Showing Traffic Falls - Sellers Hope For A Spring Thaw

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MARKET WATCH

Sluggish February real estate showing activity continues seven-month decline foretelling a buyer’s market.

Key Points:

  • February showing traffic fell 9.3 percent year over year in the U.S.; the West Region again saw the largest decline in activity, down 16.8 percent vs. the same time last year, the region’s 12th straight month of slowing traffic
  • The decline was also felt in the Northeast (-5.5 percent), South (-11.3 percent) and Midwest regions (-10.5 percent), the fifth consecutive month where all four regions saw a year-over-year drop

The traditionally busy spring home buying season can’t come soon enough for home sellers across the country as February continued the trend of year-over-year declines in showing activity, according to data from the ShowingTime Showing Index®.

ShowingTime Showing Index - February 2019

Marking the seventh consecutive month of year-over-year decreases, February saw national showing activity drop 9.3 percent, with the West Region reporting the biggest decline at 16.8 percent. The West’s 12-month average percentage change was -11.7 percent. The South Region saw an 11.3 percent year-over-year decline, followed by the Midwest Region (-10.5 percent) and Northeast Region (-5.5 percent).

“Showing activity remained slow in February, furthering the notion that the historically busy spring selling season may see less traffic than is typical,” said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. “These conditions may prove to be beneficial for home buyers, however, as the greater available inventory signals a strong buyer’s market.”

The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month.

Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership.

To view the full report, visit www.showingtime.com/index.

About ShowingTime

ShowingTime is the residential real estate industry’s leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies, as well as a recruiting tool for brokers. ShowingTime products are used in more than 250 MLSs representing nearly one million real estate professionals across the U.S. and Canada. For more information, contact us at research@showingtime.com.

This article originally appeared in the April 2019 issue of the REAL Trends Newsletter. It is reprinted with permission of REAL Trends, Inc. Copyright © 2019.
To read the rest of this issue & more, please visit our Real Trends page online.

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