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Housing Market & COVID-19 - April 2020

Saturday, April 11, 2020   /   by Elissa Tran

Housing Market & COVID-19 - April 2020





Now that we are almost a month into COVID-19 here in Utah lets take a look at what we are seeing in the market and how homes sales are being impacted. 
 
Here is some data to show what we are seeing just this past month. The following reports show you where we were last year and where we are this year. 
 

Active


This report is showing a steady increase in active listings since the 16th of March. While more and more homes are being listed each day, we still do not have as many homes listed as we did this time last year, but if we stay on the path and increase at the same rate, this time next month we will far surpass the number of active listings as last year. As a buyer, this will allow you to have more homes to choose from when picking your home and as a seller more competition. However, we are still only at 3.3 months of inventory showing we are still in a seller's market.  

 

Under Contract


We have seen a downward shift in the number of properties going under contract, there are still many people actively seeking a home, but with the suggested "stay home, stay safe" order this is limiting the number of buyers actually getting out and seeing properties.
 

SOLD


This one is fascinating, there is a lot going on, but it is great info. I will break it down for you:
  • We have seen a spike with a level in sales to list %. Meaning homes are selling for higher than the listed price. This is continuous to what we were seeing last month, the homes that are selling are selling for 101% of asking price
  • We have seen a HUGE decrease in the number of days on the market from 35 in January, 27 in February, 13 in March and to just days on market now in April. 
  • This is showing a decrease in the actual number of closings, limited access to view properties and changing job statuses for many seems to be the cause. 

Feel free to give us a call with any questions you have or if you want to discuss what this looks like for you. 



My UT Real Estate Group



Elissa Tran


Associate Broker, Realtor®
801.915.2836
elissa@myUTrealestate.com


Staci Powell


Broker, Realtor®
801.913.2463
staci@myUTrealestate.com


Melina Braithwaite


Sales Partner, Realtor®
801.915.2836
melina@myUTrealestate.com 


  first time home buyer, sell your house, covid-19, buyer

My UT Real Estate Group with All American Realty
Staci Powell
3297 W Provost Cir
South Jordan, UT 84096
801-913-2463

Based on information from the Wasatch Front Regional Multiple Listing Service, Inc. as of September 28, 2020. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
The multiple listing information is provided by Wasatch Front Regional Multiple Listing Service, Inc. from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2020 Wasatch Front Regional Multiple Listing Service, Inc., All Rights Reserved. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Conspicuous display of the following: Information deemed reliable but not guaranteed accurate. Buyer to verify all information.
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