Tag Archives: Redfin

More than one-third of homes were taken off the market in two weeks or less last month, Redfin revealed in its most recent monthly housing report. On average, 34 percent of homes were under contract within 14 days of their debut in February, an increase from 30.3 percent in January, the online real estate broker reported. Redfin also reported a continued year-over-year decrease in inventory, which has fallen 32 percent from February 2012.

Redfin's latest survey shows a shortage of inventory and rising prices--both of which naturally benefit sellers--are creating frustration for buyers trying to get in on the ground floor of the housing recovery. According to Redfin's findings, 79 percent of buyers who responded to the survey now believe home prices will increase in their neighborhood over the next year, up from 71 percent in Q4 2012. The share of buyers who believe prices will rise ""a lot"" more than doubled, increasing to 22 percent from 10 percent previously.

In a blog post Friday, Redfin revealed new conventional listings have actually gone up 2 percent compared to last year, while listings for distressed properties have been reduced in half. Redfin conducted an analysis of new property listings in the first five weeks of 2013 (January 1 to February 11) compared to the same period in 2012. The Seattle-based brokerage found short sale listings decreased 54 percent from 2012, while REO listings are down by 46 percent. Overall, new listings declined 18 percent from 2012.

Redfin, a Seattle-based real estate broker driven by technology, is finding some of the nation's top emerging markets in what the broker says are unlikely places. Redfin studied 48 emerging neighborhoods located within 16 major metro areas across the country to determine which neighborhoods showed the most promise in terms of price growth this year. Seven of the top 10 neighborhoods are located in California. The top neighborhood is Highland Park, located in Los Angeles.

Redfin's Price Tracker, a monthly report on prices, sales, and inventory across 19 U.S. markets, is based on local multiple listing services. According to the data for December, all three of the indicators tracked took a plunge during the holidays. According to Redfin, listings were down 11.5 percent from November and 33 percent from December 2011. The lack of selection proved to have a hindering effect on sales, which declined 4.1 percent from November to reach the lowest level in 10 months, Redfin reports.

Redfin announced that as of mid-November, it has saved customers more than $100 million in real estate fees and reached more than $8 billion in home sales. According to Redfin, customers have saved more than $25 million on fees in 2012 alone. The company also boasts a satisfaction rate of 97 percent.