We have compiled our “Market Snapshot” for the Washington County, UT residential real estate market as of May 2023. May sales were very strong. As shown in the graphic, the number of homes sold was up 10% from May 2022, while total sales volume was up 5% Year-over-Year (YoY). Additionally, the number of homes sold and total sales volume were up 27.5% and 27.6%, respectfully, from the previous month. It will be interesting to see if this upward trend continues in June and July.
At the end of May, there was a total of 1,201 active listings of residential property for sale in Washington County. Based on YOY data, buyers appear to have more options as active inventory increased substantially from a year earlier – up 73% from 695 active listings in May 2022.
The median sales price in May 2023 was down 7% YoY, continuing the movement towards moderating home prices.
At the end of May 2023, there was a little over four months of inventory available to buyers in Washington County. Properties were on the market for an average of 57 days before being sold and sellers were obtaining about 95% of their original list price at closing.
If you would like more in-depth information about Washington County, UT real estate, please do not hesitate to contact us.
