Welcome to this month’s real estate market report for the city of St. George, Utah. The summer buying and selling season has started and there is quite a bit of real estate activity happening. Good news for buyers as home prices are lower this year, and the good news for sellers is that houses are on the market for fewer days, and competition for homes has increased. Find out more about what is happening in 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 June 2023 was $534,646, which is down 14.48% from one year ago. For 2023 so far, the year-to-date average sale price for single-family properties is $574,687, which is down 8.4% from $627,654 at this time in 2022.
The average list price for single-family properties is $812,601, which is up 3.8% year to year. For the year the average list price for homes in St. George is $695,853, which is a year to year drop of 4.49%.
There was a total of 421 listings sold in St. George last month, this is a drop of 5.6% in sold listings compared to the previous June. A total of 2,284 single-family homes have been sold in St. George this year, this is down 15.4% from 2,699 sold listings by this time in 2022.
There was a total of 428 listings that were pending at the end of June, this is an increase in pending activity of 19.2% compared to June of 2022. For 2023 there have been 2,579 properties that went under a pending contract, this is a drop in pending activity of 4% from one year ago.
At the end of June in St. George, there was a total of 1,423 active listings for sale, this is a year to year increase of 23% from 1,157 active listings at the end of the previous June. Total active listings for the year are up from one year ago, climbing from 4,514 listings at this in 2022 to 5,038 total active listings at the end of June.
There was a total of 592 new property listings to hit the market in St. George, Utah, new listing activity compared to the previous June is down 28.6%. There has been a total of just 3,586 new properties offered in 2023, this a drop of 9.7% from 3,972 new listings by this time in 2022.
Single-family homes were on the market for an average of 65 days before being sold during the month of June, this is a slight month-to-month decrease from 75 days before being sold in May.
There are slightly less than four months of single-family inventory available to buyers in St. George, however, inventory has increased year to year from three months available at this time one year ago.
What Does This Mean For Buyers In St George Utah?
If you are actively looking for a home to buy in St. George, Utah, there is some good news. Home prices are lower this month than one year ago, and there is more inventory available. Homes are sitting on the market for a longer period of time and this may help to drive prices further downward. Home buyers are being able to acquire homes for less than the listing price, although competition is starting to increase.
Over the next couple of months, buyers may see a slight increase in competition for homes. While homes are being purchased for less than asking, this trend is starting to reverse. Buyers should be aware that as interest rates increase their purchasing power erodes. If you find a property that meets your needs, buyers should have financing in place and be ready to act.
What Does This Mean For Sellers In St George Utah?
The market for homes in St. George continues to favor sellers. While home values have fallen slightly year to year, they are still well above seasonal averages. The summer season has brought out buyers who have been on the sidelines, which has reversed the monthly trend of increasing the number of days on the market before a home is sold. The sale price to list price ratio for sellers has increased month to month, up from 95% to 96% at the end of June. As the season continues sellers can expect to see competition for sought-after homes. Sellers who have a strategy and are properly positioned in the market will see their home sell quickly.
As 2023 continues sellers should be aware that as interest rates increase and inflationary pressures still remain, the market could downshift. This could mean properties may stay on the market longer or sales prices have to be reduced.
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 $534,646 or less.
Entrada Homes For Sale