{"id":56948,"date":"2017-02-28T04:40:17","date_gmt":"2017-02-28T12:40:17","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=56948"},"modified":"2020-10-06T17:08:09","modified_gmt":"2020-10-07T00:08:09","slug":"the-redfin-housing-demand-index-continued-record-climb-in-january","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/the-redfin-housing-demand-index-continued-record-climb-in-january\/","title":{"rendered":"The Redfin Housing Demand Index Continued Record Climb in January"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Redfin Housing Demand Index increased 6.5 percent from the previous month to a seasonally adjusted level of 130 in January. This marks the highest level recorded since January 2013, the first month measured by the Redfin Demand Index.<\/span><\/p>\n<figure id=\"media-56949\" class=\"align-center\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/02\/National_deseas.png\" alt=\"National_deseas\" \/><\/figure>\n<p><span style=\"font-weight: 400;\">The Demand Index is based on thousands of Redfin customers requesting home tours and writing offers. A level of 100 represents the historical average for the three-year period from January 2013 to December 2015.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><br \/>\n<span style=\"font-weight: 400;\">Compared to December, the seasonally adjusted increase in buyers requesting tours was up 3.2 percent in January, while the seasonally adjusted change in buyers writing offers was up 13.0 percent. <\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cSoaring stock markets, still low mortgage rates and a steady economy bolstered homebuyers at the start of 2017,\u201d said Redfin chief economist Nela Richardson. \u201cHomebuyers were not just window shopping, they were serious about making offers and getting to the closing table. However, this uptick in homebuyer enthusiasm won\u2019t guarantee strong sales in the coming months. With pending home sales down across the country in January despite strong demand, the lack of supply is a formidable foe for buyers this year.\u201d<\/span><br \/>\n<span style=\"font-weight: 400;\">Homebuyer demand in January was far above the recent historical average. Compared to January 2016, homebuyer demand was up 22.9 percent, led by a 25.9 percent year-over-year increase in homebuyers requesting tours and an 18.0 percent increase in buyers making offers. <\/span><br \/>\n<span style=\"font-weight: 400;\">The start of 2017 has brought a notably limited selection for homebuyers, who saw 13.4 percent fewer homes on the market in January than the previous year, with 4.0 percent fewer new listings. <\/span><\/p>\n<h3>Metro-Level Demand Highlights<\/h3>\n<p><span style=\"font-weight: 400;\">Below, we provide a slideshow of local charts for each of the metros tracked by the Redfin Demand Index and highlight noteworthy trends and agent insights from a few markets. If you\u2019d like to learn more about a particular market, please email press@redfin.com. <\/span><br \/>\n<div id='gallery-1' class='gallery galleryid-56948 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/the-redfin-housing-demand-index-continued-record-climb-in-january\/washington-dc_deseas-5\/'><img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/02\/Washington-DC_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/the-redfin-housing-demand-index-continued-record-climb-in-january\/baltimore-md_deseas-6\/'><img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/02\/Baltimore-MD_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/the-redfin-housing-demand-index-continued-record-climb-in-january\/boston-ma_deseas-6\/'><img decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/02\/Boston-MA_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/the-redfin-housing-demand-index-continued-record-climb-in-january\/chicago-il_deseas-6\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/02\/Chicago-IL_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/the-redfin-housing-demand-index-continued-record-climb-in-january\/denver-co_deseas-6\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/02\/Denver-CO_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/the-redfin-housing-demand-index-continued-record-climb-in-january\/los-angeles-ca_deseas-6\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/02\/Los-Angeles-CA_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/the-redfin-housing-demand-index-continued-record-climb-in-january\/oakland-ca_deseas-6\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/02\/Oakland-CA_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/the-redfin-housing-demand-index-continued-record-climb-in-january\/orange-county-ca_deseas-6\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/02\/Orange-County-CA_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/the-redfin-housing-demand-index-continued-record