Brought to you by
KIRO Radio's Tom Kelly digs deep into the Puget Sound real estate market
Real Estate
real estate woman
In some Seattle neighborhoods, two of three new listings have been receiving more than one offer, brokers report. (AP Photo/File)

Bidding wars on the rise in Seattle neighborhoods

With tighter inventories of homes for sale, Puget Sound area buyers are finding increased competition through bidding wars.

In some Seattle neighborhoods, two of three new listings have been receiving more than one offer, brokers report. However, activity is even stronger elsewhere.

"The only question is not whether a new listing will get multiple bids but how many it will get," Kris Vogt, who manages Coldwell Banker offices in the Sacramento area, told CNNMoney.

For example, a home in Elk Grove, Calif., reportedly received 62 separate bids, with the final sales price more than $150,000 above its $129,000 asking price.

In Cambridge, Mass., real estate brokers stopped accepting bids after the tally reached 250 bids for two condos listed at $800,000 each. The two condos ended up selling together for $2 million.

Seventy-five percent of real estate agents with Seattle-based brokerage Redfin surveyed in March say their clients have faced multiple-bid situations for properties - up from 56 percent in late 2011.

Bidding wars appear to be most prevalent in California. Ninety percent of homes sold in San Francisco, Sacramento, and throughout Southern California saw multiple bids during the month, CNNMoney reported. What's more, at least two-thirds of listings in Boston, Washington, D.C., and New York had bidding wars for homes, too.

Top Stories

  • Not the End
    Officials have another trick up their sleeves to help save King County's bus service

  • Changes Underway
    After high hopes, the Mariners confirm they've sent Nick Franklin to the minors

  • Choke Hold
    The FDA is about to regulate a product that helps people quit tobacco
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Mortgage Calculator
Enter Your Details & Click the Calculate Button
Loan Amount $
Annual Interest Rate %
Term of Loan Years
Number of Payments
Monthly Payment $
Brought to you by

This is not a commitment to lend. Terms subject to change without notice. Applicant must qualify to receive credits. A division of Pinnacle Capital Mortgage Corp. WA CL 81395, Equal Housing Lender, MLO 70765.
Listen to the show
Hear Real Estate Today on KIRO Radio
Join Tom Kelly every Sunday at 9am on KIRO Radio to talk Puget Sound real estate.

Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know a student who stands out in the classroom, school and community?
Help make their dreams come true by nominating them for a $1,000 scholarship and a chance to earn a $10,000 Grand Prize. Brought to you by KIRO Radio and Comprehensive Wealth Management.

Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.