After two of his colleagues listed homes on MLS last Friday, Ebby Halliday Realtor Doug Chitwood already knew what was going to happen.
“Both had over 150 showings each,” he said. “Showings are up significantly due to the lack of inventory — there are almost no homes to show. It sounds like a healthy market but it’s really not.”
If 150 showings over a weekend sounds overwhelming, that’s because it is.
“Having buyers in this market is a challenge, to say the least,” Chitwood added. “I’m having my clients stay at a hotel for the weekend due to so many showings.”
Chitwood’s assessment is right, especially with new numbers from ShowingTime that illustrate just how crowded the market is for buyers. The data shows a surge in home buyer demand in January, with the average number of showings per listing at double digits in 83 markets nationwide.
“Given last year’s historic flurry of activity, it’s not surprising that buyers were motivated to meet their homeownership goals so shortly after the holidays,” said ShowingTime Vice President and General Manager Michael Lane. “With buyer demand showing no sign of letting up, we remain committed to helping busy real estate professionals handle the ensuing surge in business, just as we did throughout last year.”
A Strangled Spring Selling Season
According to ShowingTime‘s rankings, Dallas is No. 6 nationwide in showing traffic. Dallas — along with the Florida cities of Miami, Orlando, and Sarasota — contributed to a 12.3 percent year-over-year jump in showings for January, which is typically a slower month before the spring market ramps up.
However, economists are predicting that the North Texas real estate market may not cool down any time soon as the number of available homes for sale in Dallas-Fort Worth has plummeted 42.4 percent year over year.
For buyers from out of town, that’s a sticky situation that requires a clever strategy.
“Last weekend I showed California clients new construction in Godley, existing homes in need of renovations on the Ridgewood Golf Course by Lake Waco, a single-family home in Southlake, and a single detached in Colleyville!” said Briggs Freeman Sotheby’s International Realty agent Sam Saladino. “Networking and keeping the pipeline open with your fellow agents across all brokerages is one of the many tools we have to utilize in the current market. Many of my current buyers have identified specific homes not currently on the open market in desired neighborhoods. I’m in the process of creating individually targeted marketing to help address these needs.”
