The iBuyers of the world continue to stake their claim of the market share with news of the top four companies—Zillow Offers, Opendoor, Offerpad and RedfinNow—doubling their sales across SoCal last quarter.
According to the O.C. Register, the four collectively spent more than $512 million buying houses in Los Angeles, Orange, Riverside and San Bernardino counties in Q2. That amounts to an all-time high of 789 homes in all: 400 in Riverside, 389 in L.A. and Orange Counties.
The big four iBuyers also bought 197 homes in San Diego County last quarter, up from 75 in Q1.
Looking at the big picture perspective, the iBuyer share is still relatively small compared to traditional purchases—just 1.2 percent in L.A. and O.C., 2 percent in Riverside and 1.7 percent in San Diego last quarter. However, it’s still the most sales share since iBuyers launched operations in the counties.
According to Zillow, on the national level, homeowners used an iBuying service to sell more than 15,000 homes in Q2, pushing the overall market share for iBuyers to 1 percent of all U.S. home purchases for the first time. Homeowners in Atlanta, Phoenix and Dallas sold the most homes using an iBuyer service in Q2.