Welcome to this month’s real estate market report for the St. George, Utah, metropolitan area. St. George is a community situated 300 miles southwest of the State Capital of Utah, Salt Lake City. St. George is the seventh largest city in Utah and is situated close to a number of popular state parks such as the Grand Canyon and Zion National Park. Sale prices for single-family residential homes are down year to year, and inventory levels have held steady over the last three months. Find out more about the St. George real estate market with this helpful report.
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St. George Utah Housing Stats
The average sale price for single-family homes in St. George at the end of May 2023 was $597,623, which is a year-to-year drop of 5.71%.
For 2023 so far, the average sale price for single-family homes in St. George is $582,799, this is down 7.23% from the $628,229 sale average at this time in 2022.
There was a total of 425 single-family homes sold during the month of May in St. George, this is a year-to-year decrease in sales of 1.4%. For the year there have been just 1,793 single-family homes sold in St. George for 2023, this is down 20.4% from 2,253 sold by this time in 2022.
There were 508 single-family properties that went pending in May, this is up 9.7% compared to the previous May. Total pending activity for 2023 is also down year to year, dropping 6.1% from 2,328 to 2,187 pending listings so far this year.
There was a year-to-year drop in new listing activity for May, new listings are down 24% from 822 to 625. New listing activity for all of 2023 so far is down 5.3% compared to this time one year ago, down from 3,143 to 2,977.
Total active listings are up 67% year to year, from just 875 total listings at this time one year ago to 1,461 single-family property listings at the end of May 2023. Total active listings for 2023 are up 19.7% compared to one year ago, up from 3,705 to 4,436.
At the end of May, there were just over four months of single-family housing inventory available to buyers in St. George. Inventory levels have remained the same over the last three months.
Single-family homes are on the market for almost 80 days before being sold compared to just 18 days on the market before being sold one year ago. Sellers are getting just 95% of their original list price on average at closing, this is down from 99% one year ago.
What Does This Mean For Buyers In St George Utah?
Buyers looking for homes in St. George can expect to find lower list prices for homes and more inventory available to purchase. The market for single-family homes in St. George is not as competitive compared to this time one year ago. Buyers are, on average, paying less than full asking price for single-family homes this year. While inventory has grown over the last year, the market for homes still favors sellers.
Buyers who have financing in place and are prepared to act can expect to acquire a property for possibly lower than the list price. While there has been a slowdown in activity, motivated and focused buyers will have no trouble acquiring a property.
What Does This Mean For Sellers In St George Utah?
For sellers of single-family properties in St. George, the market is slower than at this time one year ago. There is less competition for homes, and this means properties are sitting on the market for longer than average. Sellers are going to have to be patient and have a pricing plan in place. Sellers should be realistic that during market slowdowns, price reductions happen.
The St. George real estate market may see an uptick in activity over the summer, however, when compared to seasonal averages, the summer buying and selling season will be much less dynamic than in previous years. Expect these trends to continue the remainder of 2023.
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 $597,623 or less.
Entrada Homes For Sale
