Home Buyer Demand Again Jumped Nationwide in December Rounding Out a Historic Year
Tuesday, February 1st, 2022
The latest data from ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, shows a record-breaking 2021 ended with an 11.5% jump in home showing traffic. That year-over-year growth maintains a trend the ShowingTime Showing Index® highlighted in markets across the U.S. last year.
Ending much as it began, 2021 was notable for the pronounced seller's market that persisted throughout much of the country as buyers competed for a limited number of homes for sale. Inventory issues abated in some markets toward the end of the year, while the ratio of showings per listing remained high in the busiest markets.
A recent report by the National Association of Realtors (NAR) suggested that bidding wars over scarce inventory resulted in a faster-moving market, reflecting the Showing Index's high volume of showings the first week listings are active.
"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. "To support our customers, we enhanced our existing offerings and added multiple timely new features to accommodate their brisk business. Our offer management service frees up time for busy agents during the offer process and we developed a waitlist feature integrated within all of our showing management services to help buyers' agents remain competitive when inventory is low."
Continuing a trend that was prevalent throughout much of the year – and in keeping with NAR's report, which concluded buyers need to make fast decisions about placing offers with so many competing buyers – Seattle and Denver yet again led all markets in showings per listing in December, with averages of 15 and 14, respectively. Orlando, Fla., followed with an average of almost 12 showings per listing while Dallas, Manchester, N.H., and Burlington, Vt. each averaged 11 showings per listing. Of the top 20 busiest markets for showings, 11 recorded double-digit percentage increases over December 2020.
Regionally, the Northeast's 14.2% year-over-year leap in home buyer traffic led the nation in December. The South's 11.9% increase followed, with the Midwest's 8.6% jump and the West's 7.1% increase rounding out the regional growth numbers.
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.
|Metropolitan Area||December 2021 Ratio of Showings to Listings||Year-Over-Year Change||Month-Over-Month Change|
|Colorado Springs, CO||10.94||-10%||12%|
|Salt Lake City, UT||10.75||-3%||-6%|
|Grand Rapids, MI||10.52||13%||9%|
|Virginia Beach, VA||10.13||14%||5%|