Redfin By The Numbers, March Edition: More People Out Looking At Homes

We’re kicking off a new series on Boston Sweet Digs called Redfin By The Numbers. In this series, we’ll take a look at our brokerage stats in Boston to see how what our clients are doing right now reflects what’s happening in the market.

Let’s take a look at Redfin’s March numbers in Boston.

Our Clients Love Our Fanatical Service

We survey every client and track every transaction in a central customer database. For the surveys we received in March from our Boston clients:

  • 19 clients responded to our customer-satisfaction survey and posted a review online, up from 11 in February.
  • All 19 of those clients, or 100%, would recommend Redfin to a friend, the same rate from February.

In these surveys, Redfin asks customers to rate the likelihood that they would recommend Redfin to a friend on a 0-to-10 scale. Customers who rated 6 or higher count as people who would recommend Redfin to a friend.

People Are Kicking Tires

In March, our Boston clients were busy touring homes and making offers:

  • Redfin clients in Boston toured 292 homes in March, a 65% increase from the 177 homes toured in February.
  • Our clients made 44 signed offers on homes, up from 32* in February.
    o Sean Valiton: 22 offers
    o Hannah Driscoll: 22 offers
  • 2 of those offers, or 5%, were on bank-owned foreclosures, down from 6% in February.

*In an earlier post with the February numbers, we reported the number of unsigned offers we received from Redfin clients. Starting with this post, we’re tracking the number of signed offers our clients submitted to listing agents.

We also had a great home-buying class in March. About 15 people came to our Somerville office to learn about the home-buying process and meet our agents. There were a lot of questions about the first-time home-buyer tax credit. Check out the slide deck from the class.

It’s Taking 45 Days To Close On A Home

In March, it took about a week longer for our Boston clients to close on their homes than it did for Redfin’s clients in other markets:

  • For our clients who bought re-sales, the average time from initial agreement on terms to the close of the deal was 45 days, down slightly from February’s 46 days; for Redfin’s clients in other markerts, the average was 38 days.
  • All of our clients successfully financed their homes, the same as in February
  • 3 deals failed the home inspection, up from zero in February.
  • Of our closed deals, the average discount off list price for homes sold was 4.05%, down from 4.15% in February.

Look For Our April Report

We’ll be back next month with a report on what happened in April. What numbers would you like to see in our April report?

  • Nick

    Due to the seasonality of the market, these numbers are more useful with a year-over-year comparison. How does this March compare to March 2008?

  • Chris Glew

    Thanks for the feedback. We’ll include year-over-year trends when we report on April.

    Is there a particular number you’d like to see?

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  • Tachikoma

    What are average and median numbers for discount off list price for all purchases in Boston area?