March 25, 2020 – As the world comes to grips with the impact of COVID-19, so too has the residential real estate industry, with showings off as much as 45 percent in some North American markets vs. the pace from two weeks ago, according to data obtained by ShowingTime.
Data aggregated from the five million showings scheduled through ShowingTime’s systems each month reveals that buyer interest – which has been higher for the past seven months compared with 2019 – remains intact, but showings have plateaued as more states issue statements asking residents to shelter in place to slow the spread of the virus.
“ShowingTime is dedicated to helping our clients and the communities they serve ease the burden brought on by the pandemic by giving them accurate, reliable data that they can use to help with their home buying and selling decisions,” said ShowingTime President Michael Lane. “We are committed to working with our clients to help them do their jobs in a safe, productive manner.”
To monitor daily showing traffic vs. the same period in 2019, ShowingTime has posted charts on its website that shows buyer activity across North America, along with traffic in individual states, to provide insight on the pandemic’s impact. The data points in the charts represent a rolling weekly average in 100 markets that each record tens of thousands of appointments each month.
“If we look at the magnitude of the slowdown across different price ranges, homes in the $300K range saw 35-45 percent declines in showing traffic over the last two weeks, while homes above $500K are still being shown, but the temporary declines are in the 50-60 percent range,” ShowingTime Chief Analytics Officer Daniil Cherkasskiy.
The onset of the COVID-19 pandemic follows a February that marked the seventh consecutive month of nationwide growth in buyer activity with the nation’s 14.8 percent rise, according to the latest ShowingTime Showing Index® report. The West Region saw the most notable gain, with a 25.2 percent year-over-year increase in traffic, followed closely by the South’s 21.4 percent increase. The Northeast’s 13.4 percent increase and the Midwest’s 9.9 percent uptick rounded out the regional improvement in buyer activity.
“As communities continue to respond to COVID-19, we will continue seeing expected declines in showing activity in most markets, particularly in those that felt the greatest impact in the 2008 housing crash,” said Cherkasskiy. “Whether or not these drops will be sustained will become clearer as additional data are made available. We will continue to monitor the situation and provide the latest data on our website.”
The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than five million showings each month.
Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership.