Daily Archives: February 19, 2024

How Google Built Immersive View for Maps

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In the following brief video from CNET we get an exclusive look at the 3D aerial cameras used to build Google Maps’ new Immersive View feature, which shows a realistic view of your route, as well as traffic and weather conditions.

Redfin Publishes Air Factor Data From First Street to Show Risk of Poor Air Quality

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The property-level information shows the likelihood of experiencing poor air quality today and over the next 30 years from pollutants such as wildfire smoke and car emissions

Seattle, WA – February 12, 2024 (BUSINESS WIRE) (NASDAQ: RDFN) Redfin (redfin.com), the technology-powered real estate brokerage, is now publishing Air Factor data provided by First Street for nearly every U.S. property listed on Redfin.com and the Redfin iOS app. Redfin is the only brokerage to provide air quality risk data at the property level.

“Redfin wants to ensure that every single person searching for a home has the information they need to understand climate risks,” said Redfin Senior Vice President of Product and Design Ariel Dos Santos. “Air pollution is an important consideration as poor air quality becomes more frequent due to climate threats such as wildfire smoke.”

The number of poor air quality days in the Western U.S. surged by as much as 477% between 2000 and 2021, in large part due to wildfire smoke, according to a First Street analysis of data from the Environmental Protection Agency (EPA). A recent Redfin-commissioned survey found that 9% of recent U.S. home sellers cited concern about the impact of climate change as a reason for their move.

First Street’s Air Factor is a property-level risk model that estimates the likelihood of poor air-quality exposure based on the number of poor air quality days expected today and over the next 30 years. It includes two common pollutants: PM2.5, which often comes from wildfire smoke, and ozone (O3), which occurs when pollutants react with heat/sunlight.

“Air Factor takes into account environmental threats to air quality such as wildfire smoke as well as man-made pollutants like emissions from cars to create a full picture of what’s causing poor air quality and where,” said First Street CEO Matthew Eby. “People searching for their next home on Redfin will now be able to see exactly what they’re getting into with poor air quality, which is an important piece of the puzzle when considering climate risks.”

Redfin published a report today that shows about 1 million more people moved out of than into U.S. metros with high risk from poor air quality in 2021-2022, while low risk metros saw 1 million more people move in than out. The areas facing high risk from poor air quality are concentrated in the American West, which is grappling with intensifying wildfires, and many are in expensive states like California. Redfin found that the median home sale price in metros at high risk for poor air quality was $563,710 as of December 2023, which is 65% higher than the $341,483 median sale price in low risk metros.

Transparency around climate risks has the potential to impact which homes people choose to live in. A Redfin study from 2022 found that homebuyers who have access to flood-risk information when browsing home listings online are more likely to view and make offers on homes with lower flood risk than those who don’t have access.

Poor air quality risk data is now available on the Redfin website and iOS app, and it will be available on Android later this year. Redfin also features First Street climate risk data at the property level for wildfire, flood, wind and extreme heat.

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We also run the country’s #1 real estate brokerage site. Our home-buying customers see homes first with same day tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we’ve saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email press@redfin.com. To view Redfin’s press center, click here.

Contacts

Redfin Journalist Services:
Isabelle Novak, 414-861-5861
press@redfin.com

Bright MLS January 2024 Housing Report: 2024 Kicks off With Higher Home Prices in the Mid-Atlantic

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Closed sales are higher than 2023, though inventory remains low

  • The median sale price in the Bright MLS service area increased by 5.7% in January. Prices in the Mid-Atlantic have been rising for 143 consecutive months (with one exception last April when the median price was flat).
  • Falling mortgage rates at the end of last year encouraged more closed sales activity in January compared to last year. The number of closed sales in the Mid-Atlantic was up slightly, though sales were up more strongly in more affordable regions.
  • New listing activity continues to be very low. Overall, new listings in the Bright MLS service area were 9.9% lower in January 2024 than what they were in January 2023.
  • Active listings have been declining for eight consecutive months. The year-over-year gap has narrowed, down to a 1.7% difference in January.

