If you’ve been following St George real estate you know that the market is HOT! I’ve got some interesting statistics on the St George real estate market. Let’s take a look what’s been happening in the market over the last three years. This report will take a look at the local housing market in March 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 includes St George, Hurricane, Washington, Ivins, Santa Clara as well as outlaying areas.
Anyone that has been watching the St George UT real estate market will have noticed that inventory of homes available for sale has dropped significantly over the last 3 years. There were 1011 fewer homes on the market in March 2022 over March 2020. There was 114 more homes for sale in March 2022 over March 2021 so inventory increased slightly from 2021 to 2022.
Home sales were down from March 2021 to March 2022. Eighty four less homes sold in March 2022 versus March 2021. Interestingly there was fewer homes sold in March 2022 but more homes for sale than in 2021.
Median sold price for a home in the St George area in March 2020 was $329,000, in March 2022 it has climbed to a whopping $545,000! That is a 65.65% increase in median sold price in two years.
Homeowners that have been waiting to list their home for sale may find the market is starting to calm down. 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.
Here’s an article in Realtor Magazine that is predicting a calmer market. Per the article, Is A Calmer Market Coming, “NAR’s Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings, dropped 1.2% in March to a reading of 103.7. (An index of 100 is equal to the level of contract activity in 2001.) Overall, contract signings fell 8.2% year over year in March.” Take a look at the article, it’s full of helpful information.
Below is the St George UT and Washington County Housing “quick look” for March 2022. We’ll also take a look and compare the housing market in March 2022 versus February 2022. Because the real estate market is changing rapidly, I feel like seeing what’s happening “real time” is more beneficial than what was happening a year ago.
Here’s three years at a glance from March 2020 to March 2022-
There were 1011 fewer homes listed for sale on the Washington County MLS in March 2022 than in March 2020. Inventory of homes available has decreased by 64.76% from 2 years ago. This shows us that inventory continues to decline in the St George UT area. Inventory of available homes was significantly lower from 3 years ago, but number of homes sold remained about the same. One more home closed in March 2022 than March 2020. So roughly the same number of homes is selling, there’s just not as many homes for buyers to choose from. Homes sold only varied by 85 during the month of March for 2020, 2021 and 2022. Inventory was drastically different depending on which year you look at.
Home prices have continued to rise this Spring in the St George UT real estate market. Median sold price increase significantly over the past 3 years. If you examine the chart you’ll see that the median sold price increased 65.65% from 2020 to 2022. Median sold price in March 2020 was $329,000 and in 2022 it rose to $545,000.
Average days on the market decreased dramatically too, from 60 in March 2020 to 26 in March 2022. Our absorption rate was 1.11 for March 2022. This is much 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 February 2022 to March 2022 so we can see what’s happened in the last 60 days.
Active listings actually increased somewhat for the month of March 2022. Lack of inventory of homes to buy is causing many home sellers to be hesitant. They’re concerned they won’t be able to replace their home if they decide to sell. Homes for sale did increased from 499 in February to 550 during the month of March 2022.
Average days on the market decreased quite a bit from 39 in February to 26 in March 2022.
Median sold prices came down just a little bit in March 2022. The median price decreased to $545,000. Sold prices dropped by 1.3% from February 2022 to March 2022. Median sold price in February was $552,200 and it dropped to $545,000 in March 2022.
If you’d like more information on selling or purchasing a home in Saint George and surrounding areas please contact me anytime.
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