Redfin By The Numbers, April Edition: More People Are Making Offers On Foreclosures

Let’s look at our brokerage stats for the San Francisco Bay Area 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 Bay Area clients:

• 31 clients responded to our customer-satisfaction survey and posted a review online, up from 20 March.
• 30 of those clients, or 97%, would recommend Redfin to a friend, up from 95% 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 Looking At Foreclosed Properties

In April, our Bay Area clients were busy touring homes and making offers:

• Redfin clients toured 1,194 homes in March, up 21% from the 984 homes toured in March.
• Our clients submitted 56 signed offers on homes, up from 54 in March.
• Our Bay Area agents were busy working on these signed offers:

o Jim Holt: 19 offers
o Charmaine Frank: 18 offers
o Gina Pio Roda: 14 offers
o Miawand Bayan: 5 offers

• 21 of these offers or 38% were on bank-owned foreclosures, up from 26% in March.

“This increase in offers on bank-owned foreclosures is mainly due to listing agents pricing these homes below market value to attract attention and generate multiple offers,” says Redfin Bay Area agent Miawand Bayan. “We’re seeing a lot of offers on these aggressively-priced bank-owned homes, especially in the South Bay and East Bay.”

We also had a 64 people come to our April home-buying class in Oakland class to learn about the home-buying process and meet our agents. Check out the slide deck from the class.

It’s Taking 39 Days To Close On A Home

In April, it took our Bay Area clients 4 days longer to close on their homes 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 39 days, up from 35 days in March.
• 2 of our clients failed to get financing, up from 1 in March
• All of our client’s deals passed the home inspection; 2 failed the inspection in March.
• Of our closed deals, the average discount off list price for homes sold was 3.51%, down from 5.93% 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.