Bidding wars waning, but still happened on more than half of all listings
- Blog Post by: Jim Buchta
- November 20, 2013 - 9:43 AM
Across the country, bidding wars are waning, but they still happened on more than half of all deals consummated by Redfin agents in 22 major markets.
The monthly Bidding War Report showed that during October, 55.9 percent of offers written by Redfin agents faced bidding wars, down from 58.3 percent in September. It was the 7th month in a row that Redfin showed a month-over-month drop in competition. October also was the third consecutive month to see competition fall below 2012 rates.
Redfin predicted the decline given the U.S. government shutdown and a decline in consumer confidence.
Here's what Redfin economist Ellen Haberle had to say about the situation: "This reprieve is unlikely to last much longer; as soon as the clock strikes midnight on New Year's Day, competition probably will reverse course as the 2014 selling season takes off."
Competition in Boston declined the most, with 61.3 percent of all offers facing bidding wars, down from 70.1 percent the previous month, and competition was most fierce in San Diego where 63 percent of all offers involved more than one bid.
© 2014 Star Tribune