November remained competitive for the housing market, with 53.6 percent of home offers written by Redfin agents facing competition, according to a report released by the company.
Redfin said November was the seventh-straight month competition stayed above 50 percent. The 53.6 percent rate is down from the month before, with October seeing competition on 58.5 percent of offers.
The report analyzed 24 U.S. metro areas. The report found San Diego was the most competitive market. San Diego saw 75.3 percent of offers face competition. The top five most competitive markets were all above 60 percent and on the west coast.
Justin Hess, a Redfin real estate agent in the Denver area, said he recently received 22 offers for a three-bedroom single-family home he listed in Thornton, Colo., a Denver suburb.
“Single-family homes that are priced right, in good condition and in a desirable neighborhood are still selling quickly for top dollar,” Hess said.
Redfin said the least competitive market analyzed was Minneapolis, which only saw competition on 34.6 percent of offers.
“Buyers aren't going to compete for homes that have been sitting on the market,” Redfin Chief Economist Daryl Fairweather said. “They will typically only get into a bidding war for a newly-listed, desirable home that is move-in ready.”
In San Diego, for example, new listings were up 13 percent year-over-year in November, outpacing 5 percent growth in Minneapolis.
Condos saw less competition than townhouses or single-family homes. Condos were only competitive on 38.5 percent of offers, as opposed to 48.7 percent competition on townhouses and 57.3 competition on single-family homes.