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January 2018

Seattle area claims majority of most competitive homebuyer markets in U.S.

Nineteen of the country's 25 most-competitive markets for homebuyers are in the Puget Sound region, according to a report from Redfin.

San Jose was found to be the most competitive market. An estimated 85 percent of buyers there who worked with Redfin faced bidding wars, In Seattle it was around 62 percent. The analysis compared metro areas with populations of 1 million or more.

The rankings were based on median sales price growth, median days on the market, percentage of sales sold above asking price, and average sale-to-list price ratio. The latter factor was weighted at three times the other factors because Redfin believes it best represents the effect of competition.

The company also ranked markets based on the odds of a listing going under contract within 14 days of the property being offered for sale. Seattle edged out San Jose in that ranking, with 67 percent of homes making that cut.

Transaction date from multiple listing service and public records data were used for the ranking. The study included single family homes, condos and townhomes with at least 50 sales in the calendar year.