Redfin Adds Neighborhood $/Sq. Ft. and Inventory #’s

I usually leave the number crunching posts to other blogs but I did want to point out a new feature on Redfin; neighborhood pages. Now you can see MLS and county data powered charts showing condo list and sale prices for $/square foot over time.

Capitol Hill:

$/Sq. Ft.

MEDIAN CONDO SQ FT BY TIME Redfin Adds Neighborhood $/Sq. Ft. and Inventory #s

Inventory

INVENTORY Redfin Adds Neighborhood $/Sq. Ft. and Inventory #s

Queen Anne

$/Sq. Ft.


MEDIAN CONDO SQ FT BY TIME Redfin Adds Neighborhood $/Sq. Ft. and Inventory #s

Inventory

INVENTORY Redfin Adds Neighborhood $/Sq. Ft. and Inventory #s

Downtown

$/Sq. Ft.

MEDIAN CONDO SQ FT BY TIME Redfin Adds Neighborhood $/Sq. Ft. and Inventory #s

Inventory

INVENTORY Redfin Adds Neighborhood $/Sq. Ft. and Inventory #s

Now we can compare and contrast inventory and pricing trends at a local level instead of city level.

Disclaimer: I’m the lead product manager at Redfin responsible for search.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • Mike2

    Shameless plug!

    None the less, it looks like a very cool tool you’re developing there.

  • Mike2

    Shameless plug!

    None the less, it looks like a very cool tool you’re developing there.

  • http://twitter.com/mattgoyer mattgoyer

    Something has got to pay my condo bills, you all certainly don’t! :)

  • http://blog.mattgoyer.com Matt

    Something has got to pay my condo bills, you all certainly don’t! :)

  • Colin

    Looks great. If you don’t mind me taking advantage of the thread, is there any chance of getting finer search filtering on redfin? I end up using estately for my primary map search, because I can screen for parking and washer/dryer, and then opening redfin in another screen to click individual properties because redfin’s interface is better for that.

  • Colin

    Looks great. If you don’t mind me taking advantage of the thread, is there any chance of getting finer search filtering on redfin? I end up using estately for my primary map search, because I can screen for parking and washer/dryer, and then opening redfin in another screen to click individual properties because redfin’s interface is better for that.

  • http://twitter.com/mattgoyer mattgoyer

    We’re adding parking in our next release. Keyword search will likely come the release after that.

    And as a condo buyer what I really want is searching by building name and adding to the details page the ability to see all the units for sale and recent sales.

  • http://blog.mattgoyer.com Matt

    We’re adding parking in our next release. Keyword search will likely come the release after that.

    And as a condo buyer what I really want is searching by building name and adding to the details page the ability to see all the units for sale and recent sales.

  • kent

    Nice data Matt. Am I reading the chart on Capitol Hill correct? It seems to show that actuals sales price was higher than list price for the first quarter of ’08. Is the data tracking the same properties list and sales price, or is it just the average of the activity for the period? I guess that would explain the difference.

  • kent

    Nice data Matt. Am I reading the chart on Capitol Hill correct? It seems to show that actuals sales price was higher than list price for the first quarter of ’08. Is the data tracking the same properties list and sales price, or is it just the average of the activity for the period? I guess that would explain the difference.

  • http://twitter.com/mattgoyer mattgoyer

    Good question.

    > Is the data tracking the same properties list and sales price, or is it just the average of the activity for the period?

    It’s for the average, or in other words it’s for different properties. Say we’re looking at July 1st, the data point for list $/Sq. Ft. will be for the condos active on the market on that time while the data point for sold $/Sq. Ft. will be for the condos sold that day. It could be that the make up of the homes active and sold are very different.

    The chart is not showing you the difference in the list to sale price ratio (we’ll get to that next release or two.)

  • http://blog.mattgoyer.com Matt

    Good question.

    > Is the data tracking the same properties list and sales price, or is it just the average of the activity for the period?

    It’s for the average, or in other words it’s for different properties. Say we’re looking at July 1st, the data point for list $/Sq. Ft. will be for the condos active on the market on that time while the data point for sold $/Sq. Ft. will be for the condos sold that day. It could be that the make up of the homes active and sold are very different.

    The chart is not showing you the difference in the list to sale price ratio (we’ll get to that next release or two.)

  • EconE

    Why is it that when I see one condo that sold for say…500k…I also see the parking spot listed as a separate sale on Redfin for 500k and the storage unit as *yet* another sale….at 500k?

