Home showings skyrocketed in 2021 as potential buyers scoured the hot housing market for a new home, according to a new report from ShowingTime.
ShowingTime, a residential real estate showing management and market stats technology provider, released a report showing 2021 ended with an 11.5% year-over-year (YOY) increase in home showing traffic.
The report notes that showings slowed as stock shortages continued to plague the housing market, but the ratio of showings per listing remained high in busy areas.
“2021 was a banner year for residential real estate as buyer demand was up nationally for most of the year, pushing the ratio of showings per listing to historic highs,” said ShowingTime Vice President and General Manager Michael Lane.
Seattle and Denver had the highest ratio of showings per listing in December, averaging 15 and 14, respectively. Orlando, FL saw an average of nearly 12 showings per listing, followed by Dallas, Manchester, NH, and Burlington, VT, all averaged 11.
Eleven of the top 20 busiest markets saw double-digit percentage increases YOY.
The Northeast saw a 14.2% rise YOY in showings, followed by the South (11.9%), the Midwest (8.6%), and the West (7.1%).
On average, homes can expect to be listed for 65 to 95 days before finding a buyer, with anywhere between 12 and 36 showings. But inventory has declined significantly, dropping 11.1% just from November to December, to a record low of 923,000 homes. Newly listed inventory fell 18.9% month-over-month, the largest drop in the last three years.
“Home sales are slumping, but not for lack of demand,” Redfin Chief Economist Daryl Fairweather said.
“There are plenty of homebuyers on the hunt, but there is just nothing for sale. In many markets, shopping for a home feels like going to the grocery store only to find the shelves bare.”
As a result, buyers mired in endless competition and bidding wars have bought homes much more quickly and sometimes sight-unseen.
The market is showing signs of cooling as mortgage forbearances end and builders finish new construction, meaning 2022 could see competition fall.