Tom York on Business: San Diego Home Buyers Get Scant Relief from Bidding Wars

A house for sale in Point Loma in September. Photo by Chris Stone

Residential real estate services provider Redfin says 60{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} of offers written by its agents nationally faced competition—similar to the number in September but down from the feverish COVID-19 pandemic peak of 74.5{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} in April.

But the ease-up hasn’t hit markets here in the West, including San Diego.

Salt Lake City had the highest bidding-war rate of the 42 U.S. metropolitan areas in this analysis, with 79.5{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} of offers written by Redfin agents facing competition. Next came Sacramento, CA at 77.1{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} and Indianapolis at 74.1{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73}. San Diego and the Bay Area rounded out the top five, with rates of 72.1{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73} and 69.5{3e92bdb61ecc35f2999ee2a63f1e687c788772421b16b0136989bbb6b4e89b73}, respectively.

Redfin says the surge in multiple offers has fallen as the typical seasonal cooling in the housing market has arrived, but the drop has leveled with buyers resurfacing.

“There’s still a housing shortage,” according to economist Daryl Fairweather, adding, “which means some homes continue to receive as many as 22 offers and go for $100,000-$150,000 over list price.”

Maria Flores

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