Redfin By The Numbers, May Edition: More People Are Making Offers On Homes

Let’s look at our May 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 May from our Bay Area clients:

• 20 clients responded to our customer-satisfaction survey and posted a review online, down from 31 April.
• All 20 of those clients, or 100%, would recommend Redfin to a friend, up from 97% in April.

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 Bay Area clients were busy touring homes and making offers:

• Redfin clients toured 1,326 homes in May, up from 1,194 homes toured in April.
• Our clients submitted 64 signed offers on homes, up from 56 in April.
• Our Bay Area agents were busy working on these signed offers:

o Charmaine Frank: 23 offers
o Jim Holt: 17 offers
o Gina Pio Roda: 15 offers
o Miawand Bayan: 9 offers

• 17 of these offers or 27% were on bank-owned foreclosures, down from 38% in April.

We also had a great home-buying class in May. Fifty-five people came to our Palo Alto class to learn about the home-buying process and meet our agents. Check out the slide deck from the class.

It’s Taking 33 Days To Close On A Home

In May, the time it took our Bay Area clients to close on their homes was 6 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 33 days, down from 39 days in April.
• 0 of our clients failed to get financing, down from 2 in April
• 1 deal failed the home inspection, up from 0 in April.
• Of our closed deals, the average discount off list price for homes sold was 3.66%, up from 3.51% 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.