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CA Showings

June will be a critical month for sustaining the momentum.

Will we run out of buyers? Or will they give up and go on vacation?

Or will there be so few listings that we can’t tell?

Pay-Per-Showing

We have another disrupter who is providing a service you didn’t know you needed until now.

Traditionally, a buyer’s agent accompanies their clients to show them the homes for sale, and to give expert advice about each house while on site. But other real estate companies – who don’t appreciate that valuable service – have dumbed it down by just paying door-openers that allow buyers into the house, but leave them on their own to figure out the rest.

A new company has taken it one step further, and is providing an Uber-like service where random agents can get paid for opening doors for other agents.

The company charges $39, and pays $24 of it to the door-opening agent – who agrees to not offer advice to the buyers, and to direct them back to the agent who paid the $39 showing fee.

https://showami.com/

Will it happen some day that the buyers will be charged a fee to see a house?

Max Showings?

This year’s orange line has plateaued. It’s been in the 70% range all month, meaning there has been 70% more showings each week than there were during the first week of the year.

Even though it’s twice as much, it mirrors the 2019 trend that the spring selling season is underway, and I think we can assume that every buyer who is thinking about moving in 2021 is out looking at homes.

The buyer pool is full, and engaged.  Sellers, no need to wait!

California Showings

No surprise here, given what we see in the market today.

But interesting that 2021 is off to 2x the start we had last year – which was pre-covid!  New listings are down 20% to 25% while twice as many people are looking!

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Buyer Demand to Continue

Two weeks from today, the year 2020 will come to an end.

We are heading into 2021 with a strong surge of buyer interest. In spite of the current active inventory being far less than it was in 2019, there are more than twice as many people looking at homes today.

It has to carry over to next year! Hopefully there will be something to buy.

California Home Showings

This looks like a dramatic drop-off in showings but we are still 160% above where they were last year, and way above where they were in February.  If there were just more homes for sale!

We got off to a hot start in 2020, and you can see how showings in January of this year picked up immediately compared to November, 2019. Let’s compare the December showings over the next few weeks to give us a feel for how fast the market will get started next year!

https://www.showingtime.com/impact-of-coronavirus/

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Showings Are Still Elevated

Click to enlarge

Not only does the current level of showings make up for the dip we had at the beginning of the Covid-19 market, but the 7-day moving average was higher on Saturday than all but two days this year (now 225% higher than it was during the first week of 2020).

As long as mortgage rates are under 3%, people will be looking!

https://www.showingtime.com/impact-of-coronavirus/

More Showings Than Ever?

Not only are there 92.7% more showings this year than on 2019, but this has to be the most people looking at homes for sale in the history of California!

Has there been a surge of new inventory lately?

Locally, the number of new listings has been normal:

NSDCC New Listings Between June 1 and July 31:

2017: 856

2018: 925

2019: 903

2020: 918

There are just more people looking than ever, and it’s translating into sales.

Our July count of NSDCC closed sales is up to 347, which is 23% higher than in July, 2019.

Statewide Showings Subside (Slightly)

I’m not alarmed here with a statewide drop-off in showings:

  1. Showings are 37.4% above those in early March.
  2. They are way ahead of last year!
  3. It was going so good that a drop-off was inevitable.
  4. Showings declined this time last year too – might be seasonal.

If you would have predicted this market bounce-back in April, nobody would have believed it!

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