North Bethesda, MD – Feb. 12, 2024 (PRNewswire) Overall, January closed sales across the Bright MLS service area were higher than a year ago, suggesting that buyers took advantage of falling rates at the end of last year. However, new pending sales and showing activity was relatively limited. The wintery weather is partially responsible for the lower activity. The other culprit was the Mid-Atlantic’s restricted supply which has lingered near historic lows.

Active listings at the end of January 2024 stood at 26,962. The inventory is at a 1.7% deficit compared to a year ago, but the gap has continued to close for the eight consecutive months where it declined year-over-year.

“Demand outpaced supply in 2023 and the trend will continue in 2024,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “More sellers should be joining the market this year and additional new listings will be a welcome sign for buyers, but it will still be a very competitive market.”

While new listings surged seasonally from December, the number of new listings in January was 9.9% lower than last January. However, the outlook is for the market to pick up this spring leading to more inventory, bringing buyers more options.

Mortgage rates are likely to bump around in early 2024 before coming down later this year. The 2024 market will remain competitive, and buyers will still have to act quickly.

January Mid-Atlantic Housing Market by Region

Philadelphia:
No Relief in Prices to Start 2024
Inventory remains limited impacting activity

  • In January, home prices were up in all counties, with the metro area median price up 8.3% year-over-year. The median price in the Philadelphia metro area is now 55% higher than it was in January 2019.
  • Inventory is still very limited across the region. There were just 8,511 active listings across the region at the end of January, down 6.5% compared to a year ago. There is very little new listing activity, as current homeowners are still sitting on the sidelines, holding onto low mortgage rates.
  • Buyers who are in the market need to act quickly. In January, the typical home sold in just 18 days, which is three days faster than a year ago.
  • Showing activity is lower than it was last year, but that is not an indication of less demand. Rather, it is an indication of too few homes available for sale.

Baltimore:
Buyers Enticed by January Dropping Rates
But continue to face higher prices and quick market

  • Closed sales outpaced last year’s level, which reflected more buyers putting in offers at the end of the year. There were 1,728 closed sales in January 2024, 1.6% higher than January 2023.
  • In January, the median sold prices was $355,000, up 7.6% from a year ago. Prices were up strongly in all local markets in the metro area.
  • Half the homes in January 2024 were off the market in 19 days or fewer. The median days on market is 3 days quicker than last year.
  • Overall, there were 3,519 active listings at the end of the month, which is 1.8% lower than a year ago. Inventory is less than half of what it was in 2019. There has been a dearth of new listing activity across the Baltimore area, as current homeowners are staying on the sidelines, holding onto low mortgage rates.

Washington, D.C.:
Buyers Undeterred by High Prices and Elevated Rates
Median price growth starts strong in 2024, up 7.0%

  • Closed sales inched above last year, increasing a slight 0.2% compared to January 2023. Despite affordability challenges, there remains a strong desire for homeownership in the Washington, D.C. metro.
  • In January, the median sold price in the Washington, D.C. metro was $535,000, rising 7.0% year-over-year. Prices in the region have been rising steadily since last summer and the median price is now 29% higher than it was in January 2019.
  • Showing activity and new pending sales were lower in January than they were last year. Elevated rates have tempered some demand yet the major constraint on the Washington D.C. metro area housing market is a lack of inventory.
  • There was a total of 4,930 active listings at the end of January, down 4.8% compared to a year ago. New listing activity has been at historically low levels, as current homeowners remain on the sidelines, holding onto their low mortgage rate.

The full Mid-Atlantic and market metro area reports are available at BrightMLS.com/MarketInsights.

About Bright MLS
Bright MLS was founded in 2016 as a collaboration between 43 visionary associations and two of the nation’s most prominent MLSs to transform what an MLS is and what it does, so real estate pros and the people they serve can thrive today and into our data-driven future through an open, clear and competitive housing market for all. Bright is proud to be the source of truth for comprehensive real estate data in the Mid-Atlantic, with market intelligence currently covering six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia) and the District of Columbia.

SOURCE Bright MLS