Pace of Real Estate Market Holds Steady in November in Latest Redfin Report

Market Shows Little Signs of Seasonal Slowdown, With 27.2 Percent of Homes Selling Within Two Weeks

PR Newswire

SEATTLE, Dec. 30, 2013 /PRNewswire/ -- Redfin (www.redfin.com), the technology-powered real estate brokerage, today issued its Fastest Markets Report for November 2013. Across 23 metro areas, the percentage of homes that went under contract within two weeks held steady at 27.2 percent in November, up slightly from 26.9 percent in October. November is the third consecutive month where the pace of the market has remained steady.

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"Homebuyers are serious about finding a home before competition heats up in the spring and they know that speed is essential. While most Americans were shopping for turkeys as Thanksgiving approached, Bostonians were touring homes and making offers," said Alex Coon, a Redfin real estate agent in Boston.

While the percentage of homes selling within two weeks or less remained steady, homes remained on the market slightly longer than last month. For all homes across the 23 metro areas, the median number of days a home spent on the market before going under contract in November grew to 34, up from 31 days in October.

Overall Fastest/Slowest:

  • Buyers in San Jose purchased homes the quickest in November, with 48.6% of listings going under contract within two weeks, up from 48.0% in October. Homes in San Jose sat on the market for a median of just 12 days.
  • Philadelphia was again the slowest market. Just 6.7% of Philadelphia-area homes went under contract within two weeks in November, a slight boost from 6.3% in October. Homes in Philly spent a median of 71 days on the market in November, compared to 69 in October.

Notable Speed Changes:

  • Las Vegas saw the biggest month-over-month increase in market speed, with a 5.7 point increase in the rate of homes going under contract within two weeks. Ventura, Calif. followed closely behind with a 5.6 point increase.
  • Phoenix and Washington, D.C. slowed the most from October to November, each with a 1.3 point drop in the rate of homes going under contract within two weeks of their market debut.
  • Boston sped up the most year over year, with a 25 point increase in market speed from the year before. The median time on market for Boston homes fell to 42 days in November, from 55 the year before.
  • Sacramento had the biggest year-over-year speed deceleration, with the rate of homes going under contract within two weeks dropping 14.9 percentage points.

To read the full report, complete with a speed ranking of 23 real estate markets, click the following link. http://www.redfin.com/research/reports/real-time-fastest-markets.

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About Redfin
Redfin (www.redfin.com) is a tchnology-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.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offers online tools that make the entire process of buying or selling a home easier and more fun. The company serves 22 U.S. markets and has closed more than $13 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.

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