Hey Red Signers,
We like to do a few stats, usually showing last month’s stats, but it trails a month. So we put our nerd glasses on and complied a report of what March looked like so we can get the most up to date view of how COVID-19 is effecting real estate.
Enjoy and stay healthy.
What has COVID-19 Done to Housing
As the state, nation, and world are all on some sort of shut down, people are loosing their jobs, and the stock market is down, everyone wants to know what this means for house prices.
We cannot predict the future so here are some cold, hard facts about the month of March:
- We (as the state of Utah) have listed more homes every week last month. (The first graph below). We are climbing up hirer and higher each week on the number of homes that are listed on the market. You would think as more people are working from home they might want to hold off listing, but nope. There are more homes on the market now than a month ago.
- More homes are under contract in 2020 than 2019. No slowing here. We have more homes with accepted offers in the month of March 2020 than we did in March 2019. If we average it out by how many homes are under contact, 2020 has 836 more homes under contract or about 13%
- No new is good news. Homes removed from the market in March 2020 almost matches 2019 (1.15% less in 2020 – aka more homes were removed from the market Mar 2019). I know this is weird to hear, but no matter how great the market feels we have homes that don’t sell and when the market is awful homes still sell. At our worst in the summer/fall of 2008 about 35% of listings sold. Our last 3 years we have hovered around 80% of the listing sell with our very best at 82ish%
Because we don’t know the future we can only go off the stats we have. March was a great month for real estate. The inventory of homes for sale put us in a sellers market. We don’t know what people’s reaction will be… More people might have to/might want to move for work (with job losses and working from home). Only time will tell.
PS. All these stats came from information pulled from the MLS and was complied by the Red Sign Team.
How are we selling things now…
While corona got people staying home, we keep on selling…
We have you covered. While most people are working from home, we have figured a few ways to keep working from any home.
For our sellers…
Any showings are spread out so there is only one family at a time. We can (if you want) provide booties for shoes, gloves, and even hand sanitizer (as long as it isn’t sold out everywhere again, but we have a few bottles ready). We are doing virtual tours so people can “walk through” your house while they sit in theirs.
For our buyers…
We have worked with other agents to get video walk throughs of homes – either getting it from them or scheduling a time we can walk through safely to take the video. We have been working with photographers we use to offer virtual tour discounts so more virtual tours will be available. Or if you want, we can set up in person showings for most times.
Our goal is safety while we help with our mission of helping grow legacy wealth and deliver real estate dreams. For now, that is a little more virtual than normal.
One More Thing…