Forget San Francisco. These two Bay Area cities have the most competitive real estate markets, accor


  • d3187 920x920 Forget San Francisco. These two Bay Area cities have the most competitive real estate markets, accor

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Compete Score data, via Redfin

Compete Score data, via Redfin

Photo: Redfin


Compete Score data, via Redfin

Compete Score data, via Redfin

Photo: Redfin


Compete Score data, via Redfin

Compete Score data, via Redfin

Photo: Redfin


This San Jose home, via Redfin, listed for $749.999K June 5, went pending, June 15, and sold for 8.7K mid-July.

This San Jose home, via Redfin, listed for $749.999K June 5, went pending, June 15, and sold for 8.7K mid-July.

Photo: Redfin



This San Jose home, via Redfin, listed for $749.999K June 5, went pending, June 15, and sold for 8.7K mid-July.

This San Jose home, via Redfin, listed for $749.999K June 5, went pending, June 15, and sold for 8.7K mid-July.

Photo: Redfin



This Fremont home, via Redfin, listed for $850K June 12, went pending June 21, and sold in July for $935K

This Fremont home, via Redfin, listed for $850K June 12, went pending June 21, and sold in July for $935K

Photo: Redfin









This San Jose Home, via Redfin, listed at $725K in May, went pending two weeks later, and sold in July for $915K.

This San Jose Home, via Redfin, listed at $725K in May, went pending two weeks later, and sold in July for $915K.

Photo: Redfin






No surprises here. Four Bay Area cities fall in a list of the 10 most competitive real estate markets. Real estate website Redfin developed a new Compete Score and analyzed American cities with populations of 200,000 or more to determine where the market competition is stiffest.

In the topmost spots: San Jose, Fremont, Oakland, and San Francisco. Sacramento also made the list.

The data

Redfin’s Compete Score ranges from 0 to 100, with 100 being the most competitive.

To calculate the figure, Redfin uses data from its site, including:

  • The number of competing offers and number of waived contingencies for homes sold by Redfin
  • Data from multiple listing services (MLSs), including the sale-to-list price ratio and number of days on market
  • Monthly updates to track competition over time to compare competition in different neighborhoods and cities



Knives out

According to these data, Fremont, San Jose and Seattle are the most competitive U.S. cities for homebuyers. In fact, on the score scale of 0 to 100, each of those cities scored a perfect 100.

For those who still hold out an “escape to the East Bay” fantasy, it might be saddening to learn Oakland is actually more competitive than S.F., by these numbers– though admittedly, not by much.

Redfin explains:

“Many of the most competitive cities are tech hubs that have attracted an influx of people moving to the area for jobs, unmatched by the creation of new homes. This has led to intense competition and rising home prices. In San Francisco, Seattle and Denver, homes have become so expensive that many people are moving elsewhere in search of more affordable and less competitive housing markets.”

Elsewhere, like… Oakland, or in the case of San Jose… Fremont.

It is not unusual in these competitive markets for homes to go into contract within a week, with multiple offers, and well over asking.

The gallery above denotes the 10 most difficult markets, as well as showcases sold homes that capture the true fierceness of the top three markets.

Buyer’s markets do exist

Those seeking reprieve from the hottest housing markets may want to consider the least competitive cities.

The gallery above includes that list, but the three least difficult markets are in New Orleans, El Paso, and Pittsburg. These cities earned a 43, 44, and 47 score, respectively, using Redfin’s analysis.

What does this look like for a buyer? In New Orleans, it looks like a six-week to two-month stint for a home on the market, which eventually closes with two or three competing offers, rarely over asking.

Want to know more about why your offer never gets accepted in the Bay Area, or where it might be more appreciated? Read the full study here. 

ALSO, A stately home on a huge San Francisco lot asking $1.9 million

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert 

Article source: https://www.sfgate.com/realestate/article/Bay-Areas-most-Competitive-real-estate-markets-13106103.php

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