MReport February 2020

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M R EP O RT | 11 MDWELL Where Competition Is King A new study looks at the neighborhoods that are garnering the most attention across the nation. A Redfin report revealed that the White Oaks neighborhood in the Bay Area of San Carlos, California, was the most competitive neighborhood of 2019. Alger Heights in Grand Rapids, Michigan, and East Arlington in Boston were close behind.Just 12% of offers written by Redfin agents faced a bidding war between January and November 2019, which is down from 48% in 2018 and 53% in 2017. The Bay Area was home to half of the 20 most competitive neighborhoods of the year. "While neighborhoods in the Bay Area and Boston are still among the most competitive in the country, robust competition for homes in neighborhoods in Grand Rapids, Minneapolis, and Tacoma signals the desirability of more affordable areas," Redfin Chief Economist Daryl Fairweather said. "An influx of buyers from more expensive neighborhoods contributes to competition in these affordable neighborhoods, especially if they can make higher offers than local residents when they sell their previous homes." Boston was home to four of the 20 most competitive neighborhoods, followed by Grand Rapids and Washington, D.C., each of which had two neighborhoods included on the list. The Minnesota suburb of Brooklyn Park in Minneapolis and the Tacoma area near Seattle were also strong performers. More than 72% of homes sold in the White Oaks neighborhood earned above their list price dur- ing January through November 2019, with the typical home finding a buyer in only 12 days. You can see the breakdown of the nation's Top 20 Most Competitive Neighborhoods below. 20 Most Competitive Neighborhoods in the Nation Source::Redfin, "Redfin Ranks the Most Competitive Neighborhoods of 2019 Compete Score uses data on the number of competing offers, the number of waived contingencies, how quickly homes go under contract, and how much above list price they sell for to determine how difficult it is for buyers to win a home in individual neighborhoods and cities. Neighborhood City/State Metro Compete Score 1. White Oaks San Carlos, California San Jose 95.5 2. Alger Heights Grand Rapids, Michigan Grand Rapids 95.3 3. East Arlington Arlington, Massachusetts Boston 95.1 4. Glenview Oakland, California San Jose 95 5. Brattle Station Arlington, Massachusetts Boston 94.7 6. Creston Grand Rapids, Michigan Grand Rapids 94.5 7. AU Park/Friendship Heights Washington, D.C. Washington, D.C. 94.2 8. Cambridgeport Cambridge, Massachusetts Boston 94.1 9. Upper Rockridge Oakland, California San Jose 93.8 10. Mission Dolores San Francisco San Jose 93.6 11. Bushrod Oakland, California San Jose 93.6 12. Berkeley Hills Berkeley, California San Jose 93.5 13. Bay Farm Island Alameda, California San Jose 93.5 14. Arlington Center Arlington, Massachusetts Boston 93.5 15. Beresford Park San Mateo, California San Jose 93.3 16. Piedmont Avenue Oakland, California San Jose 93.3 17. Hartkopf Brooklyn Park, Minnesota Minneapolis 93.2 18. Fairlington Arlington, Virginia Washington, D.C. 93 19. Northwest Landing DuPont, Washington Seattle 92.8 20. North Los Altos Los Altos, California San Jose 92.7

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