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.
$/Sq. Ft.
Inventory
$/Sq. Ft.
Inventory
$/Sq. Ft.
Inventory
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.
Popularity: 14% [?]
19 responses so far ↓
1 Mike2 // Aug 13, 2008 at 1:36 pm
Shameless plug!
None the less, it looks like a very cool tool you’re developing there.
2 Matt // Aug 13, 2008 at 1:51 pm
Something has got to pay my condo bills, you all certainly don’t! :)
3 Colin // Aug 13, 2008 at 2:32 pm
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.
4 Matt // Aug 13, 2008 at 2:44 pm
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.
5 kent // Aug 13, 2008 at 3:01 pm
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.
6 Matt // Aug 13, 2008 at 3:16 pm
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.)
7 EconE // Aug 13, 2008 at 3:47 pm
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?
8 Matt // Aug 13, 2008 at 4:23 pm
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.
9 Galen // Aug 13, 2008 at 4:40 pm
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.
10 Matt // Aug 13, 2008 at 4:52 pm
@Galen :)
11 Galen // Aug 13, 2008 at 5:08 pm
Just trying to get feedback half as well as you do Matt!
12 Matt // Aug 13, 2008 at 5:49 pm
Now if only you guys would add some forums so we could spy on what your customers are saying about you :).
13 EconE // Aug 13, 2008 at 6:32 pm
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
14 EconE // Aug 13, 2008 at 6:43 pm
I tried posting some examples but both Tim’s and your spam filter wouldn’t let me post them.
15 EconE // Aug 13, 2008 at 6:44 pm
P.S.
I don’t blame Redfin nor you Matt. I just have more time to find the discrepancies.
16 Mike // Aug 13, 2008 at 7:10 pm
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!
17 Matt // Aug 13, 2008 at 7:12 pm
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.
18 Colin // Aug 14, 2008 at 1:26 am
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.
19 Chris // Aug 15, 2008 at 8:37 am
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.
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