Welcome to this month’s real estate market report for the city of St. George, Utah. St. George is situated in southwestern Utah and has a population of approximately 95,000 and a metropolitan area that has a population of 180,279 persons. The market for homes over the summer in St. George has been slower than average, sale prices are down and the number of listings sold is down from one year ago. 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 homes in St. George, Utah, at the end of July 2023 was $585,516, which is down 5.56% from one year ago.
For the year so far, the average sale price for single-family homes in St. George is $575,581, which is down 8.17% from the $626,772 average at this time in 2022.
There was a total of 309 single-family properties sold during July, this is a year-to-year drop of 12.2% in sale activity.
So far in 2023, there have been 2,634 single-family properties sold in St. George, this is down 13.7% compared to the 3,051 sold by this time in 2022.
The number of single-family homes that went pending during July was up 16% compared to the previous July. Pending activity for 2023 is down 2.4% compared to 2022, down from 3,048 to 2,975 pending listings this year so far.
There was a total of 520 new listings to hit the market in St. George in July, this is a drop in new listing activity of 29.3% from July of 2022.
For 2023 so far, there has been a total of 4,137 new listings to hit the market in St. George, this is down 12.4% from 4,725 new listings to hit the market by this time one year ago.
There was a total of 1,459 active single-family listings for sale in St. George at the end of July, this is almost the same as the number of total active listings, 1462 that were available at the end of July 2022.
The total active listings of single-family homes in St. George for the year so far is 5,632, this is an increase of 6.8% compared to this time one year ago.
Single-family residential properties were on the market for an average of 68 days before being sold during July, this is a steep increase from the average of just 22 days during the previous July.
Sellers of single-family homes in St. George were getting 96% of the original list price at closing, and there is approximately four months of inventory available to buyers.
What Does This Mean For Buyers In St George Utah?
If you are looking for a single-family home to buy in St. George, Utah, there is more inventory available and prices are lower than they were one year ago. Competition for homes available has decreased from one year ago, and buyers may find opportunities with very motivated sellers. Buyers can expect these conditions to continue through the remainder of the summer season.
Buyers who find a property should have financing in place and be ready to act. Homes with highly sought-after features have a lot of competition, buyers should decide quickly or risk losing out on the property or paying more for the property.
What Does This Mean For Sellers In St George Utah?
While the market for single-family homes in St. George, Utah favors sellers, homes are staying on the market longer. Sellers of properties should be aware of the slow nature of the current real estate market in St. George and plan accordingly. While interest rates and inflation are cooling, many buyers have had to stay on the sidelines. Sellers may have to plan for a price reduction in their sales strategy. As the summer continues sales activity may continue to be slow compared to previous years.
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 $585,516 or less.
Entrada Homes For Sale