Remember how crazy the housing market was a few years ago? It was like a feeding frenzy! Well, things have slowed down a bit since then, but that doesn't mean the market is dead. In fact, there are still plenty of buyers out there checking out houses and getting excited about finding their dream home.

The ShowingTime Showing Index is basically a way of figuring out how many buyers are checking out homes. So, the graph below is showing us how buyer activity has been changing over time. It's a way to help us understand what's going on right now compared to the past.

So basically, real estate has its ups and downs throughout the year. If we check out the past few regular years in the market (you'll see them highlighted in gray), you'll notice a trend. Buyer activity tends to be at its highest during the first half of the year, when it's prime time for homebuying in the spring. But as each year wraps up, things start to slow down.

When the pandemic started back in March 2020, things got pretty messed up in the real estate market. It was like a rollercoaster ride of uncertainty, and you can see that on the graph (the blue part). But then, something crazy happened. We entered what I like to call the 'unicorn' years of housing (the pink part). It was a time when mortgage rates hit record lows and everybody and their grandma wanted to buy a house. Even though it was a wild ride, we still saw some familiar seasonal trends, just on a whole other level.

Alright, let's talk about 2023. So, the traffic we're seeing is actually lower than last month, and it's even lower than the busiest times we had during the "unicorn" years. But here's the thing, it's not like there's suddenly a huge decrease in demand. It's more like things are gradually getting back to a more typical pattern for this time of year.

““Showing traffic declined about 10% in May . . . This follows a typical seasonal pattern – disrupted by the pandemic but now beginning to return . . .””

— ShowingTime

So, to make it more conversational, let's put it this way. Take a look at this graph I've got here that focuses specifically on the month of May over the past five years. This will give us a detailed view and show you that the decline we're talking about isn't something extreme. In fact, it actually highlights just how robust the demand from buyers still is.

What Does That Mean for You?

Just wanted to let you know that buyers are still out and about, checking out homes. In fact, they're even more active compared to May 2022 when people were starting to feel the shock of higher mortgage rates. And let me tell you, they're definitely more active than they were in the pre-pandemic years. So, keep in mind that buyer activity is still going strong. In fact, it could be even better if there were more homes available for sale. The limited supply is kind of putting a damper on things.

““Housing markets have cooled slightly, but demand hasn’t disappeared, and in many places remains strong largely due to the shortage of homes on the market.””

— U.S. News

Bottom Line

It's important to remember how bustling the real estate market is today. If your house isn't up for sale, it means you're missing out on potential buyers who are eager to make a purchase right this moment. Let's get in touch and kickstart the process!