Redfin By The Numbers, March Edition: Everybody’s Touring Homes

We’re kicking off a new series on Chicago Sweet Digs called Redfin By The Numbers. In this series, we’ll take a look at our brokerage stats 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 from Chicago.

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 Chicago clients:

  • 5 clients responded to our customer-satisfaction survey and posted a review online, up from 3 in February.
  • All 5 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 Chicago clients were busy seeing homes and making offers:

  • Redfin clients toured 434 homes in March, double the number of homes toured in February.
  • Our clients made 16 signed offers on homes, up from 15* in February.
    o Greg Whelan: 12
    o Mark Reitman: 4
  • 2 of those offers were on bank-owned foreclosures, the same number from February.

*In the previous 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 had a great home-buying class in March. About 23 people came to Goose Island Brewpub in Chicago 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. You can check out the slide deck from that class.

It’s Taking 38 Days To Close On A Home

In March, the time it took our Chicago clients to close on their homes was slightly shorter than in February:

  • For our clients who bought re-sales, the average time from initial agreement on terms to the close of the deal was 38 days, down from 41 days in February.
  • All of our clients successfully financed their homes; in February 1 deal failed to get financing.
  • 2 deals failed the home inspection, down from 3 in February.
  • Of our closed deals, the average discount off list price for homes sold was 3.48%, down from 5.98% 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?