Think San Francisco real estate and you might think about bidding wars. Over the past year bidding wars in San Francisco have substantially subsided. Although some properties have received multiple bids and increased offer prices, all out bidding wars appear to have stopped for the time being.
Continuing low inventory throughout San Francisco, especially in the single family home category still holds but right now multiple bids, if not outright bidding wars, are property specific rather than a phenomenon affecting the overall San Francisco real estate market or the city’s neighborhoods.
Interestingly, homes that fall between the $1,000,000 and $2,000,000 range now have more competition whereas homes below the $1,000,000 mark had intense competition in 2016.
San Francisco bidding wars may be gone for the time being but in other parts of the Bay Area, especially in Oakland, they are alive and well. Competition there is intense and neighborhoods like West Oakland where asking prices are comparatively low for the Bay Area are red hot.
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