What city leads the nation in property bidding wars?

If you are a prospective home buyer attempting to purchase a home in the Reno or Sparks market today, you might have answered Reno or Sparks, Nevada. And you would not have been that far off. Although bidding wars are commonplace in our local housing market, the proportion of them is not quite to the proportion in the city that leads the nation in property bidding wars.

And what city is that? Not surprisingly, it is San Francisco, Calif. See San Francisco leads the nation in property bidding wars — Well above national average

From the HousingWire piece:

San Francisco’s bidding wars are nearly at 100%, rising from 88% last year to 94%, with 32% of homes selling over the asking price.

Almost a third of the homes in San Francisco sell for over asking price! How does our market compare to that number? I pulled all the sold properties over the past 90 days and found the following:

• 1,775 homes (condos, town houses and houses) sold in the last 90 days
• median list price: $258,500
• median sold price: $255,000
• average sold-to-list price ratio: 94%
• homes selling over the asking price: 28.8% (511 of 1,775)

Nearly 29% of the sales from the last 90 days have sold for more than the asking price. Not quite as high as San Francisco’s proportion, but not far from it either.