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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. 


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.


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®

Staci Powell

Broker, Realtor®

Melina Braithwaite

Sales Partner, Realtor®

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

Based on information from the Wasatch Front Regional Multiple Listing Service, Inc. as of May 29, 2024. 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.
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