Homebuyer Activity Increased In March With Home Tours Up 9%, Offers Up 22% In Redfin Real-Time Demand Pulse
Offers Climb throughout March as Homebuyers Attempt to Beat Spring Rush, Inventory Shortage
SEATTLE, April 5, 2013 /PRNewswire/ -- Redfin (www.redfin.com), the technology-powered real estate broker, today issued its Real-Time Demand Pulse, the only report in the industry that analyzes home tour and offer data. The report showed:
- The number of customers taking tours increased 9% from February, compared to a 4% increase between February and March in 2012.
- The number of customers making offers was up 22% from February to March, just barely more than last year's 21% gain.
- Most striking was the 16% increase in the number of customers making offers between the first and last weeks of March. Compared with a 3% increase in offers during the same period last year, this year's drastic jump in offer activity indicates an extremely competitive homebuying season and likely gains in April and May sales.
| March 3 – March 30 vs. Four Weeks Prior |
2012 |
2013 |
| Home Tours |
+3.7% |
+9.1% |
| Home Offers |
+21.0% |
+21.7% |
This surge in offers comes at a time when home inventories are at record lows across Redfin's 21 markets. The laws of supply and demand are fully in motion, with home prices up 13 percent year-over-year in February, the rise in the phenomenon of "flash sales," homes selling within hours of hitting the market, and 75 percent of offers written by Redfin agents in March facing bidding wars. Today's data on demand tells us that even though homebuyers are frustrated with market conditions, they are resilient, continuing to tour homes and offer on them, despite the fierce competition. Homebuyers' persistence, paired with increasing confidence among home-sellers, bodes well for the market as a whole. Redfin agents are optimistic that as home prices continue to rise, more homeowners will choose to list their homes, easing the inventory crunch and providing the level of sales volume necessary for the housing market to reach a true recovery.
Click or paste the following link to read the complete Redfin Real-Time Demand Pulse. http://blog.redfin.com/?p=13408
About this Report
The Redfin Real-Time Demand Pulse is a monthly analysis of thousands of customers touring homes and signing offers in twenty markets across the United States. Redfin is the only major real estate broker storing data in one location about its agent tours and offers, enabling the company to project sales volume for the U.S. without waiting 30 – 45 days for sales to close, or an additional 15 - 30 days for them to be recorded as public record.
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 online tools feature 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 21 U.S. markets and has closed more than $8 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), Redfin Collections (www.redfin.com/collections), and on our mobile apps (www.redfin.com/mobile).
SOURCE Redfin
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