Welcome to this month’s real estate market report for the community of St. George, Utah, well known for being near some of the country’s best outdoor recreation areas. Total sales volume continued its slight month-to-month drop, and sales of single-family homes fell from December, however, home prices and overall inventory have increased. Read the full report below about the St. George real estate market.
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St. George Utah Housing Stats
The average sale price for single family homes in St. George at the end of January 2023 was $559,704, up 4% from $583,158 one year ago. The median sale price (where we exclude the highest and lowest numbers) for single-family homes at the end of last month was $449,900, which is 10% lower than the median sale price at this time one year ago.
The average listing price for single-family homes in St. George so far this year is $730,962, which is down 25% from the average of $976,161, at the end of January 2022.
There was a total of 264 single-family homes sold last month in St. George, this is a drop of 32.5% in sales compared to the previous January. Homes in $199,000 markets and lower were the most active properties sold last month. The $400-$449,000 price market was also very active with a 30% year-to-year increase in sales.
There was a total of 356 single-family homes that went under contract in January, down 20% from one year ago, adding to the slowdown in market activity. The $400-449,999 market had the highest year-to-year average in sales, increasing by 23%.
A total of 590 new listings hit the market last month, up 29% compared to the previous January, this brings the total amount of single-family home inventory available to buyers to 3.5 months.
At the end of January 2023, there was a total of 1,474 single-family home listings in St. George, Utah. Active listings for 2023 are ahead of where they were at this time in 2022, up 103% from 1,001 to 2,033 so far.
What Does This Mean For Buyers In St George Utah?
Buyers who are searching for a home to buy can expect to see more inventory available, however, prices for homes are increasing. The winter season is typically a less competitive time buyers, and this year is no different. Buyers are able to buy a single-family home for approximately 93% of the listing price. Buyers should be aware that some price markets are more active than others and plan accordingly.
As we head into the more active buying season, now is the time to before prices increase further. This means buyers should have a plan and follow it accordingly while making realistic adjustments as needed. If you are thinking of buying a home in St. George, give us a call today, we can help!
What Does This Mean For Sellers In St George Utah?
While there has been a slowdown in sales activity there is still is an active market of buyers searching for homes. Sellers may see their home sit on the market for longer than average, but that is typical of the time of year. As we continue into 2023 owners of single-family homes can expect their property values to rise. While interest rates and inflation are concern, there are many buyers who are actively searching for a property to buy.
As 2023 continues, we can expect the market to cool slightly. St. George is a sought-after destination for out-of-state buyers and will continue to be. If you are thinking of selling your home, give us a call today. We can put our expertise to work for you to sell your home quickly!
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 $559,704 or less.
Entrada Homes For Sale
