Tag Archives: Redfin

The median days on market for homes sold in 20 metros tracked by Redfin rose to 41 in January, the company reported—five days longer than in December. At the same time, however, the share of listings under contract within two weeks jumped to a quarter. “That uptick indicates that determined buyers are still keen to quickly make offers on the most coveted listings,” said Redfin researcher Troy Martin.

Think home inventory will see a big boost as owners gear up for the spring shopping season? Survey results from Redfin suggest otherwise. In a poll of more than 1,900 homebuyers across 22 major metro areas, the online broker found 39 percent of homeowners have plans to rent out their existing home after buying a new place—limiting the number of supply coming to the market.

In a February survey of nearly 2,000 homebuyers, Redfin found that 16 percent of first-timers (who made up about half of the total survey group) have been held back from purchasing in the past by student loan debts. Out of all homebuyers surveyed, one-third said student debt had led them to put off purchasing for one to two years, while slightly less than that said they had to delay for four years or more.

Home buying competition rose over the month of January but was down from last January, according to national real estate brokerage Redfin, which took the year-over-year decline as a sign that low inventory and rising prices are thwarting demand in the housing market. About 58 percent of home offers by Redfin agents encountered a competing offer in January compared to nearly 53 percent in December.

Housing inventory declined more than 9 percent over the month of January in the 19 markets in which online real estate brokerage Redfin has a presence, according to the company's Real-Time Price Tracker for January. ""A year ago, we didn't think inventory could go any lower, yet we're beginning 2014 with another disappointment,"" Redfin stated in its January report. With the caveat that ""it is too soon to tell,"" the brokerage did offer some optimism regarding inventory in coming months.

The year started off with relatively strong homebuyer interest, but that interest has not translated into actual home purchases, according to the latest Real-Time Demand Pulse released Thursday by Redfin, a national online real estate brokerage. After a normal lull during the holiday season, the number of consumers taking home tours increased 53.8 percent in the first month of the year. Meanwhile, the number of offers made in January is only up 28.7 percent compared to last year's 42.6 percent.

Homeowners surveyed by Redfin last month expressed greater confidence in the current selling environment, but many remain concerned about the difficulties they may face on the buyers' side of things. Denver Redfin agent Paul Stone captures survey-takers' sentiment, saying, ""Most of my home-selling clients worry the most about what will happen after they sell. With so much competition in the market, they fear they will have to move in with their in-laws if they can't find their next home quickly.""

According to Redfin's most recent Real-Time Bidding Wars report, 52.0 percent of offers made by the company's agents faced competition last month, down from 52.8 percent in November and 62.4 percent a year earlier. Competition plummeted in the Northeast, which experienced "[p]articularly frosty weather" in the year's final month. Instances of competing offers dropped most in Boston and Baltimore, falling 19.7 and 13.5 percentage points, respectively.

Homebuyers hoping for more inventory and greater variety in December didn't get their wish, online brokerage Redfin reported in its latest Real-Time Price Tracker. According to the company's data, the total number of for-sale homes dropped to just below 200,000 in the final month of 2013--a monthly drop of 14.1 percent. While declines are normal for the season, December's decrease was the steepest since at least 2008, says Redfin analyst Tommy Unger.

Homebuyer demand experienced a sharp downturn as the book closed on 2013, according to Redfin's numbers. The company's statistics show the number of customers requesting tours falling 14.8 percent month-over-month in December--more than double the 7.1 percent drop recorded at the same time last year. Meanwhile, the number of Redfin customers making offers on homes fell 20.2 percent, a steeper decline than last year's 16.7 percent drop.