Over 77% of offers on homes in Fort Collins, Colo. last month faced competition from other buyers, the country’s highest “bidding-war rate” in July, according to an analysis by Redfin.
The ranking comes as bidding wars across the country are beginning to decline. The report found that 60.1% of home offers nationwide faced a bidding war in July, down from 6.5% in June and a record-high of 74% in April.
The nationwide bidding war rate still remains above its 57% mark from July 2020. Offers are considered as part of a bidding war if they face competition from at least one other buyer.
According to the analysis, Fort Collins earned the top spot thanks in part to a 14% month-over-month climb between June and July.
It beat out larger metropolitan areas such as Nashville, Tenn., Orlando, Fla., and Honolulu, Hawaii to earn the top spot. Colorado Springs rounded out the top-five with a 73.2% bidding-war rate.
The analysis did not compare July 2021 sales against July 2020 sales in Fort Collins because there were fewer than 20 total transactions, the report said.
For comparison, the study said 66.5% of offers in Denver entered a bidding war. That is below smaller metro areas such as Charlotte, North Carolina and Las Vegas, Nev.
While agents say it is common for competition to slow down during the summer, others note that it has yet to quell buyers’ appetites.
“Competition has started to slow in the last three weeks,” Scott Mercer, a Redfin agent in Sacramento, Calif., said in a statement. “We’re now seeing five to eight offers on homes instead of 25, and they’re coming in $5,000 to $10,000 above the listing price instead of $50,000 to $60,000.”
This article was originally posted on Fort Collins had highest bidding-war rate in the U.S. last month