Bidding Wars Hit Oakland Amid Tight Supply - Redfin Real Estate News

Bidding Wars Hit Oakland Amid Tight Supply

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Updated on October 6th, 2020

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.
Bidding war
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Lorraine Woellert

Lorraine is enjoying her first real job after a career in journalism. She’s based in Washington, D.C., where she writes about housing and the economy. Before joining Redfin, Lorraine was at Bloomberg News reporting on politics, financial mayhem, housing and the economy. Her dream home is a top-floor loft with a pool, friendly neighbors and a terrace for throwing parties. Everyone's invited. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our "Why Redfin?," page.

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Makayla Zurn

Makayla oversees broadcast media relations at Redfin. She also has a knack for video and produces content for the Redfin blog and YouTube channel. Before working at Redfin she was a morning TV news anchor and reporter. Makayla loves living in Seattle, where she grew up, but her dream “second home” would be somewhere along the sunny SoCal coast.

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Luis Mojica

Lusic was a Redfin intern on the Test Platforms Team in San Francisco.

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