    So….one sale shows up as three.

    Also…why do commercial properties show up as condo sales?

  • EconE

    Why is it that when I see one condo that sold for say…500k…I also see the parking spot listed as a separate sale on Redfin for 500k and the storage unit as *yet* another sale….at 500k?

    So….one sale shows up as three.

    Also…why do commercial properties show up as condo sales?

  • http://twitter.com/mattgoyer mattgoyer

    Send me examples of the parking spot, storage unit problem and we’ll fix that.

    I’ve seen the commercial problem and we’re going to fix that.

  • http://blog.mattgoyer.com Matt

    Send me examples of the parking spot, storage unit problem and we’ll fix that.

    I’ve seen the commercial problem and we’re going to fix that.

  • http://www.estately.com/ Galen

    Colin, please email me with suggestions for Estately’s property information pages – galen at Estately.com – we’d love to make our property information pages better for you.

  • http://www.estately.com/ Galen

    Colin, please email me with suggestions for Estately’s property information pages – galen at Estately.com – we’d love to make our property information pages better for you.

  • http://twitter.com/mattgoyer mattgoyer

    @Galen :)

  • http://blog.mattgoyer.com Matt

    @Galen :)

  • http://www.estately.com/ Galen

    Just trying to get feedback half as well as you do Matt!

  • http://www.estately.com/ Galen

    Just trying to get feedback half as well as you do Matt!

  • http://twitter.com/mattgoyer mattgoyer

    Now if only you guys would add some forums so we could spy on what your customers are saying about you :).

  • http://blog.mattgoyer.com Matt

    Now if only you guys would add some forums so we could spy on what your customers are saying about you :).

  • EconE

    purchase of two adjoining units counted as two separate $1.175mm sales. One sale listed as two.

    http://www.redfin.com/WA/Seattle/100-1st-Ave-S-98104/unit-16/home/28196
    http://www.redfin.com/WA/Seattle/100-1st-Ave-S-98104/unit-15/home/1491

    another purchase of two adjoining units plus two garage spots listed as four individual sales.

    units…

    http://www.redfin.com/WA/Seattle/601-Belmont-Ave-E-98102/unit-D10/home/9925
    http://www.redfin.com/WA/Seattle/601-Belmont-Ave-E-98102/unit-C10/home/65576

    parking spots…

    http://www.redfin.com/WA/Seattle/601-Belmont-Ave-E-98102/unit-GA19/home/10570
    http://www.redfin.com/WA/Seattle/601-Belmont-Ave-E-98102/unit-GA32/home/68686

    $4273 psf for those parking spots. Nope…that doesn’t skew anything. ;o)

    more double units…

    http://www.redfin.com/WA/Seattle/1024-E-Pike-St-98122/unit-307/home/11769
    http://www.redfin.com/WA/Seattle/1024-E-Pike-St-98122/unit-308/home/11770

    another ???

    http://www.redfin.com/WA/Seattle/2112-3rd-Ave-98121/unit-300/home/12306003

    Not blaming Redfin…but do you see what I mean?

    unit + garage…

    http://www.redfin.com/WA/Seattle/75-S-Main-St-98104/unit-301/home/42843
    http://www.redfin.com/WA/Seattle/75-S-Main-St-98104/unit-P-9/home/24150

    unit + parking + storage…

    http://www.redfin.com/WA/Seattle/2100-3rd-Ave-98121/unit-1002/home/4225
    http://www.redfin.com/WA/Seattle/2100-3rd-Ave-98121/unit-P-30/home/70822
    http://www.redfin.com/WA/Seattle/2100-3rd-Ave-98121/unit-S93/home/32585

    don’t know what this one is…but it’s not a condo.

    http://www.redfin.com/WA/Seattle/515-1st-Ave-W-98119/unit-COM/home/71961

    another head scratcher…

    http://www.redfin.com/WA/Seattle/1916-N-46th-St-98103/home/117358

    Lord only knows what this one is…

    http://www.redfin.com/WA/Seattle/3824-Ashworth-Ave-N-98103/home/120246

    double unit…

    http://www.redfin.com/WA/Seattle/80-S-Jackson-St-98104/unit-204/home/39873
    http://www.redfin.com/WA/Seattle/80-S-Jackson-St-98104/unit-206/home/39875

