Full disclosure: The Tim is employed by Redfin.
Last Thursday Redfin released their June market data. Here’s an excerpt from the narrative (which I also wrote):
So far this summer the real estate market in Seattle is about as exciting as a Matlock Marathon at the High School Prom.
Very few quality, well-priced new listings are coming on the market, and when one finally does, it’s the same story every time as the few buyers that are out there all descend at once and end up bidding against each other.
“New listings are slow to hit the market, and buyers are getting frustrated with the inventory,” said Redfin Redmond/Bothell Agent Kurt Pepin. “Buyers are anxious to buy, but are also being very smart about their purchases. The pure emotional buy is gone, while crunching every number possible has become the new norm.”
New in this month’s report is the sweet Google Fusion Tables zip code heat map below. You can zoom in/out, and click on a zip code to get the detailed June numbers for that region.
Note that the color being displayed on each zip code is based on whichever type of home (SFH, condo, townhouse) sold the most in that zip code.
In order to roll sales, inventory, and prices all into a single “heat” number, I created a new “heat index” for Redfin, where a market with 6.0 months of supply (end of month inventory / one-month closed sales) and +5.0% year-over-year appreciation in the median price per square foot translates to an index value of 75. For the full details, see the “Methodology” footnote on the Redfin post.
I plan to post the usual Tableau map later this week, but I’d love to get your feedback on this map and the new heat index. Thanks!