Nationally, only 11% of residential properties for which agents submitted offers during July 2019 saw multiple bids, according to Redfin. Even highly competitive markets, such as San Francisco and San Diego, saw multiple bids drop significantly, from 72% to 35% in San Francisco and from 62% to 21% in San Diego.
Redfin indicated that this 11% in multiple offers in July 2019 is the lowest level of multiple offers since 2001. Even comparing this 11% to last year’s 46% is a significant drop in multiple offers. And, apparently, even the fact that the number of homes on the market for sale dropped by -3.4% compared to last July, did nothing to jump-start the competition.
Here are comparative bidding war percentages in 20128 and 2019 by city, according to Redfin:
7/2018 7/2019
National 46% 11%
San Francisco 72% 35%
San Diego 62% 21%
Boston 64% 16%
Los Angeles 65% 16%
Philadelphia 37% 14%
Denver 49% 14%
San Jose 80% 13%***
Sacramento 39% 9%
Washington DC 40% 9%
Raleigh 29% 9%
Portland 37% 9%
Chicago 31% 8%
Seattle 41% 8%
Atlanta 35% 8%
Austin 39% 8%
Las Vegas 31% 7%
Dallas 43% 7%
New York City 41% 6%
Houston 38% 5%
Miami 30% 1%
Redfin’s chief economist, Daryl Fairweather, believes that lower interest rates may encourage buyers to “be more assertive and increase competitive bidding” once again. “If you’re outbid once, you’re more likely to bid up on the next one.”
