{"id":71524,"date":"2020-10-20T04:46:58","date_gmt":"2020-10-20T11:46:58","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=71524"},"modified":"2020-10-20T10:03:49","modified_gmt":"2020-10-20T17:03:49","slug":"real-estate-bidding-wars-september-2020","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/real-estate-bidding-wars-september-2020\/","title":{"rendered":"56% of Redfin Offers Faced Bidding Wars in September, Down From 59% in August"},"content":{"rendered":"

Competition in the housing market remains fierce, but has cooled slightly amid a seasonal slowdown and surging home prices.<\/h2>\n

Nationwide, 56.3% of Redfin offers on homes faced competition in September, down from a revised rate of 59.1% in August. While that\u2019s the first decline in at least five months, a majority of offers still encountered bidding wars\u2014for the fifth month in a row\u2014indicating that competition remains intense in many parts of the country.<\/p>\n

\"\"<\/p>\n

An offer is considered part of a bidding war if a Redfin agent reported that it received at least one competing bid.<\/p>\n

The housing market has been on fire<\/a> since the start of summer due to record-low mortgage rates and a shortage<\/a> of homes for sale, and competition remains fierce despite a slight drop off in bidding wars, according to Redfin chief economist Daryl Fairweather.<\/a><\/p>\n

“The slight decline in bidding wars is largely a reflection of a seasonal cooldown, which typically starts in the late summer but was delayed by a few months this year,” Fairweather said. \u201cBut homebuyers are still sweating as they navigate what remains an unseasonably hot seller’s market.”<\/p>\n

Tampa Was the Least Competitive Market; Salt Lake City Was the Most Competitive<\/h3>\n

Tampa, FL<\/a> had a lower rate of competition than any other metro area in this analysis, with just 26.3% of offers facing bidding wars in September, down from 54.1% in August. Rounding out the bottom three were two other southeastern markets\u2014Miami<\/a>, which had a bidding-war rate of 38%, and Raleigh, NC<\/a>, at 41.4%.<\/p>\n

\u201cUntil very recently, bidding wars were entirely ubiquitous in Tampa<\/a>, but it suddenly seems like buyers have had enough of sellers\u2019 pie-in-the-sky, aspirational pricing. The market is getting a little too hot, and buyers are feeling fatigued,\u201d said Tampa<\/a> real estate agent Brian Walsh<\/a>. \u201cIt\u2019s getting to the point where you\u2019ll see a seller demand $50,000 over what they paid a year ago\u2014and the only thing they\u2019ve done to the home is minimal DIY renovations, like slapping on some new paint and flooring. Some of my buyers have decided to take a break from making offers altogether and just wait until the market cools off.\u201d<\/p>\n

At least half of offers faced bidding wars in 15 of the 24 metros in this analysis.<\/p>\n

Salt Lake City<\/a> had the highest bidding-war rate, with 81.1% of Redfin offers encountering competition. In second place was San Diego<\/a>, at 69.1%, followed by San Francisco<\/a>\/San Jose<\/a>, at 67.4%.<\/p>\n

\u201cSalt Lake City<\/a> has been going crazy,\u201d said local Redfin real estate agent Dean Cotter<\/a>. \u201cIf I have a house in reasonable condition priced at the average price range, it gets multiple offers and is gone in a weekend.\u201d<\/p>\n

A relatively acute housing shortage in Salt Lake City<\/a> is fueling fierce competition. The number of homes for sale shrunk 50% year over year in September, compared with a national decline of 22.8% on a seasonally adjusted basis. A lack of homes being added to the market is what\u2019s driving the shortage; new listings plunged 53% in September from the prior year, compared with a 5.9% gain nationwide. A 2019 Redfin analysis<\/a> found that Salt Lake City<\/a> homeowners stay in their homes longer than homeowners in other major metros. The pandemic has likely encouraged residents to stay put for even longer, according to Fairweather.<\/p>\n

Single-Family Homes Were the Most Likely to Face Competition<\/h3>\n

Single-family homes were most likely to encounter bidding wars in September, with 58.9% of Redfin offers facing competition, followed by townhouses, at 56%. Meanwhile, just 40.5% of offers for condos experienced bidding wars. The condo market has seen relatively slow growth<\/a> as remote work, the desire for privacy and record-low mortgage rates have made single-family homes more desirable during the coronavirus pandemic.<\/p>\n

