A new report from Redfin suggests bidding wars increased in frequency in Greater Boston as the spring market heated up last month.

Nearly 3 in every 4 offers (73.6 percent) made by a buyer’s agent for the discount brokerage in the five-county metro area faced competition from other buyers, the brokerage said. That’s up from a mere 65.5 percent in February.

Nationally, those figures are 64 percent and 62.1 percent, respectively, making March the 11th consecutive month in which more than half of Redfin offers encountered bidding wars, and the second in a row where that figure exceeded 60 percent.

Homes listed between $800,000 and $1 million were the most likely to attract bidding wars, with 69.4 percent of all Redfin offers across America facing competition in March. Next came homes listed between $1 million and $1.5 million, with 68.6 percent of offers seeing bidding wars. Homes listed for less than $200,000 were the least likely to see competition, but still had a bidding-war rate of 59.1 percent.

The frequency with which Redfin agents encountered bidding wars in Greater Boston is substantially higher than last summer and fall – 55.7 percent of Redfin offers encountered one in October 2020, while 63.4 percent encountered them in July 2020 and 60.8 percent encountered them in August of that year.

The Greater Boston Association of Realtors reported that homes sold in its area received an average of 102.6 percent of their original list price in March, while that that same figure for all of 2021 is 100.7 percent. Both figures are up over 3 percent from their counterparts in 2020.

Bidding Wars Heat Up in Boston

by Banker & Tradesman time to read: 1 min
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