Key Highlights

  • Residential home market expected to hit $2.53T in sales during 2021
  • 72% of buyers faced with bidding wars

Competition within Record Setting +$2.5T Sales Environment

Redfin forecast last week that the residential market in the US would hit a record $2.53T in closed transactions  during 2021. This $2.54T in deals would represent an increase of +17% y/y and the biggest increase since 2013.

For a frame of reference, $2.53T is larger than France’s GDP in 2020 and approximately equal to the value of Facebook and Amazon combined.

72% of Buyers Faced Competitive Bidding Wars in Apri

To be “successful” in a market (to actually “get” the house) where typical houses are now spending in just 19 days on the market, the vast majority of homebuyers have faced competitive biding wars.

Nearly three-quarters or 72% of all homebuyers faced bidding wars in April 2021, according to a new report by Redfin. 

Most Competitive Housing Markets

Salt Lake City was the most competitive market in the country during April. More than 4 in 5, 83.5%, of home offers faced at least one other competitive bid.

San Diego and Spokane WA were the next most competitive housing markets with 83% of offers in each market facing bidding wars.  Boise came in fourth with 81.8% of offers experiencing competitive bids during April.

According to Kristin Lopez, an agent with Redfin, April’s housing market was different from the housing market during the winter.  Lopez said, “The homes for sale today are high-quality, desirable homes – a dynamic that’s fueling more competition.  This is a contrast from the winter, when most properties coming on the market were bottom-of-the-barrel homes.  The difference is that today’s sellers are folks who want to sell, whereas many sellers back in the winter had to sell and didn’t have time to do any upgrades.”

 

Thanks to Redfin and MansionGlobal.

 

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