Redfin By The Numbers, March Edition: More People Are Out Touring Homes

We’re kicking off a new series on San Francisco 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 the San Francisco Bay Area.

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 Bay Area clients:

• 20 clients responded to our customer-satisfaction survey and posted a review online, down from 28 February.
• 19 of those clients, or 95%, would recommend Redfin to a friend, down from 97% in February.
• A first-time home-buyer blogged about how much he liked working with Redfin agent Miawand Bayan.

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 Bay Area clients were busy touring homes:

• Redfin clients toured 984 homes in March, up 36% from the 726 homes toured in February.
• Our clients submitted 54 signed offers on homes, up from 50* in February.

o Jim Holt: 19 offers
o Gina Pio Roda: 13 offers
o Charmaine Frank: 12 offers
o Miawand Bayan: 10 offers

• 14 of these offers or 26% were on bank-owned foreclosures, down from 38% 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 50 people came to our Palo Alto 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 35 Days To Close On A Home

In March, the time it took our Bay Area 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 35 days, down from 36 days in February.
• 1 of our clients failed to get financing, up from 0 in February
• 2 of our deals failed the home inspection, the same number as in February.
• Of our closed deals, the average discount off list price for homes sold was 5.93%, down from 6.64% 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?