Showings Plummet in September
I received Your Castle Real Estate’s September Showings Chart which reveals on average how many showings a listing with Your Castle RE receives in a month. 2018 started very strong with the highest amount of showings ever in the months of January and February. Then, showings dropped for 4 consecutive months through June. Still June showed the 2nd highest number of showings per listing ever.
Then, the number of showings rose in July and August to new record levels. Yes, that’s right! But, in September the number of showings fell off a cliff in essence as the number of showings dropped from 18 per home in August to just 7 showings per home. WOW! This was the second fewest amount of showings for the month since Your Castle started tracking this data in 2010.
This statistic has been incredibly volatile this year. For 4 months (January, February, July & August) this year the number of showings per months was the highest on record for that month. Did the Law of Averages finally kick in during September and thus the number of showings had to drop? Did some buyers just give up? Did the rise in interest rates scare away some buyers?
Or as I wrote above was the market so mis-matched between buyers and sellers that buyers said there is nothing to look at?