Showings per listing are historically slow and inventory is rising, days on market might be getting longer already, yet prices remain elevated. Is this the early beginning of a seasonal shift that normally doesn’t come for another 2 months? Maybe…
Showings
Showings have been slow this year, but not catastrophically low. We are 11.4% slower in showings than last year and 21% slower than 2018 and 2019. We won’t bother comparing to the outliers of 21’ and 22’.
But inventory has risen and what sellers are experiencing is showings per listing slower than only one time on record, at the beginning of the Covid lockdowns.
While frustrating for sellers, this data is so powerful to demonstrate your expertise and help your seller understand the value of your analytics and partnership to read and adapt to the market. Make this part of your weekly seller report and then compare to the hyper local showing data of your seller’s competition.
Showings per listing last week, by year:
Year | Weekly showings Per Listing |
2018 | 6.25 |
2019 | 4.22 |
2020 | .26 |
2021 | 14.57 |
2022 | 12.86 |
2023 | 5.30 |
2024 | 2.59 |
Days On Market
Days on market increased to 28.43 days after touching a year to date low of 24.29 days just two weeks ago. As I mentioned last week, rising inventory, slower contract rates, slow showings and elevated interest rates suggest days on market may be on the rise. I don’t want to jump to conclusions too quickly, but share with your sellers this potential so they are mentally prepared. If this is a shift, recognize this may be a leverage point in negotiations for your buyers.
New Listings
New listing activity each week has been very strong year to date at 16,592 new listings YTD, compared to 14,358 last year and 17,954 in 2022. Remember that early 2022 interest rates were still very low and seller activity was exceedingly strong. The average number of new listings YTD for the last 12 years is approximately 18,500 homes.
Inventory
Slower buyer activity, slower contracts and increased seller activity has lead to a statistically significant rise in inventory and the highest we’ve seen this time of year since 2012, end last week at 6,875 properties. This of course means longer marketing time for the average property and as inventory typically climbs through the end of the summer, if rates remain high, suppressing buyer activity, inventory may climb above 10,000 for the first time in 12 years. All signs are pointing that direction.
Price
And with all that, prices remain elevated, hitting an all time weekly high again last week at $726,245 for all property types and $818,979 for detached single family homes.