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Housing Market & COVID-19 - June 2020

Wednesday, July 8, 2020   /   by Elissa Tran

Housing Market & COVID-19 - June 2020

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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.  

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Under Contract


You can see in early March we were following the same trend as the previous year with slightly less under contracts but headed toward the same trend. You see when we went into mandatory quarantine under contracts took a large dive, but you see they had a huge increase and surpassed last year's numbers in early June. When you review active listings with under contracts you can see we have less listings but more properties going under contract resulting in a fast-moving market. 

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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 days on market now 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, still extremely low.
  • You see there is an increase in the number of total sales if you follow the blue line. 
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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

  covid-19

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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