After closing the year on a record high, home showing traffic picked up right where it left off at the start of the year, according to ShowingTime’s Showing Index report released Monday.
In January, home showing traffic in the top 25 markets across the country was up an average 14% compared to a year ago, and up 45% from a month prior. In total, 83 of the markets analyzed hit a double-digit ratio of showings per listing in January, contributing to a 7.7% uptick in home tours nationwide.
ShowingTime’s Showing Index is compiled using data from the more than six million property showings scheduled each month across the country on the platform.
“Given last year’s historic flurry of activity, it’s not surprising that buyers were motivated to meet their home ownership goals so shortly after the holidays,” ShowingTime vice president and general manager Michael Lane said in a statement.
With housing inventory hitting a record low across the country and demand remaining high, thanks in part to still low mortgage rates, it is no surprise that there was increased activity on the inventory that is on the market, even during a time when the market typically slows down.
As was the case in December, Seattle and Denver led all markets in showings per listing in January with averages of 26 and 25, respectively. In Salt Lake City, Boulder, CO and Manchester, NH, listing saw an average of 17 showings, while listings in Dallas and Orlando averaged 16 showings.
Regionally, the South had the largest year-over-year increase with showing traffic rising 12.3% in January. The Midwest saw showing traffic rise 8.2% year over year, followed by the Northeast at a 7% increase, while the West saw showing traffic drop 4.5% compared to a year ago.
While active listings are getting more showings than ever before, according to a report from the National Association of Realtors, homebuyers who successfully purchased a home in 2021 viewed on average eight properties, a record low. The NAR states that this is most likely due to a combination of record low inventory available for viewing and homebuyers’ increased use to technology to vet homes before choosing to look at them in person.
