Redfin By The Numbers, March Edition: Redfin Agents Are Tops in King County

We’re kicking off a new series on Seattle 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.

The information in these posts comes from the NWMLS, the database for real estate transactions and listings for western Washington state, as well as our own database and surveys of Redfin customers.

Let’s look at Redfin’s March numbers from the Seattle area.

We Have The Top Three Agents In King County

According to the NWMLS, Redfin agents Febe Cude, Trevor Smith and Rachelle King are tops among agents who represented home-buyers in King County for March based first on number of deals, then by total dollar amount. All six of our Seattle agents rank in the top sixteen for King County.

Rank Agent # of Deals Total Sales
1 Febe Cude 8 $4,744,700
2 Trevor Smith 5 $2,558,100
3 Rachelle King 4 $1,411,450
8 Loren Ellingson 3 $1,727,500
15 Allie Howard 3 $1,240,000
16 Cheryl McLaine 3 $1,039,235

Redfin’s agents are experts on what’s going on in the Seattle real estate market right now. They’re active in the market and successfully closing deals.

Those numbers are just for King County. To see how busy our agents were in March, let’s look at their closed deals from other counties:

Agent County # of Deals Total Sales
Allie Howard Snohomish 3 $1,048,000
Cheryl McLaine Snohomish 2 $821,310
Febe Cude Snohomish 1 $430,000
Loren Ellingson Kitsap 1 $435,000
Trevor Smith Pierce 1 $245,000

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 Seattle-area clients:

  • 35 clients responded to our customer-satisfaction survey and posted a review online, up from 27 in February.
  • 33 of those clients, or 94%, would recommend Redfin to a friend, down from 100% in February.
  • 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 Looking At Foreclosed Properties

In March, our Seattle clients were busy seeing homes and making offers:

This jump in offers on foreclosures is due in part to how banks are pricing their foreclosure properties.

“More and more buyers are making offers on foreclosures because that’s where they’re finding good deals,” says Redfin Seattle agent Trevor Smith who worked on four offers on foreclosures in March. “Banks aren’t messing around any more with foreclosures. They’re aggressively pricing the homes so they’ll sell quickly and get them off their books.”

*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 huge turnout for our home-buying class in March. More than 85 people came to our Seattle HQ to learn about the home-buying process and to meet our agents. There were a lot of questions about the first-time home-buyer tax credit and how to look for a deal. Check out the slide deck from that class. You can see what Justin and Ryan Twittered about the class.

It’s Taking A Week Longer To Close On A Home

In March, it took a lot longer for our Seattle clients to close on their homes:

  • For our clients who bought re-sales, the average time from the initial agreement on terms until the close of the deal was 38 days, a 25% increase from February’s 31 days.
  • 1 deal failed to get financing, up from 0 in February.
  • All of our deals passed the home inspection, the same as in February.
  • Of our closed deals, the average discount off list price for homes sold was 3.41%, down from 3.52% in February.

“Home-buyers should be prepared for a longer closing process because lenders are dealing with a higher refinance volume and stricter underwriting guidelines,” says Redfin Seattle agent Febe Cude. “Our clients are getting through inspection with no problems, but closing is taking longer because we’re often waiting to hear back from lenders about appraisals and underwriting.”

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?

  • Alf

    Is it accurate that ~16 agents sold more than $1mm in houses (for other agencies, $30,000 commission at 3%) in Q1? That’s a pretty sad statement about real estate right now.

  • http://blog.redfin.com/blog/author/matt Matt

    Those numbers are just for March, not all of Q1.

  • Susan

    I attended a buyers class and I thought Redfin didn’t do foreclosures, just REO…has the policy changed?

  • Chris Glew

    Susan-
    Thanks for the comment. We support deals on bank-owned foreclosures, a.k.a REOs. I edited the post to make that more clear.

  • http://iciclecreekrealestate.com Geordie Romer | Leavenworth WA

    I can’t tell from the charts above, but it appears as though your agents might only be getting 50% of their offers accepted. Is this accurate? How does this compare to other agents in Seattle?

  • http://twitter.com/mattgoyer Matt Goyer

    The offers above don’t necessarily match up with the closes because offers from March may not close until April and so will show up on the April report instead of the March one.

    It’s hard to know how we compare to other agents in Seattle because I don’t believe any one else is sharing their numbers.

  • http://iciclecreekrealestate.com Geordie Romer

    Thanks, Matt.

    I figured the number of offers didn’t necessarily correlate with the closings. But since you are sharing with us the number of offers written, care to share what % are being accepted? The number of offers written seems useless without more context.

  • Pingback: Redfin by the Numbers: March Brokerage Activity Way Up, Especially on Foreclosures | Redfin Corporate Blog

  • http://blog.findwell.com Kevin Lisota

    I am not sure how you can lay claim to your agents being “top agents in King county” based on this data for number of deals. Your agents do more transaction than the average agent, but are supported by a network of field agents who help facilitate the transactions. Those field agents are never given credit in MLS data for a sale. If Febe closed 8 deals, how many field agents helped her in the process? That would lead to an accurate deal count on a per agent basis. As it appears, you are pitting Febe’s “team” against thousands of individual agents who don’t have teams, which isn’t a fair comparison.

    There are plenty of other “teams” being represented on the MLS, but sales data for those teams is spread out more evenly across agents on those teams. Unless you are able to reconcile that in your data, I am not sure how anyone can lay claim to being a “top agent in King County”.

  • http://blog.redfin.com Chris Glew

    Kevin-
    You’re right, our lead agents work with a team of field agents and associate agents.

    All the members of the team are focused on delivered great service to our clients, but at the end of the day the lead agent is responsible for the quality of the service.

  • http://www.500Realty.net Ray Pepper

    Kevin the simple fact is this. 500 Realty has the the “Top Agents in Washington State.” Its just your marketing and definition of TOP.

    Kevin don’t fight and challenge Red Fin. Just offer services and financial incentives for the consumer to utilize YOU instead of them. Your sales numbers will most likely be the same as ours by the EOY.

    But, are you truly offering anything superior to Red Fin? Shop Prop? Handspring? 500 Realty? The 1000′s of Agents now giving 50% of their commission to Buyers?**

    I think not…

  • TimMcF

    I agree with the post above. It is unfair and frankly disingenuous to claim to be “top agents” while ignoring listings. No other agent in the market measures their success by buyers only. Other than Redfin, everyone is trying to get both buyer and seller business.

    I ran the numbers on the NWMLS myself and your agents are NOT top if you include buyers and sellers. Are you somehow insinuating that an agent who works with buyers and sellers is somehow inferior to one who only works with buyers? I would argue that the former is far more valuable to the consumer.

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