    unit + two garage spots…

    http://www.redfin.com/WA/Seattle/601-Belmont-Ave-E-98102/unit-PHA/home/61201
    http://www.redfin.com/WA/Seattle/601-Belmont-Ave-E-98102/unit-GA25/home/68679
    http://www.redfin.com/WA/Seattle/601-Belmont-Ave-E-98102/unit-GA24/home/51457

    more head scratchers…

    http://www.redfin.com/WA/Seattle/402-30th-Ave-E-98112/home/146943
    http://www.redfin.com/WA/Seattle/404-30th-Ave-E-98112/home/147137

    another unit + a $7773/psf parking spot

    http://www.redfin.com/WA/Seattle/80-Vine-St-98121/unit-203/home/33847
    http://www.redfin.com/WA/Seattle/80-Vine-St-98121/unit-P9/home/51973

    a $2,345,586 1970’s 722 sf 1BR…

    http://www.redfin.com/WA/Seattle/750-N-143rd-St-98133/unit-108/home/12304608

  • EconE

    I tried posting some examples but both Tim’s and your spam filter wouldn’t let me post them.

  • EconE

    I tried posting some examples but both Tim’s and your spam filter wouldn’t let me post them.

  • EconE

    P.S.

    I don’t blame Redfin nor you Matt. I just have more time to find the discrepancies.

  • EconE

    P.S.

    I don’t blame Redfin nor you Matt. I just have more time to find the discrepancies.

  • http://www.mikeplummer.com Mike

    Matt, I’ll buy you a beer as soon as I can limit my search to a particular building / street address. It would also be way cool to have these same graphs you have here on a per building basis!

  • http://www.mikeplummer.com Mike

    Matt, I’ll buy you a beer as soon as I can limit my search to a particular building / street address. It would also be way cool to have these same graphs you have here on a per building basis!

  • http://twitter.com/mattgoyer mattgoyer

    EconE, yeah no worries. Shot me the addresses to mail@mattgoyer.com or matt.goyer@redfin.com.

    Mike, yeah, I can’t wait for us to do that. In the meantime I sometimes use Condo Compare for that.

  • http://blog.mattgoyer.com Matt

    EconE, yeah no worries. Shot me the addresses to mail@mattgoyer.com or matt.goyer@redfin.com.

    Mike, yeah, I can’t wait for us to do that. In the meantime I sometimes use Condo Compare for that.

  • Colin

    Hi Galen: It may just be a matter of taste. On the main map page, I find Redfin’s panel on the right a better way to see initial property data than the popups Estately uses. When I bring up a page for an individual property, Redfin puts all the key data plus the pictures in one screen (20 inch monitor in portrait mode); Estately needs yet another page for photos, plus the way it tries to make you “schedule a viewing” after the last pic is irritating. If you’re in the habit of opening into background tabs Redfin is less clicking and scrolling.

    Both are great services in themselves and both are strong advertisements for what you all do.

    Are there ways to map comps? I imagine right-clicking a property and having comps show up on the map. I could also imagine ways to use colors, like temperature gradients, to indicate how fast inventory is moving by area.

  • Colin

    Hi Galen: It may just be a matter of taste. On the main map page, I find Redfin’s panel on the right a better way to see initial property data than the popups Estately uses. When I bring up a page for an individual property, Redfin puts all the key data plus the pictures in one screen (20 inch monitor in portrait mode); Estately needs yet another page for photos, plus the way it tries to make you “schedule a viewing” after the last pic is irritating. If you’re in the habit of opening into background tabs Redfin is less clicking and scrolling.

    Both are great services in themselves and both are strong advertisements for what you all do.

    Are there ways to map comps? I imagine right-clicking a property and having comps show up on the map. I could also imagine ways to use colors, like temperature gradients, to indicate how fast inventory is moving by area.

  • Chris

    Nice work EconE. I think the concept, Matt, is really cool, but there is a ton of noise in the data. Also, because the sample size is so small, it touhg to clean any useful information – for example the spike in $/SF in Q. Anne in summer ’07. That might have been due to sale at one project alone that happened to come on the market then….I think this ahs more value in areas where the sample is more uniform in terms of age, quality and size.

  • Chris

    Nice work EconE. I think the concept, Matt, is really cool, but there is a ton of noise in the data. Also, because the sample size is so small, it touhg to clean any useful information – for example the spike in $/SF in Q. Anne in summer ’07. That might have been due to sale at one project alone that happened to come on the market then….I think this ahs more value in areas where the sample is more uniform in terms of age, quality and size.