We’re kicking off a new series on 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 Southern California.
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 clients in Southern California:
- 36 clients responded to our customer-satisfaction survey and posted a review online, up from 23 in February.
- 35 of those clients, or 97%, would recommend Redfin to a friend, up from 96% in February.
- 1 of our clients gave Redfin a five-star review on Yelp.
- Read what one of our clients wrote in our forums about using Redfin.
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 Looking At Foreclosed Properties
In March, our Southern California clients were busy seeing homes and making offers:
- Redfin clients toured 1,457 homes in March, almost double the 740 homes toured in February.
- Our clients submitted 68 signed offers on homes, up from 57* in February.
- 36 of those offers or 53% were on bank-owned foreclosures, up from 35% in 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 also had a great home-buying class in March. About 55 people came to the class 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 42 Days To Close On A Home
In March, the time it took our clients in Southern California to close on their homes was slightly longer 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 42 days, up from 40 days in February.
- All of our clients successfully financed their homes, the same as in February
- 5 of our deals, or 7.4%, failed the home inspection, up from 3.4% in February.
- Of our closed deals, the average discount off list price for homes sold was 4.57%, up from 3.82% 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?