Bidding Wars Hit 8-Year Low, But Buyers Still Face Competition
December 13, 2018
Home buyers may be less likely to face a bidding war than in previous months, but that doesn’t mean they won’t be facing competition from other home shoppers. A new report from the real estate brokerage Redfin showed that 32 percent of real estate pros say they faced one or more competing bids in November, down from 45 percent a year earlier. That marks an all-time low in bidding wars since the firm started tracking such data in 2011.
For example, Seattle was once a market primed for bidding wars among buyers. During the spring selling season this year, three out of four offers in Seattle faced competition. But as of November, only about one out of every five offers in Seattle faced competition, the lowest rate among the largest markets tracked by Redfin.
On the other hand, Philadelphia was the only metro area where buyers faced significantly more competition in November than a year ago. It’s also one of the markets where inventory is shrinking and homes are selling faster and for more money, Redfin notes.
Some ZIP codes in the softening coastal markets are still seeing bidding wars play out. The following is a list of where bidding war rates are still the highest:
Updated: June 17, 2019