Bidding wars for Seattle-area homes drop sharply

Real Estate

Bidding wars for homes on the market in the Seattle area have plummeted in the past year, reflecting a national trend, according to a new report released Wednesday.

The report, by real estate brokerage Redfin, found that only 9.4 percent of offers from Seattle-area homebuyers faced a bidding war in August. That's down from 37.8 percent in August 2018.

"Competition in the Seattle area has certainly slowed down since the second half of 2018. Last year, five out of five offers I submitted faced competition; now, it's one in five," said local Redfin agent Michelle Santos.

She said competition is still fierce for "desirable" homes in the Seattle marketplace, and the winning offer is one that's above the list price and waives contingencies.

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