March 2013 Redfin Real-Time Demand Pulse (February data)
After an extremely strong January, tours and offers continued climbing in February, despite a continued decline in new listings and increasing frustration among buyers. As more buyers begin searching for a home, they find themselves competing for fewer homes for sale, resulting in high levels of activity on nearly every well-priced home that hits the market.
The number of customers taking tours gained 6% from January, compared to a loss of 4% between January and February in 2012. Meanwhile, the number of customers making offers gained 20% from January to February, slightly more modest than last year’s 28% gain. While the number of customers making offers always increases dramatically at the start of the year, the last week in February saw 267% more customers making offers than during holiday slump, much larger than the 168% gain over the same period a year ago.
A strong display of buyer activity and steadily rising prices is adding up to increasing seller confidence, but so far it hasn’t been enough to motivate enough sellers to notably improve the inventory situation. It is unlikely that the balance will change much over the next few months, but we could see more sellers jump into the market if the spring home-buying season is as intense as it is currently shaping up to be.
For additional data, feel free to download the spreadsheet if you’d like to dig into the February data for yourself.
Buyers Making Offers to Buy a Home
|Redfin Customers Signing Offers||2012||2013|
|February 2 – March 2 vs. Four Weeks Prior||+27.7%||+20.3%|
|February 24 – March 2 vs. Prior Week||+3.9%||+15.6%|
Buyers Touring Homes for Sale
|Redfin Customers Requesting Tours||2012||2013|
|February 2 – March 2 vs. Four Weeks Prior||-3.7%||+6.1%|
|February 24 – March 2 vs. Prior Week||+7.0%||+11.3%|
The full Demand Pulse index data is available for download in a spreadsheet, where you can check out four years worth of trends.
Be on the lookout next week for the Redfin Real-Time Home Price Tracker, the industry’s earliest report on what happened to real estate prices around the nation in the month of February.