There was an increase of approximately 20% in Redfin customers who signed offers to purchase a home in February over January, down from the nearly 28% increase in the same period last year, the real estate broker’s Real-Time Demand Pulse reported.
But the company added that while it is typical to see demand increase in both January and February, signed offers rose 267% for the last week of February over the last week of December 2012 (when there was what Redfin termed a “holiday slump”) and up 168% when compared with the same week in February 2012.
There was a strong surge of demand in February, continuing what started in January, even though
But because so many buyers are competing for so few homes, the increase in offers does not equate to an increase in sales, Redfin said.
So far there hasn’t been enough increase in price to motivate potential sellers to list their property and notably improve the inventory situation. “It is unlikely that the balance will change much over the next few months, but we could see more sellers jump into the market if the spring home-buying season is as intense as it is currently shaping up to be,” said Redfin.
