Thirty-two percent of offers written by Redfin agents on behalf of their home-buying customers in November faced competition (one or more competing bids), down from 45 percent a year earlier, marking an all-time low since Redfin began tracking this data in 2011. But homebuyers in coastal markets should wait before breathing a sigh of relief. Some zip codes in the markets that are cooling the fastest are still hotbeds for bidding wars. Topping the list are 94602 (Oakmore, Glenview and Lincoln Highlands) in Oakland, Calif., 20009 (U Street Corridor, Adams Morgan, Columbia Heights and Shaw) in Washington, D.C., and 92870 (Placentia) in Orange County, Calif., all with 85 percent or more of Redfin offers facing competition.
*Some zip codes did not have a large enough volume of Redfin offers from Sept. – Nov. 2017 to calculate a reliable bidding war rate.
“There aren’t many homes for sale in and around the city of Boston right now,” said Redfin agent Luke Welling. “Bidding wars are still the norm in Arlington Heights, Malden, and the Somerville and Cambridge areas. Proximity to Boston and the local universities, coupled with highly rated schools in the surrounding towns make these neighborhoods sought-after destinations for many homebuyers. Buyers still need to make offers well over asking price to win a home.”
One previously red-hot market is notably absent from the list: Seattle. The only Seattle zip code where more than half of Redfin offers faced competition in the last three months was 98115, which encompasses the Seattle neighborhoods of Maple Leaf, Wedgwood, and View Ridge.
During the spring selling season earlier this year three out of four offers in Seattle faced competition. As of November only about one of every four offers in the Seattle area faced competition, one of the lowest rates among Redfin’s largest markets.
Here is the list of bidding war rates for each of the largest metro areas Redfin agents serve.
Philadelphia was the only metro areas where buyers faced significantly more competition in November 2018 than in November 2017. Philadelphia is one of the markets where inventory is shrinking and homes are selling faster and for more money.
