Sunset District in San Francisco Tops the List, with 9 of 10 Homes Selling for More Than Asking Price; Jamaica Plain and Allston/Brighton in Boston Make Top 10 List
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 (www.redfin.com), the customer-first real estate brokerage. In 2014, 54 percent of all offers written by Redfin agents faced bidding wars, down from 64 percent in 2013. Homes that sold above list price dropped to 19 percent from 24 percent; fewer homes sold in under 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:
1. Sunset District, San Francisco
2. Castro, San Francisco
3. Bernal Heights, San Francisco
4. Jamaica Plain, Boston
5. Silver Lake, Los Angeles
6. Almaden Valley, San Jose
7. Ardenwood, Oakland
8. Cambrian Park, San Jose
9. Ravenna, Seattle
10. Allston/Brighton, Boston
For the full report and ranking of the 30 most competitive neighborhoods, complete with data and Redfin agent insights, as well as information on the most competitive places in each of 38 metro areas, visit: http://www.redfin.com/research/reports/special-reports/2014/most-competitive-neighborhoods-2014.html.
Redfin (www.redfin.com) is a customer-first real estate brokerage that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not salespeople, earning customer-satisfaction bonuses, not commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don’t pay brokers a commission. Redfin also offers online tools that make the entire process of buying or selling a home easier and more fun. The company serves major markets across the U.S. and has closed nearly $20 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World’s Most Valuable Private Tech Companies by Business Insider.