The latest data from ShowingTime, a residential real estate industry leading technology provider of showing management and market stats, shows that home buyers got a head start in February on what is proving to be a sustained busy stretch, with Denver and Seattle recording close to 25 showings per listing while a total of 109 markets averaged double digits.
Even compared to last year’s early spring frenzy of home tours, the number of markets averaging double-digit showings per listing jumped 45% from 75 to 109, according to the ShowingTime Showing Index®. Many markets matched last year’s intense buyer demand while others saw big year-over-year increases: among the top 25 busiest markets, Nashville was up 43% year over year; Orlando, 36%; and Bridgeport, Conn., 30%.
Other cities among the 25 busiest markets recording big year-over-year gains included Dallas, up 29%; Hartford., Conn., and Sarasota, Fla., up 28%: and Charlotte, N.C., up 24%.
February’s brisk activity throughout most of the country was in keeping with a trend that began in May 2020, when immediately after COVID-19 slowed real estate activity, buyers re-emerged to find their next home amid a shortage of available inventory.
“Seeing 109 markets with such impressive buyer traffic is remarkable,” said ShowingTime Vice President and General Manager Michael Lane. “A year ago, we were amazed to see 75 markets hit double digits in showings per listing. The heightened activity is widespread, with 17 states having at least one market averaging in double digits. We’re here to help agents navigate these circumstances with new features integrated into our platform tailored to meet their needs.”
For example, ShowingTime’s waitlist feature enables buyer’s agents to be notified immediately when an appointment time becomes available on a popular listing that’s fully booked. More than 50,000 appointments have been successfully scheduled to date by agents who joined waitlists. Offer Manager is another option available to help agents manage offers in today’s multiple-offer environment, equipping them to track offers, easily update every agent on the status of their offer and share a side-by-side comparison with their sellers.
The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month.
Regionally, the South’s 19.5% surge in home tours led the country, followed closely by the Northeast’s year-over-year gain of 16.6%. The Midwest’s 10% increase rounded out the gains, while the West recorded a decline of 13.6% compared to the prior year, when traffic was at unprecedented levels.
|Metropolitan Area||February 2022 Ratio of Showings to Listings||Year-Over-Year Change||Month-Over-Month Change|
|Salt Lake City, UT||17.30||-13%||-2%|
|Grand Rapids, MI||16.55||9%||16%|
|Colorado Springs, CO||16.21||-18%||6%|
|Virginia Beach, VA||15.03||12%||8%|