Thursday, August 13, 2020 / by Elissa Tran

Housing Market & COVID-19 - July 2020

As we have seen the state shut down and ro-open the past few months we are seeing an increase in COVID-19 cases here in Utah. Let's take a look at what we are seeing in the Salt Lake County market and how homes sales are being impacted.

Here is some data to show what we are seeing. The following reports show you where we were last year and where we are this year.

Active

When we review from the beginning of March (start of the pandemic shutdown here in Utah) you see a steady increase in active listings until the middle of April, then you see that number head downward. You can see compared to last year, that downward trend cut our active listings by almost half this same time last year widening the gap from the number of active listings the same time last year.

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Under Contract

The under contracts are continuing to increase compared to last year when you combine it with the graph above you can see this creates a very difficult market for buyers. But low interest rates are driving lots of buyers out, this is why the new construction market is flourishing.

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SOLD

This one is fascinating, there is a lot going on, but it is great info. I will break it down for you:

You can see that homes are selling very close to list price when you review the light green bar, staying very close to 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 quick properties are going under contract at just about 16 days in June, continuing down to just 12 days in July.
You see there is an increase in the number of total sales if you follow the blue line with a continual upward trend.