March 2020 Market Report
Every month we want to provide you with the most valuable information on the web! This week we're taking a look at the monthly report from March on UtahRealEstate.com on the Utah housing market. This will be a very different picture than what to expect from April's report. We'll keep you updated.
Some key takeaways:
- Last year we had almost 8,400 active listings on the market. In March of this year, we have only 6,457. This is a GREAT sign going into the social distancing.
- 2008 housing market was caused by a lot of conditions, but one of the primary conditions that made things really bad was the fact we were running at a massive surplus of homes. This Spring we are operating at a SHORTAGE. This is GOOD NEWS.
- Average sales price jumped $35k since last year. This is a great sign that we had an appreciating market going into the social distancing measures. Another good key metric that is in the market's favor for sustaining the pandemic.