I was poking around out MLS looking at some numbers and buyer showings caught my eye. The number of showing a home gets before it gets an
offer is up by 62% in the Twin Cities as compared with last year. The number started to climb at the beginning of the year and has leveled off at slightly more than 11.
Yes, that is right 11 showings. For a few years, the averages have been in the 6 to 8 showings per sale range for a few years. It could mean that there are more buyers looking at fewer listings. The upward curve on the number of showings is pretty steep and it definitely means something.
If your home is in St. Paul the average number of showings has only gone up by 25% or so and is at around 12.5 showings.
The number of in-person tours or showings is the highest during the first five days on the market and then falls sharply if the house is still available.
When selling a house it is a good idea to kind of keep track of home buyer activity in the area to get an idea of how well your house is doing as compared with others.
There are still rumors of a “market shift”. We are seeing a seasonal shift but it isn’t very pronounced. We are still in a strong buyers market with a little more than a month’s supply of houses for sale in most of the metro area with averages for days on market at around 12 days.
Numbers for the month of August will be available soon and I’ll publish them next Tuesday.