September 2022 St George Real Estate Market Report
If you've followed along on my blogs, you'll know where I stand on the market and conditions and my speculation on what will happen. So far, I've been on point. My option tends to go against the grain of many agents in the industry; however, that is nothing new. I am nothing if not opinionated. I refuse to tell people what they WANT to hear, especially if it's self-serving. If my opinion makes you hold off on buying or selling, that is your decision, and I support you. I'd rather sell nothing than have a buyer feel like I only delivered the "pros," ultimately feeling like they made an uninformed decision.
So where are we today in the St George real estate market, and what are the conditions?
"Covid" was an event on multiple levels. Aside from the apparent (health), it becomes a marker in time, much like an epicenter of an earthquake. That moment sent shockwaves and created a ripple effect, spurring a chain of events in housing, stocks, interest, and politics. It was global. The reverberation, though government-induced, is going to change the course.
We are indeed at a crossroads in real estate. The next few months will dictate the course, so it may not be until around February before we TRULY know (hindsight will be clear by then). Here are the FACTS: we are about in line with inventory where we were pre-covid. We have about the same number of active homes TODAY as we did in August of 2019. The next few months may continue to increase, which will alter the course.
We are a bit lower in sales lately, but the pulled-back focus (the bigger picture) shows that we have been relatively steady in sales since August 2019. It's interesting to note that the number of SOLD listings is less…but the median SALE price has been higher. YTD this year over last year, we are about 22% higher; however, comparing 2020 to 2021 median sale price was 27% higher.
So….should you buy? Maybe. There are great reasons to buy right now. You've got more inventory to choose from, sellers are a little more flexible, and you may have tax incentives that will cost you more than any potential short-term, downward trend on pricing. Real estate is always a safer investment; you'll be fine if you can ride out any storm. Will prices come down? Will they go back up? Those two questions have the same answer". "Yes, they always do."
I am Paula Smith, Associate Broker with RealtyPath of St George. I have been a licensed, full-time real estate agent in Southern Utah since 2006. I have been selling residential real estate during all of the changes in the market and witnessing our St George area become one of the fastest-growing cities in America. I keep my finger on the pulse, paying attention to market conditions. If you're ready to buy or sell, I'm ready to make it happen.
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