Here's where the St. George market sits right now. I like to keep these short and honest — just the numbers that actually matter and what they mean if you're thinking about buying or selling this year.
Absorption Rate: 4.89 Months
The absorption rate shows how long the current inventory of homes would last at the rate things are selling. What I found interesting is comparing it to last year at this time. It was 4.88, so basically unchanged.
As a realtor I've seen more homes come on the market and there are so many great options out there. It feels like more than last year in May. That tells me homes are actually selling better than they were last year at this time, even with more inventory to choose from.
If you're selling, the biggest key is still pricing it right. Find a realtor who will be honest with you about that number. And if you're buying, there are a lot of good options out there right now — more than there have been in years past.
What this means for you
A balanced market. Sellers who price right are still moving their homes, and buyers finally have real choices instead of fighting over every listing. It's a good window on both sides if you go in with the right strategy.
Median Sales Price: $536,868
For everyone who keeps waiting for prices to crash — it's not happening. Compared to last year at this time the median sales price is up 3%.
I have so many people tell me prices are dropping. They may have for a bit right after the huge boom we had, but really they've just plateaued. We are seeing plenty of price drops on individual homes for sale, but homes are still selling for more than they did a year ago.
So if you've been sitting on the sidelines hoping to time the bottom, I'd think about that carefully. The numbers just aren't pointing that direction here in St. George.
Questions About the Market?
Whether you're thinking about buying or selling, I'm happy to walk you through what these numbers mean for your specific situation — no pressure, just straight answers.