Welcome to this month’s real estate market report for the southwestern Utah city of St. George. Sale prices for single family homes in St. George, Utah, are lower compared to this time one year ago. While inventory had been on the increase over the previous three months, it has fallen from one month ago. Monthly sales volume has held steady at $200,000,000 for most of 2023. 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 November 2023 was $613,958, which is up 4.6% from $586,751 at the end of previous November.
Compared to this time last year, sale prices for homes are lower, down 6.62% from $616,753 to $575,917.
There was a total of 336 properties sold in St. George last month, and this is 3.7% more than were sold at this time last year. There has been a total of 4,251 single-family homes sold in St. George so far this year, this is 4% fewer homes than were sold by this time in 2022.
A total of 353 properties were pending sale at the at the end of November 2023, this is a 24.3% increase in pending activity when compared to November of 2022. Pending contracts are up 3.9% year to year, up from 4,313 to 4,480.
There was a total of 1,570 total active listings in St. George in November, this is down 9.1% compared to the previous November. At the end of November there was approximately 4.2 months of inventory available.
A total of 451 new properties were offered to the market in St. George last month, new listings were down only 1.3% when compared to this time one year ago. Total active listings for 2023 are up 5.4% year to year, from 7,598 to 8,005.
Single-family homes were on the market for an average of 68 days before being sold during November 2023, this is a 58% increase in days on the market before being sold from one year ago. The number of days on the market before a home is sold in St. George during 2023 has been as much as 75 days during April to as low as 63 days during the month of September.
Sellers were getting just 95% of their asking price for their property at closing, this from 95.2% during October, and down from 96.5% during the month of September. The sold price to list price ratio peaked in 2023 at 96.7% and was as low of 92.6%.
What Does This Mean For Buyers In St George Utah?
If you are looking for a home in St. George, Utah, you will find prices slightly higher and more homes to choose from. Buyers have more leverage at this time of year, sellers are willing to take less than full asking price for their property. While most price markets have seen activity drop, the upper tier markets are very active.
Buyers who are actively searching for a home should not be too indecisive, while prices have cooled, they are still climbing in some markets. Time is never a buyer’s friend, and when a property is found, a buyer should act quickly. This time of year typically is less active and buyers may not see much competition for existing homes.
What Does This Mean For Sellers In St George Utah?
While the market for single family homes in St. George favors sellers, persons who have their property listed should be patient. The market for single family homes has slowed going in to the winter months. However, the market is still active and home prices are only slightly lower than one year ago, but still above five year averages.
While the real estate market in St. George slows down during this time of year, sellers can expect home values to hold steady going in to the new year. While December should remain active with buyers wanting to close homes before the year ends, sellers should expect an uptick in buying activity.
The market for real estate in St. George for the year has been consistent each month with sold sales volume holding at $200,000,000 each month of 2023, the only exception of March. These trends should continue through 2024, with home prices only slightly increasing.
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 $613,958 or less.
Entrada Homes For Sale
