Great news for PropTech if true.

Opendoor is up 136% over the past 3 months. $OPEN

Update on my Opendoor Thesis: Median price of homes Opendoor purchased in Phoenix, Q2 2022: $476,000 Median price one year later, Q2 2023: $325,000 Opendoor has: 1.) Widened spreads dramatically (500+ bps) 2.) Narrowed buybox to smaller, lower end and easier to price homes.…

@DatadoorIO This is unfortunate.

To close out April, Opendoor posted its biggest week of home purchases (195) since mid-December, 2022. Opendoor's purchase volume: April > March > February $OPEN

Opendoor is operating in 52 markets as of today. Of those 52, 41 are in 'disclosure states,' or states where home sales data are publicly available. Of those 41, Opendoor has double digit listing margins in 34 of them. Hm.

Opendoor's listing margin as of today is over 1,000 bps higher than in October, 2022. $OPEN

Opendoor has sold/under contract on 93% of all homes purchased in November. Adjusted gross margin on these homes? 11%. And every monthly cohort since Nov has a higher margin than this... Don't call it a comeback bc but second half of 2023 looks big for $OPEN 👀

Opendoor's guidance for the balance of 2023 assumes a down year for housing. IF housing were to appreciate, it's all upside for the conservatively positioned iBuyers.

@thomasrice_au Crickets

The Dungeons & Dragons movie was much better than anticipated.

Opendoor stock is now up 60% since earnings last week. Seems like investors heard something they liked... $OPEN

@NewsLambert How about 'A House Divided' as the title?

As of today, Opendoor has sold or is under contract on 90% of the homes purchased between April and August, 2022 (the Q2 Offer Cohort).

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