Let’s look at our brokerage stats in Boston to see how what our clients are doing right now reflects what’s happening in the market.
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 April from our Boston clients:
- 24 clients responded to our customer-satisfaction survey and posted a review online, up from 19 in March.
- All 24 of those clients, or 100%, would recommend Redfin to a friend, the same rate from March.
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.
More People Are Out Looking At Homes
In April, our Boston clients were busy touring homes and making offers:
- Redfin clients in Boston toured 396 homes in April, a 36% increase from the 292 homes toured in March.
- Our clients made 59 signed offers on homes, up from 44 in March.
- Our Boston agents were busy working on these signed offers:
- 4 of those offers, or 7%, were on bank-owned foreclosures, up from 5% in March.
*Adam joined the Redfin team on April 20th. He’s a native of Marblehead and has 6+ years of real estate experience.
It’s Taking 49 Days To Close On A Home
In April, it took 9 days 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 49 days, up from 45 days in March; for Redfin’s April clients in other markerts, the average was 40 days.
- 2 of our clients failed to get financing, up from 0 in March.
- 2 of our clients’ deals failed the home inspection, down from 3 in March.
- Of our closed deals, the average discount off list price for homes sold was 3.13%, down from 4.05% in March.
“The closing process is taking more time because it’s taking up to twice as long to get homes appraised,” says Redfin Boston agent Hannah Driscoll. “It takes so long get an appraisal that we have to set closing dates 60 days out from when the offer is accepted – it used to be 45 days out.”
Look For Our May Report
We’ll be back next month with our analysis of the May numbers. Let us know what you’d like to see in that report.