Frequency of bidding wars declines nationwide: Redfin

Redin says 32% of its offers to buy U.S. homes on behalf of clients faced at least one competitive bid during November, down from 45% in the same month last year

National /
Dec.December 15, 2018 02:00 PM

(Credit: iStock)

If you want to make an offer for a home, you are less likely to face a competing bid than a year ago, according to Seattle-based brokerage firm Redfin.

Homes listed for sale in some metropolitan areas still attract multiple competing bids, but a cool-down in the housing market has reduced competition for listed homes in most parts of the nation, Redfin reports.

The brokerage firm says 32 percent of its offers to buy U.S. homes on behalf of clients faced one or more competing bids during November, down from 45 percent during the same month last year.

In Miami, for example, 19.8 percent of Redfin’s offers to buy homes faced at least one competitive bid in November, down from 31.4 percent in November 2017.

Philadelphia was the only U.S. metropolitan area where a significantly larger percentage of Redfin offers faced competition in November (36.5 percent) than in November 2017 (30 percent).

The 32 percent share of Redfin offers that faced competition in November was the lowest percentage since the brokerage firm began analyzing bidding competition in 2011.

But some areas of the nation are still hotbeds for bidding battles over listed homes.

The zip codes with the most competitive bidding for listed homes are 94602 in Oakland, California; 20000 in Washington, D.C., and 92870 in Orange County, California. At least 85 percent of Redfin offers in these zip codes faced competition in the three-month period that ended in November. [Redfin.com]Mike Seemuth


Related Articles

arrow_forward_ios
A photo illustration of Jade Signature (Compass Real Estate, iStock)
Jade Signature closing tops Miami-Dade’s weekly condo sales
Jade Signature closing tops Miami-Dade’s weekly condo sales
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
From left: Jorge Mas and David Beckham in front of a rendering of Miami Freedom Park (Getty Images, Arquitectonica)
Miami board OK’s Beckham stadium design, complex master plan
Miami board OK’s Beckham stadium design, complex master plan
Fendi Chateau Ocean Residences, Apogee, Rise at Brickell City Centre and Faena House (Condo.com, iStock)
Here are Miami-Dade’s top condo sales in May
Here are Miami-Dade’s top condo sales in May
A photo illustration of the Fendi Chateau Ocean Residences at 9349 Collins Avenue (Fendi Chateau, iStock)
Fendi Chateau closing tops Miami-Dade’s weekly condo sales
Fendi Chateau closing tops Miami-Dade’s weekly condo sales
LCOR's Anthony Barsanti and Anthony Tortora with 1775 Biscayne Boulevard (LCOR, Zillow) Arts & Entertainment District
Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower
Developer pays $49M for Arts & Entertainment District dev site with plans for 540-unit rental tower
Rise at Brickell City Centre at 88 SW 7 Street in Miami (Condos.com)
Closing at Rise tops Miami-Dade’s weekly condo sales
Closing at Rise tops Miami-Dade’s weekly condo sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...