We recently read an important statistic on current buyer demand that we thought we should share with you.
It comes from real estate listings analysts ShowingTime. The company has been publishing its Showing Index® for over four years. This is essentially a measure of viewings per residential property by agents and brokers, through tracking the average number of buyer showings on active properties on a monthly basis.
The Showing Index® is an important indicator of buying trends in that it gauges foot traffic across available homes for sale, thus providing a strong indicator of demand.
The latest Showing Index® report was published in March and it showed the strongest national index rating (166.8) since ShowingTime started the survey at the beginning of 2014, also representing a 5.7% year on year growth in viewings since the same period last year.
Looking slightly more locally, it's interesting to note that, for the Southern quadrant of the US, including our area, the March figure was indeed the strongest Showing Index® measure since records began and an 8.2% year-on-year improvement too. This is also the highest growth figure across the nation.
This is yet another indication of the incredible strength of current buyer demand. What's even more special about the current purchasing environment is that inventory continues to lag behind the demand curve, so we have the ideal seller's market where prices are being driven by enthusiastic buyers chasing a general shortage of available properties across most market sectors. This is often resulting in intense competition for the best homes and multiple offers frequently leading to sold prices above what was originally asked.
With so many very active buyers, this is a perfect time to consider selling your home, if you feel the time is right. Don't hesitate to contact us to discuss the many possibilities created by these highly positive market conditions.