Redfin rolled out some great new statistical features today that are definitely worth mentioning.
Automated market statistics broken down by city, neighborhood, or zip code, with charts showing inventory, price per square foot, and price reduction trends over the last year.
CEO Glenn Kelman announces the new features in a blog post today:
Redfin released a big, beautiful new version of its website last night. For the first time in years, there’s a whole new web page on the site — not just a map and a web page for each property on the map — but a set of graphs, pictures, charts, numbers showing all the pricing trends for each of the 9,000 neighborhoods, postal codes and cities Redfin covers. This is the good stuff, drawn straight from the MLS databases real estate agents use to list properties and the tax rolls that counties use to record sales.
It’s a big deal, because consumers have never had access to reliable real estate data down to the neighborhood level.
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Now you can see what’s really going on with your neighborhood’s prices, right now: dollars per square foot, numbers of homes for sale, days on market, price reductions. We split out condos and houses because they’re priced so differently. The pricing graphs show listings and past sales separately, so you get a view of what sellers expect and what they really got.
He also takes the time to go through a few other new features they have rolled out for home shoppers, so definitely go check out his whole post.
To access the spiffy new statistics, just type in a city, zip code, or neighborhood into the Redfin search field, wait for it to populate the map, then click “View [the area you typed] Inventory & Pricing Trends” in the upper-left corner of the map.
These tools are a great resource for figuring out what’s going on in the “hyper local” real estate markets that interest you. Kudos to Redfin for coming out with such great resources for home buyers and sellers to track what’s going on in their own back yard.