BuildZoom: Losing Listhub cost Zillow big time, geographically speaking
Heat map shows coverage hobbled in smaller markets
Last week Zillow Group (Z) and Trulia had to remove pretty much all of the real estate listings provided by Move-owned ListHub.
How big a hit was it? [Read full coverage here.]
According to BuildZoom Chief Economist Issi Romem, it wasn't a significant hit in terms of national numbers, but the real impact is in the geographic coverage.
It could get worse as times passes, of course – if and when consumers discover that Zillow and Trulia’s sites don’t show them all of the homes for sale, "no amount of brand loyalty would keep them away from Realtor.com’s comprehensive listings," Romem writes.
To find out if the damage has been done or if Zillow’s mad scramble for MLS listings offset the hit, BuildZoom tracked the number of home sale listings on each of the three websites – Zillow, Trulia and Realtor.com – once daily for each county in the United States, not including foreclosure sales, pending home sales that are exclusive to Realtor.com, and Zillow’s “make-me-move” listings.
Trulia took a 16.3% hit, while, Zillow took a 11.9% shave.
“The national numbers tell only part of the story, and not the one that really matters. Consumers looking to buy a home do not search listings nationally, but locally, so while national stats may matter in the abstract, consumers are far more likely to ditch a website after discovering that local listings are missing. The crucial element of the story is therefore where Zillow and Trulia’s coverage has been hurt and where it has not…” Romem writes on his blog.
The dark blue areas of the maps show recent Zillow gains, while the lighter the shade show where more listings were lost.
The map shows that the worst hits are in smaller metros and rural locales moreso than the big metros.
To read the BuildZoom full analysis, click here.