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News & Press: Industry News

California Bidding Wars Ending

Tuesday, February 19, 2019  
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According to real estate brokerage Redfin fewer buyers are competing for homes and bidding wars have been cut by over half in the past 12 months. In California markets served by Redfin agents the share of Redfin offers that faced competition dropped significantly from January 2018 to January 2019. In San Diego, the share of offers facing competition dropped from 63% in January 2018 to 18% in January 2019. In San Francisco the drop was even higher, from 82% to 18%. In Los Angeles, competing offers dropped from 73% to 17% and in Sacramento the drop was from 58% to 11%. Redfin attributes the drop to an increase in the number of homes for sale while the number of buyers is falling off. Whether the drop off in competition from homebuyers will continue in 2019 and cause prices to fall is anyone's guess.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851