Showing activity rises 8.5% nationally in 2017; strong demand expected to continue into early 2018
Showing activity increased nationally in 2017 as demand continued to outweigh supply.
West (13.3 percent), Midwest (12.2 percent), Northeast (4.3 percent) and South (3.6 percent) regions all record year-over-year gains to close the year strong.
ShowingTime combines showing data with findings from its MarketStats division to provide a set of benchmarks that track demand for active listings throughout the country.
Home showings on the national level posted a 7 percent year-over-year increase in December 2017 to close a year in which showing activity increased 8.5 percent nationally, according to the ShowingTime Showing Index®.
All four regions finished the year strong, with the West Region experiencing a 13.3 percent year-over-year increase in buyer interest. The Midwest (12.2 percent), Northeast (4.3 percent) and South (3.6 percent) regions also saw an increase of showing activity compared to the same period last year.
ShowingTime Chief Analytics Officer Daniil Cherkasskiy said the December increase can be attributed to the lack of inventory, which continues to lag behind consumer demand. Cherkasskiy said he anticipates a similarly intense market in early 2018.
“While, unsurprisingly, December is always the slowest month for showings, activity in December 2017 was substantially higher than the previous year due to lack of inventory,” Cherkasskiy said. “This points toward higher demand in early 2018 because of new buyers and those coming back to the market from last year.”
The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, which facilitates more than 4 million showings each month. It tracks the average number of appointments received on an active listing during the month. The Showing Index, released the third week of each month, will eventually be released on a weekly basis. Local MLS indices are also now available for select markets, and are distributed to MLS and association leadership to provide them with another resource to share with members and to communicate to local media.