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Report: Buyers catch a break as bidding wars fall to lowest level since 2011

Buying
Home-Sign-Sale-Roswell-Georgia
. John Bazemore/Associated Press

The era of bidding wars may be winding down in some of the most competitive US housing markets. But what about Boston?

In November in the United States, 32 percent of home-purchase offers with a Redfin agent involved had multiple bidders, the lowest share since the brokerage began tracking such deals in January 2011. A year earlier, 45 percent of offers had at least one competitor, Seattle-based Redfin said in a report released Wednesday.

Some of the hottest property markets are cooling the fastest as higher mortgage rates add to affordability concerns after years of rapid price gains. In the Seattle metro area, the share of offers with multiple bids fell to 25 percent in November from 58 percent a year earlier, Redfin said. For Los Angeles, the rate dropped to 38 percent from 68 percent. In Raleigh, N.C., the share was 20 percent, down from 40 percent.

In the following Greater Boston locations, 70 percent of more offers written by Redfin agents faced competition in the past three months, according to the report:

■ Winchester: 80 percent

■ Arlington Heights: 79 percent

■ Malden: 79 percent

■ Woburn: 70 percent

In the Boston metro area as a whole, however, that figure dropped to 37.3 percent, down from 44 percent a year earlier.

“There aren’t many homes for sale in and around the city of Boston right now,’’ said Redfin agent Luke Welling. “Bidding wars are still the norm in Arlington Heights, Malden, and the Somerville, and Cambridge areas. Proximity to Boston and the local universities, coupled with highly rated schools in the surrounding towns make these neighborhoods sought-after destinations for many home buyers. Buyers still need to make offers well over asking price to win a home.’’

Statewide, the number of single-family homes that went under agreement in November was up 2.2 percent over the same month last year, the Massachusetts Association of Realtors reported Wednesday. The median price for pending single-family sales also increased, by 4.5 percent to $397,000. Condo sales were down, however, slipping 3.9 percent, but the median price climbed 1.4 percent to $375,000.

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