Bidding wars on the decline

The Boston metro area may be one of the country’s most competitive markets‚ but compared to one year ago‚ late summer was significantly more buyer friendly. Here are the numbers from a recent Redfin analysis¹:

• Fifteen percent of Boston-area offers submitted by Redfin agents faced competition in August. However‚ in August 2018‚ a whopping 60.1% of offers were up against rival bids.
• Competitive offers were down 3.7% from one month earlier.
• Boston ranked fourth in the country for percentage of competitive offers‚ behind San Francisco (31%)‚ San Diego (18.4%)‚ and Las Vegas (17.1%).

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¹Dana Olsen‚ “Ten percent of Redfin offers faced bidding wars in August‚ a new eight-year low‚” Redfin‚ last updated September 4‚ 2019.