Numbers released today by real estate market statistic provider ShowingTime highlight once again just how hot the North Texas market is. In November, the ratio of showings to listings in the Dallas metro area was 11.09 to one. That’s a 24 percent increase in the showing index from the same time last year.
The index was compiled using data from more than 6 million property showings scheduled across the country each month on listings using ShowingTime services and technology. That technology tracks the average number of appointments received on active listings over the course of the month.
Zach De Bernardi, CEO of Standard Real Estate, says sellers not only seeing more showings, but nice properties that are move-in ready are still receiving multiple offers well above list price. The lack of inventory has motivated buyers to take a second look at properties that have been on the market for a while, too.
No Sign of Slowing Showings
De Bernardi doesn’t foresee much changing in the new year. The housing supply will likely continue to trail demand even as builders continue apace. Those factors, coupled with continued supply chain issues, will likely result in even higher home prices.
“People are moving here from a variety of different states for a variety of different reasons,” De Bernardi says. “I don’t think we’ll ever reach California prices, but I think we will see some jump in 2022 though it will probably level off some.”
A National Trend
While the Dallas market remains robust, it did not have the highest ratio of showings to listings. That honor again went to the Seattle metro area with a ratio of just under 15 showings per listing. It was followed by Denver with 13.44 and Orlando with slightly under 12.
Nationally, the index was 6.15 showings per listing, a 12.5 percent increase from Nov. 2020. The Midwest and Northeast regions saw 14 percent year-over-year increases while the South was close behind with 13.6 percent. The West region reported a more modest 3 percent increase in activity.
“Showings traditionally lag during the holiday season, but the data we’re seeing tells us that buyer demand remains strong,” ShowingTime vice president and general manager Michael Lane said. “The fact that every region showed a year-over-year increase indicates that buyers are undeterred by the approaching holidays. It speaks to their desire to keep searching for their next home.”
