Was that a shift in the market or just another aftershock?
We know that the Coronavirus (COVID-19) has made for a lot of uncertainties. Among the list of questions that we are hearing is, “Is now a good time to buy a home?”
Buying a Home in Utah During COVID-19
One thing is for sure. The economy today is nothing like what it was during the housing crash of 2008. As we’ve been keeping a close eye on market conditions during COVID-19. We have seen more homes coming online with fewer homes being sold. More inventory can help contribute to a less cut-throat buying experience, and while inventory is still low compared to past years, low interest rates, fewer buyers and stable home prices makes right now a great time to buy.
While inventory is down from last year, we do see that since March, the number of active listings is rising compared to March of this year, and while there has been some shifting in the market, we see that now things are beginning to level out.
The number of sold listings has dropped off in April. This shows that there is less competition between buyers.
Likewise, the amount of under contract listings today is lower than what it was last month. We also see that the amount of Under Contract listings in April is going down relative to the amount of active listings this month.
There has been a small drop in the average home price in Utah in April, but all-in-all it has remained pretty stable.
April Showers Bring May Flowers
Looking at these numbers we can see that there has been a big change in the market, but it is still comparable to last years market. Home prices haven’t dropped off, and the amount of active listings is increasing. Couple that with less competition between buyers and low interest rates make today a great time to get into a new home.
Contact us to help you with your home buying decisions or with any questions that you may have.
*All information found on UtahRealEstate.com