-climb-in-january\/phoenix-az_deseas-6\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/02\/Phoenix-AZ_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/the-redfin-housing-demand-index-continued-record-climb-in-january\/portland-or_deseas-6\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/02\/Portland-OR_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/the-redfin-housing-demand-index-continued-record-climb-in-january\/san-diego-ca_deseas-6\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/02\/San-Diego-CA_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/the-redfin-housing-demand-index-continued-record-climb-in-january\/san-francisco-ca_deseas-6\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/02\/San-Francisco-CA_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.redfin.com\/news\/the-redfin-housing-demand-index-continued-record-climb-in-january\/seattle-wa_deseas-5\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2017\/02\/Seattle-WA_deseas-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" \/><\/a>\n\t\t\t<\/div><\/figure>\n\t\t<\/div>\n<\/p>\n<h3>Baltimore Offers Tax Credits, Gains Buyers Due to High D.C. Prices<\/h3>\n<p><span style=\"font-weight: 400;\">The <a href=\"https:\/\/redfin.com\/city\/1073\/MD\/Baltimore\">Baltimore-area<\/a> Demand Index level was at 157 in January, up 63.8 percent compared to this time last year. \u00a0<\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cMost of the offers my homebuying customers have made of late have been part of a multiple offer situation, and the homes I\u2019ve listed have found buyers as quickly as two days, and most within two weeks,\u201d said Redfin real estate agent Chris Calabretta.<\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cMany builders are taking properties that need updating and renovating them to a high-end level while keeping the original charm, and then selling them for between $250,000 and $500,000, depending on the neighborhood. Developers are renovating to a historical standard required to get what is known as a <\/span><a href=\"http:\/\/chap.baltimorecity.gov\/tax-credits\"><span style=\"font-weight: 400;\">CHAP credit<\/span><\/a><span style=\"font-weight: 400;\">, which gives buyers a 10-year discounted tax incentive. And depending on the level of renovation, some properties are instead coming with a five-year new construction tax credit. These types of properties are the most popular when they hit the market,\u201d said Calabretta.<\/span><br \/>\n<span style=\"font-weight: 400;\">And high prices in nearby <a href=\"https:\/\/redfin.com\/city\/12839\/DC\/Washington-DC\/filter\/sort=lo-distance,viewport=38.958690713085936:38.85569388691406:-76.96820614921874:-77.10553525078124,no-outline,geo-address=Washington%0C+DC%0C+USA\" target=\"_blank\" rel=\"noopener noreferrer\">Washington, D.C.<\/a> are having an effect on the Baltimore housing market. \u201cA lot of buyers realize that they can take the MARC commuter train from Baltimore and be in D.C. in an hour. More people are now acting on it. Since buying a house here is half the cost, Baltimore is where they\u2019re looking,\u201d said Redfin real estate agent Lynn Ikle. <\/span><\/p>\n<h3>Boston Buyers Rush to Beat Rate Uncertainty and Expected Higher Prices<\/h3>\n<p><span style=\"font-weight: 400;\">The <a href=\"https:\/\/redfin.com\/city\/1826\/MA\/Boston\" target=\"_blank\" rel=\"noopener noreferrer\">Boston-area<\/a> Demand Index was at 174 in January, up 34.7 percent compared to the same time last year. <\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cThe market has been unusually busy,\u201d said Redfin real estate agent Sandy Rosen. \u201cThe weather has been mild and some buyers are worried about rates going up, so they\u2019d prefer to buy now rather than later. We\u2019re also seeing buyers who expect that because it\u2019s still the winter, prices are lower and there\u2019s less competition if they can just find a home soon.\u201d <\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cUnfortunately, that\u2019s not actually the case,\u201d said Rosen. \u201cIt\u2019s busy enough that prices aren\u2019t especially lower. Instead, sellers are putting their homes on the market at intentionally low prices, drawing 10 or 15 offers and then choosing from among the highest bidders. A home that looks like an incredible deal when it first lists almost always sells for far above the list price.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Redfin Housing Demand Index increased 6.5 percent from the previous month to a seasonally adjusted level of 130 in January. This marks the highest level recorded since January 2013, the first month measured by the Redfin Demand Index. The Demand Index is based on thousands of Redfin customers requesting home tours and writing offers. 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