Welcome to this month’s real estate market report for the city of St. George, Utah. Home buying and selling activity in the St. George area has slowed year to year. Inventory levels are up and housing prices overall have dropped from last year’s highs. To find out more about the real estate market in St. George has performed for the year so far, read 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 February 2023 was $531,453, this is a year-to-year decrease of 13% from the average sale price of $613,212 at the end of February 2022.
For the year so far, the rolling sales average of single-family homes in St. George is $544,671, which is down 8% from the $598,467 sale average at this time one year ago.
There was a total of 294 single-family homes sold in February, sale activity for February dropped 27% compared to one year ago. Sales of single-family homes are lower this year so far, down 29% from 797 to 563 for 2023.
There was a total of 428 single-family homes that were pending sale at the end of February, this is down 9.1% from the previous February. Continuing the trend of slowing real estate activity for the year, pending listings for 2023 are down 16% from one year ago.
A total of 662 new residential listings hit the market in St. George last month, new listing activity for February is up 8.3% compared to this time one year ago. New residential listings are up for the year so far, increasing the inventory of homes in St. George, new listings are up 17% year to year from 1,064 to 1,251.
There is a total of 1,499 active single-family homes for sale in St. George, this is a steep increase of 181% from the number of active listings at the end of February 2022. Total inventory for 2023 so far is up 68% from one year ago, climbing from just 1,604 active listings at this time in 2022 to 2,694 so far in 2023.
Single family homes are on the market 72 days before being sold, homes were on the market for an average of 39 days before being sold at this time last year. Sellers are getting an average of 94% of their list price at closing.
What Does This Mean For Buyers In St George Utah?
The good news for buyers looking for a home to buy is that there is more inventory available and sale prices for single family homes are lower so far in 2023. Also, buyers are paying less than list price for homes at closing. While buyers can be optimistic, interest rates are rising and as prices lower there may be more competition for homes available. Buyers who are searching for a home to buy today have a few more options when negotiating the sale. If the trends continue the real estate market in St. George will start to favor buyers.
Buyers should remember that time is not on their side. Being overly picky or having unrealistic expectations can cause a buyer to miss out on the perfect property. Buyers should have financing in place, and plan of action when the perfect house is found.
What Does This Mean For Sellers In St George Utah?
While there has been a slowdown in sale activity in St. George due to seasonal factors, there are still buyer searching for homes to buy. Sellers of homes still enjoy higher than average sale prices, however, with less demand homes may sit on the market longer than the average. As home prices cool, demand may increase as we head in to the summer buying season. Sellers should be patient during this period as the market will start to thaw over the next couple of months.
When you list your home, it is imperative to have a plan in place, and be prepared for any situations. Sellers should understand the current market conditions and what factors could improve the home’s appeal or prevent it from being ignored.
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 $531,453 or less.
Entrada Homes For Sale