Despite Inventory Crisis, Showings are Up
There are 554,000 fewer homes for sale today in the United States than one year ago. Thats an inventory drop of 53% y/y, and another 1% since just last week. The inventory crisis is growing and not going away any time soon.
However, home sales are happening lightning fast. How fast? In my own zipcode in Colorado, the average days on market is down to 7, and there are only 8 listings available. This is causing prices to skyrocket. It’s not even really “spring” sales season here yet – as it snowed yesterday. (Go ahead and gloat sunshine people – Yes, at this point, I’m jealous) Nationally, the typical home spent 43 days on the market in April, 20 days fewer than last year at this time. Source: Realtor.com
The only thing hotter than sales prices, is showings. Showingtime data reveals that despite the 53% reduction in inventory, total showings nationwide are up 3% from the “normalcy” of 2019.
Just for kicks, that’s an awesome 81% increase in showings since the start of the pandemic in 2020 – but that’s not statistically interesting – just a wow factor.
This trend may continue deeper into the year than typically. It will be interesting and we will keep you in the loop as we learn more.
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