Are home prices coming down in St George? I get asked that question several times a day! Let’s take a look at the market report for June 2022 to see what’s really happening with home prices. The St George real estate market has been on fire for the last couple of years, but I believe it’s starting to cool off ever so slightly. I’ve got some interesting statistics on the St George real estate market and comparisons for the last 3 years, month over month.
This report will take a look at the local housing market in June 2022. We’ll look at the most current information regarding housing prices and inventory of homes for sale over the last couple of months and year over year for 3 years. This market report ncludes St George, Hurricane, Washington, Ivins, Santa Clara as well as outlaying areas. It does not include “for sale by owner” or new construction that is not reported to the Washington County MLS.
If you’ve been watching the St George UT real estate market you would have noticed that inventory of homes available for sale has consistently dropped over the last couple of years. That trend changed in June of 2022. There were 523 MORE homes on the market in June 2022 over June 2021. There was still more homes for sale in June 2020 over June 2022 but our inventory is increasing.
Home sales have dropped every year in June for the last 3 years. One hundred thirty three less homes sold in June 2022 versus June 2021. If you look at the graph, you’ll see that inventory of homes and homes sold was very similar in June 2021. In June 2022 our inventory increased significantly and sales dropped.
Are home prices coming down in St George? That’s what everyone wants to know. Median sold price for a home in the St George area in June 2022 was $565,000 and in June 2021 it was $433,680. So year over year, prices are not coming down. Median sold home prices still increased 30.82% from 2021 to 2022.
We’re seeing more homes on the market and the feeding frenzy is starting to wane. Homeowners that have been waiting to list their home for sale may find that their homes stay on the market longer and even receive offers lower than asking price at this point. I predict lots of home price reductions throughout the summer. Next months market report will help us see what’s happening in the St George real estate market. As mortgage interest rates increase, some home buyers will now be forced out of the market. When this happens the demand for homes decreases and multiple offers will likely stop.
Speaking of mortgage rates, Realtor Magazine posted an article on July 7, “Home Buying is 5% Cheaper than a Week Ago”. In the article it states “Over the last two weeks, the 30-year fixed-rate mortgage has dropped by one-half of a percentage point. Home buying is about 5% more affordable than a week ago, translating to about $100 less in monthly mortgage payments, economists at the National Association of REALTORS® wrote on the Economists’ Outlook blog.
Below is the St George UT and Washington County Housing Three Years at a Glance for June 2022. We’ll also take a look and compare the housing market in June 2022 versus May 2022. Because the St George area real estate market is changing daily it seems, I feel like “real time” numbers are more beneficial than what the market was doing three years ago.
Here’s three years at a glance from June 2020 to June 2022-
There were 226 fewer homes listed for sale on the Washington County MLS in June 2022 than in June 2020. Inventory of homes available is 16.79% lower than 2 years ago. The important fact to look at though is the significant increase in inventory from last June to this June. Inventory is UP 87.6% from last June. This indicates that our market may be starting to correct itself. Inventory was up in June 2022 but sales declined for the first time in 3 years. In June 2020, 593 homes sold, in June 2022, 427 homes sold. More inventory and fewer homes selling is definitely a shift in the market. Inventory was drastically different depending on which year you look at.
Are home prices coming down in St George? Median sold price increase significantly over the past 3 years. If you examine the chart you’ll see that the median sold price increased 68.65% from June 2020 to 2022. Median sold price in June 2020 was $335,000 and in 2022 it rose to $565,000.
Average days on the market decreased dramatically too, although it has bumped up slightly for June 2022. In June 2020 average days on the market was 65 and in June 2022 it was 17. Our absorption rate was 2.32 for June 2022. This is still lower than the experts say is a “healthy” absorption rate.
Because the Washington County UT housing market is changing to rapidly, it’s important to see what’s happening from month to month. Here’s a look at May 2022 to June 2022 so we can see what’s happened in the last 60 days.
Active listings of homes available increased for the month of June 2022. With the increase in inventory, we may be headed back to a “buyer’s market” where negotiating price and concessions is expected. Homes for sale increased from 828 in May to 1120 during the month of June 2022.
Average days on the market remained exactly the same for May and June, at 17.
Median sold prices increased a bit in June 2022. The median price increased to $565,000. Sold prices increased by 5.8% from May 2022 to June 2022. Median sold price in May was $534.000 and it rose to $565,000 in June 2022.
If you’d like more information on selling or purchasing a home in Saint George and surrounding areas please contact me anytime.
More Advice for Homeowners
- Do you need a zoom room in your listed home?
- Should You Invest in a Home Warranty?
- Why is Fall the Best Time to Sell a House?
- 5 Reasons Why it’s a good time to sell a house
- 10 Amazing Tricks to Selling your home
- 5 Unique Ways to create interest in your listed home
- Using Housecleaning to reduce Stress
- 4 Common Decorating Mistakes with Open Floor Plans
- 2022 Landscaping Trends
- 10 Things to Do Before Selling Your Home
