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Showings are at an all time low! | The Lafayette Market Update
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Jan 2022 reported an All-time low in the number of Showings. Is this the beginning of the End of a healthy Real Estate Market?
Hey, if you are a homeowner, investor, or interested in buying property here in south Louisiana, we have all the data you need.
So last week, we talked about sales and volume but this week we are diving into supply and demand. Lafayette Parish reported 7 fewer new listings on January 22 vs January 21. However, the MLS reported a 25% decrease in total actives available.
So what we are seeing is almost the same number of new listings coming onto the market, as last year. But, the demand is absorbing the inventory faster than homes are becoming available. And that is leading to a lack of supply.
So (Demand) is driving the lack of inventory, not necessarily lack of sellers listing their property. Because of this lack of supply, our Days on Market has (decreased) from 5 days to 29 Days. Creating a (Sellers) market. Here is another very interesting trend.
The average showing to pending ratio going back to 2014 was 5.5%. meaning it took on average 16 showings to sell a house. As our inventory declined in 2020 you can see the showing to pending ratio increased significantly to 16% meaning it only took 6 showings to get a house sold. That is a 60% increase in the showing to pending ratio year over year.
We can conclude that today’s buyers are making decisions in less time and with fewer showings. I hope you found this information valuable.
If you are interested in buying or selling real estate, I would love to help.
Stay tuned for next week when I will break down our inventory, Average price,, and appreciation.
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