The 2021 Real Estate market has been booming – there is no question about that. However, over the past several weeks – we have begin to notice some trends.
- Listings not selling in 3 days it may take 1-2 weeks
- Buyers only competing with a few other offers vs. 12+
- Even in some cases, being the only offer
Our lead data nerd 🤓Lisa Kapsner-Swift, was able to track down some very relevant data from ShowingTime – the main resource Realtors use to schedule showings.
This graph charts the number of showings on average month over month. For the first time in 3 years, we are seeing showing numbers decline from the previous 2 years. Right under the box with the details, we actually see the lowest dip for this time of year in the past 3 years – this dip just so happens to coincide with Memorial Day.
With the Country starting to open up again after a year of uncertainty and shut down due to COVID-19, people are starting to take vacations again, see family again and do “normal” things again. Holidays actually mean something in Real Estate again.
So what does this actually mean for Buyers and Sellers? With a decrease in showing activity, the natural result of that can lead to a decrease in competition. This then can help improve a buyers chance to winning with their offer. Price and terms are still huge determining factors in winning a multiple offer, however, maybe the competition is not as fierce. Homes that priced well in desirable locations will generate a ton of interest because of the buyer pool that has been waiting and waiting to get an offer accepted.
With the 4th of July 🎆right around the corner, it will be interesting to see what narrative the numbers tell us.