Hot off the press, here’s the St George Utah Market Report for July 2022! Home prices have come down from June 2022 to July 2022. This is what everyone has been talking about and wondering. In a nutshell, our inventory of available homes for sale has increased significantly and home prices have come down month over month.
Take a look at the St George Utah market report for July 2022 to see what the current market trends are. The St George real estate market has been ablaze over the last couple of year. It looks like things are starting change and the market is correcting itself. I’ve got some interesting statistics on the St George real estate market and comparisons for the last 3 years, month over month.
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 includes Ivins, St George, Santa Clara, Washington City and Hurricane, 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 know that our inventory consistently dropped month after month and sales remained strong. As of June 2022 our inventory started to increase. This trend has continued into July 2022. There were 298 MORE homes on the market in July 2022 over June 2022. Inventory almost doubled from July 2021 to July 2022.
Over the last three years, home sales have also declined from July 2020 to July 2022. One hundred sixty less homes sold in July 2022 versus July 2021. Take a look at the graph and you’ll see that inventory of homes for sale almost doubled from last year too. So we had double the inventory and fewer homes sold year over year in July 2022.
According to the chart, home prices are coming down in the St George Utah and Washington County. Median sold price for a home in the St George area in July 2022 was $523,000 and in July 2021 it was $465,000. Comparing this July to last July, prices are were not lower. But they are lower from June 2022 to July 2022.
With the increase of homes on the market, buyers now have the opportunity to be more selective. There’s more to choose from! Homeowners that list their home for sale will likely notice their homes stay on the market longer. They may receive offers below listed price or buyers asking for help with closing costs.
In the St George real estate market there have been lots of price reductions throughout the summer. We’ll have to watch for August’s market report to see if this is an ongoing trend, but I predict it is. We’re already seeing some home buyers forced out of the market due to higher interest rates.
Mortgage rates may have topped out at this point though. According to an article published in Realtor Magazine online on August 11, 2022, slowing inflation may mean interest rates are too. Lawrence Yun, NAR’s chief economist said “Inflation eased slightly in July, which could bode well for the housing market in the months ahead.”
Below is the St George Utah and Washington County Housing Three Years at a Glance for July 2022. Let’s also look and compare the housing market in June 2022 versus July 2022. This comparison will give us a better idea what is happening “real time” in the St George area real estate market. I feel like these statistics are more beneficial than what the market was doing three years ago.
St George Utah three years at a glance from July 2020 to July 2022-
There were 280 more homes listed for sale on the Washington County MLS in July 2022 over July 2020. Between July 2021 and July 2022 there were 685 more homes listed for sale. Inventory of homes available is 93.45% more than last year at the same time. We already know, this suggests that our market is starting to correct itself. Inventory was significantly more in July 2022 and sales declined for the third year in a row. In July 2020, 718 homes sold, in July 2022, 335 homes sold. More inventory and fewer homes selling is a sign there’s a shift taking place in the real estate market.
Are home prices coming down in St George? Home prices have come down from June to July. We’ll have to see what happens in August. Median sold price increase significantly over the past 3 years but that may be irrelevant at this point.
If you examine the chart you’ll see that the median sold price increased 49.59% from July 2020 to 2022. Median sold price in July 2020 was $349,618 and in 2022 it rose to $523,000.
Average days on the market decreased dramatically too, although it has bumped up slightly for July 2022. In July 2020 average days on the market was 66 and in July 2022 it was 20. Our absorption rate was 3.0 for July 2022. This is getting closer to what the experts say is a “healthy” absorption rate.
Because the Washington County UT housing market is changing at a fast pace, it’s important to see what’s happening from month to month. Here’s a look at June 2022 to July 2022 so we can see what’s happened over the last 60 days.
Available homes for sale -active listings- increased again for the month of July 2022. With the increase in inventory, we are entering a “buyer’s market” where negotiating price and concessions is expected. Homes for sale increased from 1120 in June to 1418 during the month of July 2022.
Average days on the market changed a little bit, from 17 in June 2022 to 20 for July 2022.
Median sold prices declined in July 2022. The median sales price decreased to $523,000. Sold prices decreased by 7.43% from June 2022 to July 2022. Median sold price in June was $565.000 and it fell to $523,000 in July 2022.
If you’d like more information on selling or purchasing a home in Saint George and surrounding areas please contact me anytime.