2018-01-02 Redfin Ranks 2017’s Most Competitive Neighborhoods for Homebuyers
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Fellow GDREIA Members
Redfin Ranks 2017’s Most Competitive Neighborhoods for HomebuyersNineteen of the Top 25 Were in the Seattle Area. The Rest Were in San Jose, Boston and Denver.
Written by Alina Ptaszynski (Click Here for more) The 2017 housing market was the most competitive we have seen since 2013, when 65 percent of offers written by Redfin agents faced bidding wars. This year, just over half of all offers written by Redfin agents encountered competition, up from 49 percent last year. The pace at which homes went off the market made the competition more intense this year. Homes found buyers after a median 45 days on market, six days fewer than 2016. Forty-one percent of homes that were listed in 2017 were Redfin Hot Homes, a designation earned by homes with 7/10 or higher odds of going under contract within their first 14 days on the market, as determined by Redfin’s proprietary algorithm.