While home-buying competition eased nationally in 2014, only moderate relief came to buyers in some of the most competitive areas, including San Jose, Oakland, Los Angeles, Seattle and Portland, according to Redfin.
In 2014, 54% of all offers written by Redfin agents in these areas faced bidding wars, down from 64% in 2013.
Homes that sold above list price dropped to 19% from 24%; fewer homes sold in less than two weeks; and slightly fewer were purchased with all cash.
But while national data has trended toward a more balanced market between buyers and sellers, competition remains fierce in pockets across Redfin markets.
Using Offer Insights data from Redfin agents about offers they wrote this year, as well as 2014 sales transactions from the MLS, Redfin ranked the most competitive neighborhoods to buy a home in 2014.
The neighborhood rank is based on the percentage of Redfin offers that encountered competition and the percentage of homes that sold for more than their list price. Here’s a ranking of the 10 most competitive neighborhoods for homebuyers in 2014:
- Sunset District, San Francisco
- Castro, San Francisco
- Bernal Heights, San Francisco
- Jamaica Plain, Boston
- Silver Lake, Los Angeles
- Almaden Valley, San Jose
- Ardenwood, Oakland
- Cambrian Park, San Jose
- Ravenna, Seattle
- Allston/Brighton, Boston