Is buyer demand waning? According to the latest data from ShowingTime, fewer buyers are showing up to tour properties on the market.
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. Overall, the U.S. experienced a 10.7 percent year-over-year decline in buyer demand in April.
“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.”
Showings Dip, Inventory Increases
In Dallas, the ratio of showings per listings was down 9 percent year over year and down 11 percent from the previous month.
For Jennifer Riley Rice, a Realtor with Compass’ Heather Guild Group, there have been fewer showings on her listings for the past few weeks, though there hasn’t been a huge slowdown. However, the drop in showings may also have something to do with an increase in the number of homes available for purchase.
“There has also been over a 10 percent increase in new listings hitting the market, which is great news,” Rice added.
“I’m seeing half the showings I expect or typically have,” says Joanna Gaines Utley of the Land and Luxury Group at Compass. “I even staged this last listing. We had one viable offer and they ended up pulling out. I think everyone heard about awful this market is and gave up.”
The root of the issue is pricing, Gaines relayed.
“Sellers have to stop over pricing or they’ll end up with no interest and doing massive price drops,” she said.
National Trends
According to ShowingTime‘s data, the top 25 markets averaged more than 14 showings per listing, with Burlington, Vermont, and Bloomington-Normal, Illinois, leading all markets with 20.30 and 16.42 showings per listing, respectively.
Other busy markets included Richmond, Virginia; Denver; Akron, Ohio; Rochester, New York; and Bridgeport, Connecticut.
