Q1 2022 Analytics Wrap Up
The first quarter of 2022 has come to a close and it’s been an eventful year so far. The BD team had a great time at IBS in Orlando, Florida and we have some exciting things in the works over the next few months. But enough about us, how was the start of your 2022? Are things slowing down? Speeding up? Depending on your situation, your data goes to one extreme or another.
The shortage in new homes continues and it’s not anything new to anybody - especially consumers, who read the headlines, too. Even though new construction starts were up 22% in February, the inventory shortages we’ve been seeing for some time aren’t going anywhere any time soon..
When we look at data and then analyze that data, it’s important to remember how many homes you actually have listed. Fewer homes listings can very well mean lower traffic numbers (and leads numbers, too)
Prices for homes rose 20% in 2021 nationwide and as much as 30% in some markets. Couple the price increases with rising interest rates, the buyers’ dollar doesn’t go nearly as far as it did just a year ago.
With so many forces at work to keep in mind, let’s look at website data.
Q1 2022 Website Traffic Trends
Let’s dive in. The new year typically brings a pretty routine bump in traffic. This year was no different. Traffic in January was up almost 43% from December (41% in 2021). From here, things have been looking very similar to 2021.
February brought the normal February dip. We’ve seen this year after year as well. The main exception was two years ago with the beginning of the pandemic. Traffic in February was down 6% compared to January (2% decrease in 2021).
One of the biggest questions we had was whether the supply shortage and price increases would calm traffic numbers or throw off our traditional trends. So far in 2022, we are looking very similar to previous years. Traffic in March rebounded 6% compared to February. However, in 2021, we saw the busiest month we’ve ever seen. March 2021 traffic was up 14% compared to February 2021. So while we saw double to growth last year at this time, the next seven months saw a shark loss in momentum.
What We Expect To See Moving Forward
While home prices, material costs and inventory shortages continue to be an issue in the headlines, builders are seeing some progress in getting more homes built and ready to go for consumers. More homes in the market will hopefully lead to more traffic and more conversions so the rest of 2022 should be pretty active.
How Do You Compare?
Remember that when we look at these trends, we are painting with a pretty broad brush. Some of our marketing and SEO partners are seeing different numbers based on whether they have inventory or not. This data is meant to serve as a guide as to what other builders are seeing as a whole.
So what if you don’t have much to move in the way of inventory? Then now is the perfect time to focus on creating content for when you do. Establish relationships with other companies in your area, engage previous buyers with homeowner tips, and do a little bit of spring cleaning when it comes to your marketing infrastructure.
We’re looking at analytics all the time, and our marketing partners are the first to know what’s coming around the bend. If you’d like a free social, SEO, web, or analytical audit - let us know.