Redfin Sees Homebuyer Demand Pick up in March

Customers Touring Homes Up 11.1% from February; Offers to Buy Increase 19.7%

Business Wire

SEATTLE--(BUSINESS WIRE)--

After a sluggish start to 2014, homebuyer demand is starting to bounce back, according to Redfin (www.redfin.com), the technology-powered real estate brokerage, which today issued its Real-Time Demand Pulse, the only report in the industry that analyzes housing market demand based on home tour and offer data.

Between February and March, the number of Redfin customers touring homes rose 11.1 percent, the biggest March gain since 2011. Redfin clients signing offers grew 19.7 percent from February.

This boost in demand is a positive sign for May sales, but Redfin cautions that this year’s March numbers weren’t affected by the Easter holiday, as they were last year. This, combined with weak demand in February, made March look even rosier by comparison.

Since inventory remains very limited in most markets, moving quickly will be just as important for buyers as it was last year. “The limited number of homes for sale remains a big problem, and now that spring demand is heating up, serious buyers need flexible schedules,” said Washington, D.C., Redfin agent Tom Lewis. “In many cases, waiting until the weekend means missing your shot at your dream home.”

                               
March 2 - March 29, 2014 vs Four Weeks Prior                 2014           2013
Redfin Customers Requesting Tours                 11.1 %           9.1 %
Redfin Customers Signing Offers                 19.7 %           21.5 %
 

About this Report

The Redfin Real-Time Demand Pulse is a monthly analysis of thousands of customers touring homes and signing offers 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 to 45 days for sales to close, or an additional 15 to 30 days for them to be recorded as public record.

About Redfin

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 salespeople, 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 23 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.

Contact:
Redfin Journalist Services
Amy Musser, 206-588-6863
press@redfin.com
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