With the holidays upon us, consider yourself lucky if you’re celebrating in a home you were able to purchase in 2017, especially in the Seattle area.
A new report from Redfin shows just how competitive the housing market has been and identifies neighborhoods across the country where competition was the stiffest. Six of the top 10 and 19 of 25 are in Seattle and surrounding suburban neighborhoods.
Seattle-based Redfin reports that just over half of all offers written nationally by the company’s agents encountered competition in 2017. In the Seattle metro area and beyond, 62 percent of offers faced bidding wars and 67 percent of homes listed this year were Redfin Hot Homes — the highest share of any market. That designation is earned by homes with 7/10 or higher odds of going under contract within their first 14 days on the market, as determined by Redfin’s proprietary algorithm.
