Here’s the latest housing market update for the Washington County UT real estate market. This market includes St George, Hurricane, Washington, Ivins, Santa Clara as well as outlaying areas.
If you’ve been following the St George real estate market, this months report is good news! You’ll notice that the inventory of homes for sale is down slightly in December over November. Total number of homes sold did increase in December over November.
A lot of homeowners are watching to see if it’s a good time to put their home on the market. Home buyers are hoping the market is starting to cool off. More inventory and fewer bidding wars will make it easier and less stressful for them to purchase a home.
Realtor Magazine notes that inflation is now affecting home home buyers and sellers are adjusting their plans. Twenty-nine percent of people surveyed by Redfin said they are now delaying their home buying plans due to inflation worries. Ten percent of potential home buyers said inflation is causing them to bump up their home buying plans.
Below is the Washington County Utah Real Estate Snapshot for December 2021. We’ll also take a look and compare the housing market in December 2021 versus November 2021 as well.
Here’s three years at a glance from December 2019 to December 2021-
There were 855 fewer homes listed for sale on the Washington County MLS in December 2021 than in December 2019. Inventory of homes available has decreased 56.4% from 2 years ago. Even though there was significantly fewer homes for sale in 2021, only 40 more homes closed in December 2021 than December 2019. December home sales didn’t vary a whole lot over the 3 years although inventory or available homes to purchase did.
Median sold price has continued to increase significantly over the past 3 years. If you examine the chart you’ll see that the median sold price increased 23.37% from 2020 to 2021. Median sold price in December 2020 was $385,000 and in 2021 it rose to $475,000.
Average days on the market increased slightly from 36 in December 2020 to 39 in December 2021. Our absorption rate was 1.24 for December 2021. According to the experts, a healthy absorption rate is usually about 3.0.
Because the Washington County Utah real estate market is changing to rapidly, it’s important to see what’s happening from month to month. Let’s compare November 2021 to December 2021 to get a snapshot of the most recent activity.
Active listings decreased in December 2021, which is probably due to the holidays. Homes for sale declined from 780 in November to 609 during the month of December. This is a rather large decrease in inventory, down 21.9% from the month before. As I mentioned earlier, the holidays typically impact inventory because home sellers don’t want to deal with selling and moving at that time of year.
Average days on the market also increased slightly from 29 in November to 39 in December 2021. Home buyers are sometimes less anxious to buy and move during the holidays too.
Median sold prices took a dip in December as well. Sold prices decreased by 3.16% from November to December 2021. Median sold price in November was $490,500 and it dropped to $475,000 in December.
If you’d like more information on selling or purchasing a home in Saint George and surrounding areas please contact me anytime.