In some markets, home buyers are facing steep competition for the home they want to buy. For example, in May, nearly 70 percent of the offers written by Redfin real estate agents faced multiple offers. However, that is down slightly from 73.3 percent of offers with multiple bids in April, according to the real estate brokerage’s May 2013 Bidding War Report, which compiled stats from 2,000 offers written by its agents. As the number of home sales increases in many markets, competition is easing somewhat in many markets, according to the report.
California continues to hold some of the most competitive housing markets, with buyers most often facing multiple bid situations.
According to the Redfin report, the following markets were the most competitive in May:
1. San Francisco
Percent of offers that faced competition: 87.9%
Percent of offers that were over the asking price: 96.8%
2. Los Angeles
Percent of offers that faced competition: 86.1%
Percent of offers that were over the asking price: 25%
3. Orange County
Percent of offers that faced competition: 83.9%
Percent of offers that were over the asking price: 58.1%
4. San Diego
Percent of offers that faced competition: 72.6%
Percent of offers that were over the asking price: 60.9%
5. Boston
Percent of offers that faced competition: 68.1%
Percent of offers that were over the asking price: 56.5%
6. Seattle
Percent of offers that faced competition: 67.4%
Percent of offers that were over the asking price: 60.6%
7. Washington, D.C.
Percent of offers that faced competition: 66.8%
Percent of offers that were over the asking price: 36.1%
Source: Redfin
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