2019 was inefficient. Over 22 appointments per sale. Buyers were kicking tires, not committing.
2020 was the shock year. Appointments surged almost +30% YoY, and efficiency snapped to half. Pandemic urgency + low rates = buyers
2021 softened. Activity dipped slightly and the index worsened back to 17. Buyers came out but were choosier.
2022 slowdown. Appointments fell again (down -21%), but efficiency improved a touch. Fewer buyers, but those who showed up were serious.
2023 rebound. Appointments jumped back nearly +23%, efficiency got better (12.2). Market was adjusting to rates, but demand showed resilience.
2024 pullback. Activity fell -20%, a hangover year. Efficiency held steady at 12.
2025 stabilization. Appointments climbed +11%, and efficiency tightened to 11, the best balance since 2020.
2025 is the first time since the pandemic boom that we’ve got healthy activity and efficient conversion happening together. Buyers are showing up, and they’re not wasting time. That combination hasn’t been seen in 5 years.
