There were more homes for sale than in 2013, but still not enough to keep up with the demand, and many of them were too expensive for a person earning a median wage. There were fewer bidding wars over homes, but still plenty of competition; our agents witnessed more than a few broken hearts when their clients’ offers were beat by investors who paid all cash. In 2014, October was the only month during which we saw more homes sold than in 2013.
It’s true that real estate is a volatile industry, and the success of real estate brokerages is tied to the housing market overall. Redfin, however, has taken market share at a consistent rate year after year; we’ve grown even when the market hasn’t, and our growth has outpaced the market overall.
To date, Redfin real estate agents have served more than 30,000 clients, saving them more than $200 million in real estate fees. And we’d like to take a moment to thank each and every one of you who has worked with us; it has been our pleasure.
And while the housing market might fluctuate, our purpose does not. Since the beginning, our mission has been to reinvent real estate in the consumer’s favor. Our engineering team has worked tirelessly to launch new and unique features on our app and website that make the process easier for every homebuyer and seller.
A Few Technology Highlights from 2014
We kicked off the year by adding the ability to search for new construction homes on Redfin.com
In March, we launched the Redfin Open House Schedule, which helps people plan a weekend of open house visits by allowing them to save a list of upcoming open houses under their profile.
In June, we launched Redfin Hot Homes, a website feature that informs house hunters if a home is likely to sell in two weeks or less.
And we didn’t forget about sellers. In August, we launched Redfin Home Dashboard, an online tool that gives people who sell their home with a Redfin agent real-time data on how many people are viewing their property online, what their Redfin agent is doing to sell their home and what the next steps are in the selling process.
We also launched Redfin 3D Walkthrough, an online feature that provides a high-resolution, interactive view from every angle inside a home, giving house hunters an up-close-and-personal look at homes listed with Redfin.
Redfin’s Customer-First Service Launched in 18 Markets Across the U.S.
Redfin real estate agents are now available to serve homebuyers and sellers in the following cities, bringing our total number of markets to 48.
- Allentown, PA
- Colorado Springs, CO
- Detroit, MI
- Fresno, CA
- Hampton Roads, VA
- Indianapolis, IN
- Jacksonville, FL
- Las Vegas, NV
- Madison, WI
- Milwaukee, WI
- Minneapolis-St. Paul, MN
- New Jersey
- Rhode Island
- Richmond, VA
- San Antonio, TX
- Tampa, FL
- Orlando, FL
- Tucson, AZ
Milestones and Recognition
A few weeks ago we announced a $70.9 million investment that will help us expand our services.
In October, we acquired Walk Score to give people a complete portrait of what it would be like to live somewhere new.
We expanded our Redfin Agent Development program to seven additional locations, offering a paid 18-month apprenticeship that will help participants get their real estate license and learn how to become a Redfin agent.
Nela Richardson joined Redfin as our first chief economist. Not only does she identify and report on market trends, she offers practical information that helps homebuyers and sellers understand conditions that may affect them.
CNBC added Redfin to its Disruptor 50 List, the network’s second annual roundup of private companies that are considered disruptors in their respective industries.
Ernst & Young named Glenn Kelman Entrepreneur of the Year in the technology category.
Glenn shared innovative best practices at the Real Estate Connect conference produced by Inman News.
We can’t wait to see what this talented, dedicated and scrappy team will accomplish in 2015. Happy New Year!