During the first three weeks of March, 16 percent of offers written by Redfin agents faced a bidding war, according to a report from the real estate brokerage. The bidding-war percentage is significantly down from 61 percent for the first three weeks of March 2018 and slightly up from the record low of 12 percent in December.
“This year even when there is competition among buyers for the same house, prices aren’t bid up as high as they were last summer,” Redfin San Diego agent Katie Gilbert said in a release. “Overall it’s not as chaotic as last year, but buyers still need to move quickly to win homes in the popular areas.”
In Seattle, which was a bidding-war hotbed in 2018, the bidding war was 17 percent, down from 72 percent a year ago.
According to the report, the typical home that sold in February spent a median 59 days on market, up 2 days from a year ago. February’s days on the market is the largest year-over-year increase since January 2015.
Redfin said the most competitive housing markets in March were San Francisco, Boston, San Diego and Portland, Ore. The least competitive housing markets in March are Miami, Dallas and Houston.