Heavy Buyer Demand Continues in October Despite Election and a Surge in COVID-19 Cases

Heavy Buyer Demand Continues in October Despite Election and a Surge in COVID-19 Cases
December 7, 2020

CHICAGO, Illinois (MO.Properties) – ShowingTime, the residential real estate industry’s leading showing management and market stats technology provider, found that October’s normal seasonal slowdown was upended, with year-over-year showing activity continuing to surge across the U.S. More than 25 markets, especially in the West, Northeast and the South, were indicative of these showing trends.

“Buyers looking for homes typically slow down searching at this time of year, but surprisingly, house hunting remained steady month-after-month as we head into winter, subverting all the usual trends,” said ShowingTime President Michael Lane. “Seeing markets throughout the country record twice as many showings per listing compared to the same time last year suggests pent-up demand hasn’t fully played out yet.”

Several markets in the West including Denver-Aurora, Colorado Springs, Reno-Sparks and Provo-Orem, recorded double-digit showings per listing, well above the current U.S. average of six showings per listing according to data from the ShowingTime Showing Index®. A lack of inventory continued to be a contributing factor as more buyers competed for fewer listings, with traffic up 60.9 percent year over year.

“Another unlikely pattern we spotted was showing activity increasing from September to October,” added Lane. “Pensacola and Naples, Fla., along with Huntsville, Ala., and Gainesville, Ga. were examples where more buyers visited homes in October compared to the previous month.”

The Northeast Region again stood out in October, recording a year-over-year increase in buyer traffic of 65.5 percent, marking the fifth consecutive month the region recorded the largest gain in showing activity. Boston-Cambridge-Quincy and Bridgeport-Stamford-Norwalk are among the locations driving these trends. The West increased 64.7 percent over the prior year, while the Midwest was up 55.7 percent and the South recorded a 54.7 percent increase in showings vs. October 2019.

“Due in part to continued low levels inventory and favorable interest rates,” said ShowingTime Chief Analytics Officer Daniil Cherkasskiy,” showing activity is significantly outperforming last year, a trend we expect will continue.”

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. The Showing Index tracks the average number of appointments received on active listings during the month.

About ShowingTime

ShowingTime is the residential real estate industry’s leading showing management and market stats technology provider, with more than 1.7 million active listings subscribed to its services. Its products are used in 370 MLSs representing one million real estate professionals across the U.S. and Canada. Contact us at research@showingtime.com.