Bidding Wars Hit Oakland Amid Tight Supply

Nationwide, more people are putting their homes up for sale, but in some cities it’s still not enough. With too many buyers and too few properties on the market, bidding wars are heating up again. It’s particularly bad in Oakland. At the end of January, the city across the bay from San Francisco had only six weeks of inventory remaining.
“It’s not uncommon to see 15 to 25 offers in some of the more desirable places in Oakland, and for homes to sell 35 percent above the list price or even more,” Redfin agent Tom Hendershot said.
Supply is tight elsewhere, too. In January, there was less than three months’ worth of homes on the market in Boulder (2.4 months), Denver (2 months) and Seattle (2.6 months). In Dallas, inventory fell to a 3.3-month supply from 3.6 months a year earlier. Agents consider a market balanced when there are about six months’ worth of homes for sale.
If you think you might face a bidding war situation, check out Redfin’s guide to winning a bidding war. And if it doesn’t work out the first time, you’ll want to consult our guide to recovering after losing a bidding war.

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