold in St. George during 2022, this is a drop of 21.5% from 6,026 sold during 2021.
A total of 284 properties went under pending contract last month, this is also a year-to-year drop of 28.1% from 395 properties that went under contract during the previous December. There were just 4,602 total properties that went under contract during 2022, this is down 24.2% from 6,074 properties that went pending during all of 2021.
There were just 332 new listings for the month of December 2022, this is down just 3.2% from this time one year ago. A total of 7,356 new listings hit the market in St. George during 2022, this is up just 5.1% from 7,002 new properties that come to market during all of 2021.
The total active listings for December 2022 was 1,562, which gives the St. George area a total of almost four months of inventory available. At the end of the year 2022, there are 7,866 total active listings in St. George, Utah, this is up 4.8% from 7,503 total active listings at the end of 2021.
Single-family homes were on the market for an average of 62 days before being sold during the month of December, this is up from 40 days during November, and up from 35 days at the end of the previous December.
Sellers are getting just 94% of their original list price at closing, this is up slightly from 93.7% during November 2022, and down from 98.3% at the end of the previous December.
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 see list prices for homes lower than one year ago, and sale prices for homes in line with the same average the previous December. There are more homes available to buyers, and with interest rates still climbing, there is less competition for the homes available. While St. George is not in a buyers’ market, home buyers do have more leverage at this time than one year ago. While these trends should continue over the next couple of months, expect competition and prices to heat up with the coming of summer.
What Does This Mean For Sellers In St George Utah?
If you are ready to sell your home, there are two important things to consider. The price you are selling your home for and expectations for what it will actually sell for. Currently, sellers are getting on average just 94% of their original list price for their home. Sellers should be aware that there has been a slowdown in buying activity due to higher sale prices, higher interest rates, and inflationary concerns. While some of the slowdowns are due to seasonal factors, sellers should expect these trends to continue until the summer buying season.
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 $579,865 or less.
Entrada Homes For Sale
