Let’s look at our May brokerage stats for Southern California 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 May from our clients in Southern California:
- 35 clients responded to our customer-satisfaction survey and posted a review online, down from 44 in April.
- All 35 of those clients, or 100%, would recommend Redfin to a friend, up from 98% in April.
- 1 of our clients gave Redfin a five-star review on Yelp.
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 Making Offers On Homes
In May, our Southern California clients were busy seeing homes and making offers:
- Redfin clients toured 2,055 homes in May, up from 1,695 homes toured in April.
- Our clients submitted 109 signed offers on homes, up from 72 in April.
- Our Southern California agents were busy working on these signed offers:
- 31 of those offers or 28% were on bank-owned foreclosures, down from 35% in April.
It’s Taking 35 Days To Close On A Home
In May, the time it took our clients in Southern California to close on their homes was 9 days shorter than in April:
- For our clients who bought re-sales, the average time from initial agreement on terms to the close of the deal was 35 days, down from 44 days in April.
- Closing took 38 days for bank-owned homes, but only 33 days for traditional sales.
- 1 of our clients failed to get financing for their home; the same as in April.
- 5 of our clients’ deals failed the home inspection, up from 1 in April.
- Of our closed deals, the average discount off list price for homes sold was 2.94%, down from 5.19% in April.
Look For Our June Report
We’ll be back next month with our analysis of the June numbers. Let us know what you’d like to see in that report.