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Bidding Wars Still Rampant But on the Decline in Los Angeles

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Los Angeles's real estate market is totally chilling out, big time. Now buyers only have to fight to the death for houses 72.2 percent of the time, as opposed to 81.2 percent a year ago. That's according to Redfin's September Bidding War Report, where Los Angeles comes in as only the third most competitive market, dropping from the number two spot in August. Orange County moves up into second place after eternally-impossible Silicon-Valley-cash-eater San Francisco. Offers aren't even averaging above asking prices--sellers are losing the enormous power they've had for a while now "as the housing market shifts towards more balance." Yep, buyers can take it nice and easy--fewer than a third of houses (30.4 percent) are selling in less than two weeks, as opposed to 35 percent a year ago, making LA only the ninth fastest market in the country.
· Competition Among Homebuyers Declined from 61 to 58 Percent in September, Continuing Erosion of Seller Control [Redfin]
· Five-Month Home-Selling Slowdown Flattens in September with 26.6 Percent of Homes Selling in Two Weeks or Less [Redfin]