SEATTLE, Oct. 9, 2012 /PRNewswire/ -- Redfin, the technology-powered real estate broker, today issued its Real-Time Demand Pulse, the only report in the industry that analyzes offer and tour data. The report showed:
- Customers requesting home tours were up 3 percent in September, compared to an increase of just 1.7 percent in 2011.
- Customers signing offers were up 4 percent, compared to an increase of just 0.4 percent a year earlier.
September 2 through September 29 vs. Four Weeks Prior
Early September saw a predictable dip in offers around Labor Day, followed by a spike the following week. Although the week-to-week trends were similar in September 2011 and September 2012, this year saw an overall increase in offer volume from the month earlier, indicating a continued strength in home buying despite a still-languishing inventory of homes for sale.
"As we have seen all year, demand among homebuyers has increased but that demand is more deep than it is broad," said Redfin CEO Glenn Kelman. "Not every would-be homebuyer has the credit to buy a home, or enough equity to sell his old place. But, even when the number of touring homebuyers increases only modestly, these folks don't hesitate to make an offer when the right home is for sale. This suggests to us that as rising prices draw more inventory onto the market, and as credit starts to ease, demand will likely increase in 2013 rather than decrease."
Continued strength in September offers points toward better-than-expected sales in October, which we expect will continue to turn in moderate gains over 2011. (Note: Redfin's business is growing at a faster pace than the market as a whole.)
About this Report
The Redfin Real-Time Demand Pulse is a monthly analysis of thousands of customers touring homes and signing offers in eighteen markets across the United States. Redfin is the only major real estate broker storing data in one location about its agent tours and offers, enabling the company to project sales volume for the U.S. without waiting 30 – 45 days for sales to close, or an additional 15 - 30 days for them to be recorded as public record.
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin's online tools feature all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. The company serves 19 U.S. markets, and has closed more than $5 billion in home sales. Follow us on blog.redfin.com or our Twitter feed @redfin.
SOURCE Redfin Corporation