\u201cCondos are not selling as fast as they used to,\u201d said Mary Bazargan<\/a>, a Redfin real estate agent in Washington, D.C.<\/a>. \u201cSingle-family homes are selling fairly quickly as long as they\u2019re priced right. The homes we price correctly or a little conservatively are getting multiple offers. The ones that push the price aggressively high are sitting on the market.\u201d<\/p>\n

Bidding-War Rates By Metro Area, September 2020 and August 2020<\/h3>\n

To be included in this analysis, metros must have had at least 35 offers written by Redfin agents from Sept. 1, 2020 to Sept. 30, 2020.<\/i>
\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Metro Area<\/b><\/th>Share of Redfin offers that faced bidding wars in September 2020<\/b><\/th>Share of Redfin offers that faced bidding wars in August 2020<\/b><\/th>\n<\/tr>\n<\/thead>\n
Salt Lake City, UT<\/a><\/td>81.1%<\/td>69.0%<\/td>\n<\/tr>\n
San Diego, CA<\/a><\/td>69.1%<\/td>73.0%<\/td>\n<\/tr>\n
San Francisco<\/a> \/ San Jose, CA<\/a><\/td>67.4%<\/td>70.5%<\/td>\n<\/tr>\n
Washington, D.C.<\/a><\/td>65.6%<\/td>67.9%<\/td>\n<\/tr>\n
Minneapolis, MN<\/a><\/td>63.9%<\/td>61.4%<\/td>\n<\/tr>\n
Portland, OR<\/a><\/td>61.0%<\/td>60.4%<\/td>\n<\/tr>\n
Austin, TX<\/a><\/td>60.4%<\/td>60.2%<\/td>\n<\/tr>\n
Sacramento, CA<\/a><\/td>59.3%<\/td>64.0%<\/td>\n<\/tr>\n
Seattle, WA<\/a><\/td>59.2%<\/td>64.4%<\/td>\n<\/tr>\n
Phoenix, AZ<\/a><\/td>57.4%<\/td>61.3%<\/td>\n<\/tr>\n
New York, NY<\/a><\/td>57.1%<\/td>53.7%<\/td>\n<\/tr>\n
Boston, MA<\/a><\/td>56.7%<\/td>64.4%<\/td>\n<\/tr>\n
Los Angeles, CA<\/a><\/td>56.2%<\/td>62.7%<\/td>\n<\/tr>\n
Philadelphia, PA<\/a><\/td>55.8%<\/td>60.8%<\/td>\n<\/tr>\n
Houston, TX<\/a><\/td>50.0%<\/td>46.9%<\/td>\n<\/tr>\n
Denver, CO<\/a><\/td>49.8%<\/td>52.6%<\/td>\n<\/tr>\n
Dallas, TX<\/a><\/td>49.0%<\/td>44.0%<\/td>\n<\/tr>\n
Detroit, MI<\/a><\/td>47.5%<\/td>56.4%<\/td>\n<\/tr>\n
Las Vegas, NV<\/a><\/td>47.5%<\/td>40.4%<\/td>\n<\/tr>\n
Atlanta, GA<\/a><\/td>47.4%<\/td>51.0%<\/td>\n<\/tr>\n
Chicago, IL<\/a><\/td>41.9%<\/td>45.2%<\/td>\n<\/tr>\n
Raleigh, NC<\/a><\/td>41.4%<\/td>47.5%<\/td>\n<\/tr>\n
Miami, FL<\/a><\/td>38.0%<\/td>34.5%<\/td>\n<\/tr>\n
Tampa, FL<\/a><\/td>26.3%<\/td>54.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n","protected":false},"excerpt":{"rendered":"

Competition in the housing market remains fierce, but has cooled slightly amid a seasonal slowdown and surging home prices. Nationwide, 56.3% of Redfin offers on homes faced competition in September, down from a revised rate of 59.1% in August. While that\u2019s the first decline in at least five months, a majority of offers still encountered […]<\/p>\n","protected":false},"author":13346,"featured_media":70122,"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 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