Welcome to this month’s real estate report for the city of St. George, Utah. This report is presented to you by the Jackie Ruden Realty Team, St. George’s premiere home buying and selling experts. Are you thinking of buying a home in St. George and are curious how much homes are selling for? Do you need to upgrade or downsize your home and are thinking of selling, but not sure if now is a good time? Read this helpful report and find out how the real estate market in St. George is performing.
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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 July 2022 was $617,364, which is a year-to-year increase of 10.5%.
For the year the average sale price for single-family homes is ahead of last year’s average. At the end of July 2021, the average sale price was $512,708, at the end of July 2022 the average sale price was $626,901, which is an increase of 22%.
There was a year-to-year slowdown in sales for the month of July, only 346 single-family homes sold last month compared to 495 sold during the previous July.
For the year so far there has been a total of 3,028 single-family homes sold in St. George, down from 3,518 sold by this time last year, this is a decrease in sales activity of 13%
A total of 374 listings went under contract last month, that is a year-to-year drop in pending activity of 25.2% compared to the previous July.
Overall pending sale activity has dropped year to year, pending sales are down 16.7% from 3,642 at the end of July 2021 to just 3,034 at the end of July 2022.
There were a total of 725 single-family homes that were offered to the market in St. George during July, this is a slight year-to-year increase in new listings of 4.3%.
Year over year new listings have increased, new listings are up 9.8% compared to this time last year, up from 4,235 to 4,652 at the end of July.
Single-family homes were on the market for an average of 21 days during July, and sellers are getting just 96.4% of their original list price at closing.
At the end of July, there is only three months of single-family housing inventory available to buyers in St. George, Utah.
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 higher prices and slightly more inventory. The good news for buyers is that there is not as much competition for homes. Buyers have been able to buy homes for less than asking price, which has helped as some buyers are being priced out of the market.
Buyers can expect the trend in higher list prices to continue, buyers should act now to get financing in place to be ready to act when a property is found. While time is not on the side of buyers, being patient and focused on the goal of buying a home will help manage expectations and save you money.
What Does This Mean For Sellers In St George Utah?
If you are thinking of selling your home in St. George, now is the time to get your home listed and on the market. While prices have surged and St. George is experiencing a slowdown in buying activity, homes are being sold. Sellers should know that while the market is cooling, buying activity has increased year to year.
As we head into a seasonal slowdown sellers should be realistic with their pricing and sales strategy. Certain homes with more in-demand features will sell quicker than homes that need some improvement or updating.
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 and 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 $617,634 or less.
Entrada Homes For Sale
