There’s a new phenomenon in today’s real estate market. Homes are being sold in 24 hours or less. Some people take more time to decide on a new pair of shoes. Redfin has coined the term “Real Estate Flash Sales” to describe homes that go under contract not within days, but hours of their debut.
One thing is for sure. Redfin Instant Alerts are coming in pretty handy these days.
Where do flash sales happen the most? How do they go down? We dug into the data and talked to Redfin agents across the country to find out!
The top 15 cities with the most flash sales in the last five months are…
|Rank||City||# Flash Sales|
|6||San Diego, CA||135|
|7||Los Angeles, CA||132|
|11||Las Vegas, NV||100|
|15||San Jose, CA||74|
* To determine these rankings, we counted the number of homes listed from October 1, 2012 to February 26, 2013 whose status changed from “active” to “pending” within 24 hours time, using data pulled from local MLSes, public records, and information collected from Redfin agents.
We asked a few of our agents who were involved in recent flash sales for their accounts of how it all went down:
Listed By: Scott Smolen, RE/MAX Leading Edge
Listed: August 22, 2012
Pending: August 24, 2012*
Closed: October 12, 2012
List Price: $450,000
Final Sale Price: $450,000
* The offer was accepted within 24 hours of the home’s debut, but the listing status changed was recorded the following day.
“Having just lost out on another home in a bidding war, my client was constantly checking her phone for Instant Alerts. So within minutes of this home being listed, we talked and arranged for a tour that day. Immediately after the tour, we got her offer in, which included a personal letter to the sellers. We were up against two other offers, but the seller chose ours the next day.”
- Lynn Ikle, Baltimore Area Redfin Agent
Listed By: Lynda Divito, Redfin
Listed: December 14, 2012
Pending: December 14, 2012
Closed: December 24, 2012
List Price: $650,000
Final Sale Price: $650,000
“This house never even hit the market! We had a brokers’ tour in the afternoon on the very same day the house was to hit the market. A broker came in with his buyers who offered all-cash at full list price and with the quick closing we had requested, making it an easy choice for my clients to accept their offer that same day.”
- Lynda DiVito, San Francisco Bay Area Redfin Agent
Listed By: Redfin
Listed: January 30, 2013
Pending: January 31, 2013
Closed: February 15, 2013
List Price: $344,000
Final Sale Price: $344,000
“Our initial strategy was to review all the offers we received, but as soon as the property hit the market we got a full-price, all-cash offer waiving the appraisal and inspection contingencies with a very quick closing period. The offer was exactly what my clients were looking for, so we accepted it that day. The best part was that the tenants were able to stay in the property without a rent increase.”
- Julia Buckley, Seattle Area Redfin Listing Coordinator
Listed By: Judith Graff, John Aaroe Group
Listed: December 13, 2012
Pending: December 13, 2012
Closed: January 3, 2013
List Price: $427,500
Final Sale Price: $427,500“The listing agent on another similar home had sent a mass email, displaying all the recipients’ email addresses, letting several agents know their clients’ offers had not made the cut in a bidding war. Judy Graff, agent with the John Aaroe Group, seized the opportunity to email all of those agents letting them know about a similar home she was about to put on the market. It sounded just like what my clients were looking for. We were able to tour and submit our offer before the house went on the market. This worked out especially nicely for the sellers who had a contract to buy another home that was contingent on selling this home.”
- Earnest Watts, Los Angeles Area Redfin Agent
Listed by: Elvin Zelaya, Hollywood Hills Real Estate Co.
Listed: January 13, 2013
Pending: January 13, 2013
List Price: $359,500
Final Sale Price: $357,000“Second time’s a charm with this purchase. We originally made an offer on this property in November 2012, but came in second place. Fortunately for us, that offer fell through and the listing agent canceled the transaction a month later. I reached out, said my client was still interested, we submitted our offer, and it was accepted the same day.”
- John Venti, Los Angeles Area Redfin Agent