Cision PR Newswire
April Slowdown in Showing Activity "Unusual", Reflecting a Slight Softening of Competition Among Buyers According to ShowingTime Data
News provided byShowingTime
May 31, 2022, 9:00 AM ET
Overall, the U.S. experienced a 10.7% year-over-year decline in buyer demand in April, though 103 markets still recorded double-digit showings per listing, led by Burlington, Vt., and Bloomington-Normal, Ill., for the second month in a row.
CHICAGO, May 31, 2022 /PRNewswire/ -- Buyer competition for listings was slightly subdued in April as 103 markets across the country recorded double-digit showings per listing, compared to 146 in April 2021 and 121 in March of 2022, according to the latest data from ShowingTime, one of the residential real estate industry's leading technology providers of showing management and market stats.
Year-over-year declines occurred throughout most of the country, according to ShowingTime's Showing Index®. A combination of tapering demand and comparisons to the hectic pace set last year partly explain April's decrease, though the numbers still indicate robust buyer activity. The top 25 markets averaged more than 14 showings per listing, with Burlington, Vt., and Bloomington-Normal, Ill., leading all markets with 20.30 and 16.42 showings per listing, respectively. Other busy markets included Richmond, Va.; Denver; Akron, Ohio; Rochester, N.Y.; and Bridgeport, Conn.
"April buyer activity was rather unusual, since it typically matches March levels," said ShowingTime Vice President and General Manager Michael Lane. "But this year, April traffic was slower across all markets, pointing to competition softening. It contrasts with last year's dynamic, when demand reached a feverish peak in April."
Regionally, the Midwest's 7.3% year-over-year decline in buyer demand was the lowest, followed closely by the Northeast's drop of 8.6%. The South saw an 11.6% decline in showing activity year-over-year, with the West's 35.3% decline rounding out the regions.
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.
April 2022 Ratio of Showings to Listings
Grand Rapids, MI
New Haven, CT
Kansas City, MO
Fort Collins, CO
ShowingTime is an industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime's technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.
Barbara Wagner Communications
Barbara Wagner Communications
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