A new study by Redfin reports that the fiercest bidding on homes continues to take place in the Bay Area with the top 3 in February all in the region. San Jose was number 1 with 63 percent of homes selling above list followed by San Francisco with 62 percent and 59.1 percent in Oakland.
According to analysts, affordable housing is in short supply throughout the country but particularly in the Bay Area. The competition for these homes is fierce and many first-time homebuyers must try to out-bid other eager buyers.
Not surprisingly, San Jose, Oakland, and San Francisco were all in the top 5 in the nation’s fastest moving markets although Seattle ranked number one with nearly half of all homes sold within 12 days on the market.