It’s time for another St George UT real estate market report. Let’s take a glance at the local housing market for February 2022. This report will give you the most current information regarding housing prices and inventory of homes for sale over the last couple of months and year over year. This market includes St George, Hurricane, Washington, Ivins, Santa Clara as well as outlaying areas.
If you’ve been following the St George UT real estate market you’ll notice that homes available for sale continues to decline. There were 19 fewer homes on the market in February 2022 over January 2022. That being said, there were nine more homes sold in February than January 2022.
Home sales were down from February 2021 to February 2022. Eighty six less homes sold in February 2022 versus February 2021. You’ll also notice that the inventory of homes for sale was significantly lower in February 2022 over February 2021, down 18.7%.
It may be a good time for those homeowners that have been waiting to list their home for sale. Interest rates are creeping up and buyers are getting anxious to purchase a home before they go higher. Because our inventory continues to be so low, we’re still seeing bidding wars and over asking price offers.
An article I just read in Realtor Magazine discusses home prices already setting records ahead of Spring this year. There’s an interesting graphic in the article that highlights some metro areas and their current real estate market conditions. Be sure to take a look at it.
Below is the St George UT and Washington County Housing “quick look” for February 2022. We’ll also take a look and compare the housing market in February 2022 versus January 2022. Because the real estate market is changing so quickly right now, I think viewing what’s happening “real time” is more beneficial than what was happening a year ago.
Here’s three years at a glance from February 2021 to February 2022-
There were 1090 fewer homes listed for sale on the Washington County MLS in February 2022 than in February 2020. Inventory of homes available has decreased by 68.5% from 2 years ago. From this we know 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. Nine more homes closed in February 2020 than February 2022. So roughly the same number of homes is selling, there’s just a lot fewer homes for buyers to choose from. Like in January, February home sales didn’t vary much over the 3 years although inventory of available homes to purchase was drastically lower.
Just like the Realtor Magazine article I referred to earlier noted, home prices are up 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 73.9% from 2020 to 2022. Median sold price in February 2020 was $317,500 and in 2022 it rose to $552,200.
Average days on the market decreased dramatically too, from 73 in February 2020 to 39 in February 2022. Our absorption rate was 1 for February 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. Let’s compare January 2022 to February 2022 to get a quick look of the most current numbers.
Active listings decreased for another month in February 2022. Because our inventory of homes for sale remains low, home sellers may be hesitant to list their homes for fear they won’t be able to find another home to purchase. Homes for sale increased slightly from 363 January to 372 during the month of February 2022.
Average days on the market increased slightly from 35 in January to 39 in January 2022.
Median sold prices continued to climb in February 2022 and increased to $552,200. Sold prices increased by 9.67% from January 2022 to February 2022. Median sold price in January was $503,500 and it climbed to $552,200 in February 2022.
If you’d like more information on selling or purchasing a home in Saint George and surrounding areas please contact me anytime.
Quick Home Seller Tips
- Do you need a zoom room in your listed home?
- 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