UTAH COUNTY - REAL ESTATE MARKET STATISTICS 2020
With all of the changes that Covid-19 has brought, some home sellers and home buyers are nervous about making the next move. Don't be! The housing market is healthy and well.
I have generated these graphs to help you visualize what has been happening in the housing market in Utah County in 2020.
Days on Market (DOM) can be used as a "thermometer" to determine the temperature of a housing market. How quickly are homes selling? If homes are selling quickly then we can assume that there are a lot of buyers looking to purchase homes.
A low average of "DOM" indicates that it may be a seller's market. (High demand of buyers, low supply of homes)
A high average "DOM" suggests a buyers market. The longer a listing is on the market the higher the chances the seller will need to reduce the price in order for the home to sell. (High supply of homes, low demand of buyers).
For more information on DOM read:What Does 'Days on Market' Mean? How Buyers Can Take Advantage
If the numbers for the average listing price and the average sold price are close together it suggests that homeowners are getting the amount of money they are asking for, when selling their home.
This number along with the average days on market gives you a pulse on the current market. Are homes selling? How many? How fast? If there are a lot of homes selling in a short period of time it indicates a seller's market.
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All data was gathered from the MLS (Multiple Listing Service) www.utahrealestate.com