Let’s look at our brokerage stats for the Metro DC region 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 clients in the DC area:
- 16 clients responded to our customer-satisfaction survey and posted a review online, up from 15 in March.
- All 16 of those clients, or 100%, would recommend Redfin to a friend, the same as in 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 Washington, DC area clients were busy seeing homes and making offers:
- Redfin clients toured 839 homes in April, up 40% from the 601 homes toured in March.
- Our clients submitted 58 signed offers on homes, up from 31 in March.
- Our Metro DC agents were busy working on these signed offers:
- 7 of those offers, or 12%, were on bank-owned foreclosures, up from 10% in March.
“With the warm weather, the low mortgage rates and first-time home-buyer credit, more and more people are out touring homes,” says Washington, DC agent Taylor Connolly. “We’ve had to hire 7 more field agents since the start of April to meet the increase in tour requests.”
It’s Taking 37 Days To Close On A Home
In April, the time it took our clients in the metro DC area to close on their homes was slightly longer than in March:
- For our clients who bought re-sales, the average time from initial agreement on terms to the close of the deal was 37 days, up from 34 days in March.
- All of our clients successfully financed their homes, the same as in March.
- All of our client’s deals passed the home inspection, the same as in March.
- Of our closed deals, the average discount off list price for homes sold was 4.23%, down from 5.64% in March.
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.