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KIRO Radio's Tom Kelly digs deep into the Puget Sound real estate market

Real Estate

Seattle ranks No. 6 on Bidding War Report

Nearly two-thirds of all home purchase offers written in the Seattle area face competition from at least one other deal, according to a new survey released by Redfin. (Photo: Google Maps)

Nearly two-thirds of all home purchase offers written in the Seattle area face competition from at least one other deal, according to a new survey released by Redfin.

Seattle is ranked as the sixth most competitive market while San Francisco leads the pack.

In May, nearly 70 percent of the offers written by Seattle-based Redfin real estate agents faced multiple offers. However, that is down slightly from 73.3 percent of offers with multiple bids in April, according to the real estate brokerage's May 2013 Bidding War Report, which compiled stats from 2,000 offers written by its agents.

As the number of home sales increases in many markets, competition is easing somewhat in many markets, according to the report.

California continues to hold some of the most competitive housing markets, with buyers most often facing multiple bid situations.

According to the Redfin report, the following markets were the most competitive in May:

1. San Francisco
Percent of offers that faced competition: 87.9%
Percent of offers that were over the asking price: 96.8%
2. Los Angeles
Percent of offers that faced competition: 86.1%
Percent of offers that were over the asking price: 25%
3. Orange County
Percent of offers that faced competition: 83.9%
Percent of offers that were over the asking price: 58.1%
4. San Diego
Percent of offers that faced competition: 72.6%
Percent of offers that were over the asking price: 60.9%
5. Boston
Percent of offers that faced competition: 68.1%
Percent of offers that were over the asking price: 56.5%
6. Seattle
Percent of offers that faced competition: 67.4%
Percent of offers that were over the asking price: 60.6%
7. Washington, D.C.
Percent of offers that faced competition: 66.8%
Percent of offers that were over the asking price: 36.1%

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