Orange County, Calif., San Francisco, San Diego, and Los Angeles are the most competitive housing markets in the country, attracting a high number of multiple offer situations for homes, according to the recent “Bidding War Report” compiled by the brokerage Redfin. The report is based on 2,000 offers written by Redfin real estate agents in April.
In Orange County, 93.6 percent of the offers received by agents in April faced competition, according to the report. In San Francisco, 90.8 percent of the offers were met with competition.
The multiple bid situations often meant buyers had to offer above the asking price to get the home they wanted. For example, in San Francisco, 91.5 percent of the winning offers were an average of 7.8 percent higher than the seller’s asking price.
According to the report, 73 percent of offers nationwide led to bidding wars, which is down from a 79 percent peak in February.
“The easing competitiveness suggests that certain markets, particularly in California, Washington, D.C., and Boston are showing early signs of cooling,” according to Redfin.