Let’s take a look at the Washington County UT housing market for January 2022. This report will help you see if housing prices are going up or down and if there is more or less inventory than in previous months. 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 for some time, you’ll see that 38 fewer homes sold in January 2022 versus January 2021. You’ll also notice that the inventory of homes for sale was slightly higher in January 2022 over January 2021. Total number of homes sold decreased from December 2021 to January 2022.
A lot of homeowners that have been on the fence about selling are now considering if this is the best time to sell. Home buyers are getting anxious to purchase a home as higher interest rates seem to be on the horizon. We still need more inventory to ease the frenzy and bidding wars to make it less stressful for homebuyers.
A recent article in Realtor Magazine addresses the fact that homebuyers could be experiencing “double trouble” due to continued low inventory and record high home prices. The article states “about 400,000 fewer affordable homes are available for sale for households earning $75,000 to $100,000 compared to before the pandemic began”, according to a study by the National Association of Realtors.
Below is the Washington County UT Housing Snapshot for January 2022. We’ll also take a look and compare the housing market in January 2022 versus December 2021. I think seeing what’s happening “real time” is more helpful than what was happening a year ago, especially in the fast paced housing market right now.
Here’s three years at a glance from January 2021 to January 2022-
There were 940 fewer homes listed for sale on the Washington County MLS in January 2022 than in January 2020. Inventory of homes available has decreased by 64.47% 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 January 2020 than January 2022. Interestingly, January home sales didn’t vary much over the 3 years although inventory of available homes to purchase did.
Adding to the “double trouble” theory, 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 66.26% from 2020 to 2022. Median sold price in January 2020 was $302,882 and in 2022 it rose to $503,500.
Average days on the market decreased significantly from 69 in January 2020 to 35 in January 2022. Our absorption rate was 1.04 for January 2022. According to the experts, a healthy absorption rate is usually about 3.0.
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 December 2021 to January 2022 to get a snapshot of the most current numbers.
Active listings decreased again in January 2022. Potential home sellers may be hesitant to list their homes because they’re worried they won’t be able to find another home. Homes for sale declined from 477 in December to 363 during the month of January 2022. Another month of declining inventory, down 14.94% from the month before.
Average days on the market also declined slightly from 39 in December to 35 in January 2022.
Median sold prices rebounded in January 2022 and increased to $503,500. Sold prices increased by 6% from December 2021 to January 2022. Median sold price in December was $475,000 and it climbed to $503,500 in January 2022.
If you’d like more information on selling or purchasing a home in Saint George and surrounding areas please contact me anytime.
A few more Tips for St. George area Homeowners:
- Is the Number of Homes for Sale Beginning to Grow Again?
- 6 Mistakes to Avoid When Relocating
- 6 Places to Go After Your Family Sells Their Home
- The Most Important Contingency in Your Contract
- What Happens When the Appraisal Comes in Too Low?
- What is a Suitable Housing Contingency?
- 5 Things to Look for in a Home in Retirement