Pace of Real Estate Market Holds Steady in October in Latest Redfin Report
Homes Selling Within Two Weeks Remained at 28.1% in October Despite Predictions of Slowing Due to Government Shutdown
SEATTLE, Nov. 25, 2013 /PRNewswire/ -- Redfin (www.redfin.com), the technology-powered real estate brokerage, today issued its Fastest Markets Report for October 2013. Across 23 metro areas, the percentage of homes that went under contract within two weeks held steady in October at 28.1 percent, despite predictions that uncertainty caused by the government shutdown would cause buyers to slow their pace. Instead, Redfin found that overall demand was much stronger than expected, which kept selling speed from falling below September levels.
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While the percent of homes selling in two weeks or less remained steady, homes overall took a bit longer to sell than last month. Across 23 markets, the median number of days a home spent on the market before going under contract grew to 31 from 29 days in September.
Overall Fastest/Slowest:
- Buyers in San Jose scooped up homes the quickest in October, with 48.9% of listings going under contract within two weeks, up from 46.5% in September. Looking at all homes, San Francisco and San Jose tied for first place, with homes sitting on the market for a median of 14 days.
- Philadelphia was again the slowest market. Just 6.5% of Philly-area homes went under contract within two weeks in October, a slight drop from 7.2% in September. Homes in Philly spent 69 days on the market in October, compared to 68 in September.
Notable Speed Changes:
- Houston saw the biggest month-over-month increase in market speed, with a 4.5 point increase in the rate of homes going under contract within 14 days.
- Phoenix slowed the most from September to October, with a 2.8 percentage point drop in the rate of homes going under contract within two weeks of their market debut.
- Boston sped up the most year over year, with a 26.9 point increase in market speed from the year before. The median time on market for Boston homes fell to 41 days in October, from 56 the year before.
- Ventura, Calif. had the biggest year-over-year speed deceleration, with a rate of homes going under contract in two weeks dropping 13.3 percentage points.
According to Paul Reid, a Redfin agent in Riverside, Calif., "Today's buyers are better qualified and more serious than the buyers we saw this spring, and can move quickly when they find the right home. Many are very motivated to find a home before early 2014, when they expect rates and competition to increase. The prospect of moving during the holiday season does not faze them."
To read the full report, complete with a speed ranking of 23 real estate markets, click the following link. http://www.redfin.com/research/reports/real-time-fastest-markets.
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin's website features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. The company serves 22 U.S. markets and has closed more than $13 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider. Follow us on our blog (blog.redfin.com), Twitter (@redfin), and Facebook (facebook.com/redfin).
SOURCE Redfin
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