Tuesday, January 26, 2021 / by Elissa Tran
Housing Market & COVID-19 - January 2021
We have hit 1 year since we first heard about COVID-19. We didn't know what or how this would impact the world. We know that many families have been impacted by this virus in health and finances. We are now seeing the light at the end of the tunnel with vaccines and personal safety everyone is doing to minimize the virus. We were not expecting the housing market to be so strong despite what the world is going through. Let's take a look at what we are seeing in the Wasatch Front market and how home sales are being impacted.
- You can see that homes are selling very close to list price when you review the light green bar, staying very close to 100% (all though some of our homes are going way beyond 100%)
- If you follow the purple CDOM (Days on Market) you see there was a downward tree starting at the beginning of the year (normal and expected but you see a huge drop with a low of 8 days on market in April. You see that number slightly go up and back down now, these days on market shows how quickly properties are going under contract at just about 10 days now. (this is from agents allowing longer times to collect multiple offers and not allowing showings until a few days after making the listing live)
- You see there is an increase in the number of total sales if you follow the blue line with a continual upward trend then a sharp decrease over the holiday season. This number is actually lower than the same time the previous year but we have a few more days in the month, and many homes get closed right before the end of the month, so we should see that finish at a higher number when we review next month.
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
Associate Broker, Realtor®