{"id":65381,"date":"2019-03-27T04:45:20","date_gmt":"2019-03-27T11:45:20","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=65381"},"modified":"2020-10-06T12:57:22","modified_gmt":"2020-10-06T19:57:22","slug":"2019-march-bidding-wars","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/2019-march-bidding-wars\/","title":{"rendered":"Only 16 Percent of Redfin Buyers Faced a Bidding War So Far in March, Down from 61 Percent a Year Earlier"},"content":{"rendered":"

San Francisco, Boston, San Diego and Portland are the most competitive housing markets this month, but still only one in five homebuyers faced bidding wars\u2014far fewer than a year earlier.<\/h2>\n

Just 16 percent of offers written by Redfin agents on behalf of their home-buying customers in the first three weeks of March faced a bidding war, down from 61 percent for the first three weeks of March 2018 and ticking up slowly from the record low of 12 percent in December.<\/p>\n

\"Bidding<\/figure>\n

If the rate of bidding wars begins to increase in a meaningful way this spring, it will be one of the earliest signs that the market is heating back up, since buyers making offers is the earliest stage of the homebuying process.
\nAnother good measure of the competitiveness of the market is how long homes stay for sale before going under contract (days on market). The faster homes find buyers, the more intense the market is for buyers. The typical home that sold in February spent a median of 59 days on market, up 2 days from a year ago. This is the largest year-over-year increase in time on market since January 2015, and it\u2019s the first February to post an annual increase in days on market climb since at least 2011.<\/p>\n

\"Days<\/figure>\n

San Francisco, Boston, San Diego and Portland, Oregon are the most competitive housing markets in March, all with about one in five offers facing competition. Each of these markets saw over 65 percent of offers face competition during the same period a year earlier.
\n\u201cThis year even when there is competition among buyers for the same house, prices aren\u2019t bid up as high as they were last summer,\u201d said San Diego Redfin agent Katie Gilbert<\/a>. \u201cOverall it\u2019s not as chaotic as last year, but buyers still need to move quickly to win homes in the popular areas.\u201c
\nEven Seattle\u2014 a bidding-war hotbed in 2018\u2014still hasn\u2019t seen competition heat up just yet in 2019. Seattle\u2019s rate was 17 percent so far this month, down from 72 percent a year ago.
\nThe least competitive housing markets so far in March are Miami (5%), Dallas (8%) and Houston (9%). A year ago, all three of these markets were seeing 26 percent or more of Redfin offers face competition.
\nThe rate of bidding wars is still down considerably in every market that Redfin agents serve. The largest percentage-point declines in the first three weeks of March compared to a year earlier were posted in the San Francisco Bay Area (-64 points), Boston (-60 points) and Seattle (-56 points). The smallest declines were in Atlanta ( -14 points), Houston (-18 points) and Phoenix (-27 points).<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rank<\/th>\nMetro Area<\/th>\nShare of Redfin Offers that Faced Competition (Mar. 1-21 2019)<\/th>\nShare of Redfin Offers that Faced Competition (Mar. 1-21 2018)<\/th>\nShare of Redfin Offers that Faced Competition (Feb. 2018)<\/th>\n<\/tr>\n<\/thead>\n
1<\/td>\nSan Francisco, CA<\/a><\/td>\n22%<\/td>\n86%<\/td>\n21%<\/td>\n<\/tr>\n
2<\/td>\nBoston, MA<\/a><\/td>\n22%<\/td>\n82%<\/td>\n21%<\/td>\n<\/tr>\n
3<\/td>\nSan Diego, CA<\/a><\/td>\n20%<\/td>\n69%<\/td>\n21%<\/td>\n<\/tr>\n
4<\/td>\nPortland, OR<\/a><\/td>\n20%<\/td>\n66%<\/td>\n20%<\/td>\n<\/tr>\n
5<\/td>\nDenver, CO<\/a><\/td>\n19%<\/td>\n70%<\/td>\n19%<\/td>\n<\/tr>\n
6<\/td>\nPhiladelphia, PA<\/a><\/td>\n17%<\/td>\n47%<\/td>\n17%<\/td>\n<\/tr>\n
7<\/td>\nLos Angeles, CA<\/a><\/td>\n17%<\/td>\n70%<\/td>\n15%<\/td>\n<\/tr>\n
8<\/td>\nSeattle, WA<\/a><\/td>\n17%<\/td>\n72%<\/td>\n15%<\/td>\n<\/tr>\n
9<\/td>\nAustin, TX<\/a><\/td>\n16%<\/td>\n53%<\/td>\n14%<\/td>\n<\/tr>\n
10<\/td>\nWashington, D.C.<\/a><\/td>\n14%<\/td>\n57%<\/td>\n14%<\/td>\n<\/tr>\n
11<\/td>\nAtlanta, GA<\/a><\/td>\n14%<\/td>\n28%<\/td>\n13%<\/td>\n<\/tr>\n
12<\/td>\nPhoenix, AZ<\/a><\/td>\n14%<\/td>\n41%<\/td>\n12%<\/td>\n<\/tr>\n
13<\/td>\nRaleigh, NC<\/a><\/td>\n11%<\/td>\n61%<\/td>\n12%<\/td>\n<\/tr>\n
14<\/td>\nChicago, IL<\/a><\/td>\n11%<\/td>\n40%<\/td>\n11%<\/td>\n<\/tr>\n
15<\/td>\nSacramento, CA<\/a><\/td>\n10%<\/td>\n59%<\/td>\n9%<\/td>\n<\/tr>\n
16<\/td>\nHouston, TX<\/a><\/td>\n9%<\/td>\n26%<\/td>\n4%<\/td>\n<\/tr>\n
17<\/td>\nDallas, TX<\/a><\/td>\n8%<\/td>\n55%<\/td>\n4%<\/td>\n<\/tr>\n
18<\/td>\nMiami, FL<\/a><\/td>\n5%<\/td>\n43%<\/td>\n2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The table above indicates the bidding war rates for each of the largest metro areas Redfin agents serve.<\/em>
\nEditor’s Note: Early in 2020 we discovered an issue with the data we had been collecting on bidding wars, which caused us to underestimate the rate of bidding wars in several markets. Redfin is currently in the process of fixing these data issues. Once complete, we will provide an updated estimate of the bidding wars for 2019.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

San Francisco, Boston, San Diego and Portland are the most competitive housing markets this month, but still only one in five homebuyers faced bidding wars\u2014far fewer than a year earlier. Just 16 percent of offers written by Redfin agents on behalf of their home-buying customers in the first three weeks of March faced a bidding […]<\/p>\n","protected":false},"author":13505,"featured_media":65382,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[23,8],"tags":[32],"coauthors":[],"class_list":["post-65381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bidding-wars","category-housing-market-news","tag-housing-market-tracker"],"acf":[],"yoast_head":"\nOnly 16 Percent of Redfin Buyers Faced a Bidding War So Far in March, Down from 61 Percent a Year Earlier - Redfin Real Estate News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/2019-march-bidding-wars\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Only 16 Percent of Redfin Buyers Faced a Bidding War So Far in March, Down from 61 Percent a Year Earlier\" \/>\n<meta property=\"og:description\" content=\"San Francisco, Boston, San Diego and Portland are the most competitive housing markets this month, but still only one in five homebuyers faced bidding wars\u2014far fewer than a year earlier. 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