Redfin Launches Compete Score™ for US home buyers

Victoria Haviland

July 26, 2018

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Seattle, Washington as well as San Jose, and Fremont, California are the Most Competitive Cities in the US, with a Compete Score of 100.

Redfin, the next-generation real estate brokerage, recently announced Redfin Compete Score, a rating of housing competition in cities and neighborhoods on a scale of 0 to 100, where 100 is the most competitive. Compete Score can be found on Redfin.com pages for individual listings as well as on the Home Values page for any city or neighborhood where more than 25 homes were sold in the last year. Redfin is also introducing the first Compete Score Report to calculate the most and least competitive cities and neighborhoods across the country.

Score Range Range Name Description
90-100 Most Competitive Most homes get multiple offers, often with waived contingencies
70-89 Very Competitive Many homes get multiple offers, some with waived contingencies
30-69 Somewhat Competitive Some homes get multiple offers, but typically take weeks to sell
0-29 Not Very Competitive Multiple offers are rare and homes can take months to sell

Because Redfin has a customer database that is used by every agent for every customer at every step of buying or selling a home, Compete Score is determined using data that no other brokerage or website has. Compete Score is calculated using Redfin proprietary data, including the number of competing offers and number of waived contingencies for homes sold by Redfin, as well as data from local multiple listing service (MLS) databases, including the sale-to-list price ratio and number of days on market for homes in that area.

“Using data and insights that only Redfin has, Compete Score helps home buyers navigate the competition and sellers understand what to expect when listing a home,” said Matt Lerner, Senior Vice President, Product & Design at Redfin. “Compete Score helps sellers understand how long a home could take to sell, whether it’s likely to sell for more or less than the asking price and how to list the home at a price that is likely to attract multiple offers. For buyers, Compete Score helps them understand how aggressive they need to be to win the home they want, including how much to bid, whether they need to waive contingencies and how fast they need to act.”

“Compete Score is an example of how Redfin captures more data than any other brokerage or website. We do this because every customer asks for service via our online tools, and every agent uses those tools to deliver better service, in preparing offers, activating listings, scheduling tours and negotiating sales,” said Glenn Kelman, CEO of Redfin. “No human being could make sense of so much data, but Redfin’s software processes this information to recognize subtle shifts in the market from month to month and neighborhood to neighborhood. As a result, our customers will know when a neighborhood is getting hot, or when the whole market is about to turn, before anyone else.”

The first Compete Score report shows that among the US cities with populations of at least 200,000, the most competitive are Fremont and San Jose, California, and Seattle, while New Orleans, LA, and El Paso, Texas are the least competitive cities in contrast. Though, desirable neighborhoods may be less competitive than expected because of price range and fewer offers.

Most Competitive Cities in the U.S.

Rank City Redfin Compete Score
1 Fremont, CA 100
1 San Jose, CA 100
1 Seattle, WA 100
2 Oakland, CA 97
3 Aurora, CO 96
3 San Francisco, CA 96
4 Tacoma, WA 95
5 Denver, CO 92
5 Boston, MA 92
6 Sacramento, CA 91

Least Competitive Cities in the U.S.

Rank City Redfin Compete Score
1 New Orleans, LA 43
2 El Paso, TX 44
3 Pittsburgh, PA 47
3 Miami, FL 47
5 Newark, NJ 52
6 Scottsdale, AZ 54
7 Boise, ID 57
7 Baton Rouge, LA 57
7 Norfolk, VA 57
8 Cincinnati, OH 58

“Many of the most competitive cities are technology hubs that have attracted an influx of people moving to the area for jobs, unmatched by the creation of new homes,” said Taylor Marr, Senior Economist at Redfin. “This has led to intense competition and rising home prices. In San Francisco, Seattle and Denver, homes have become so expensive that many people are moving elsewhere in search of more affordable and less competitive housing markets.”

In looking at Compete Score data for neighborhoods nationwide, more than 100 have a Compete Score of 97 or higher and six have a score of 100, the highest score possible. The vast majority are in the Seattle and San Francisco Bay Areas.

Most Competitive Neighborhoods in the U.S.

Neighborhood City Redfin Compete Score
West Murphy Sunnyvale, CA 100
Phinney Ridge Seattle, WA 100
East Arlington Arlington, MA 100
Northeast Spring Glen Renton, WA 100
Licton Springs Seattle, WA 100
North College Park Seattle, WA 100

Initially, Compete Score was available for more than 8,200 cities and 13,000 neighborhoods across the US. In order to maintain accuracy, Compete Scores is only available in areas where at least 25 homes have been sold within the last year. Redfin will update the Compete Score for all areas at the beginning of each month.

SOURCE Redfin
Edited by V. Haviland

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Simon Baker is the Founder and Executive Chairman of Online Marketplaces and Property Portal Watch. Involved with property portals for 15 years, he’s a well-recognized expert and industry consultant.
As former CEO/MD of the REA Group for 8 years, Simon led the group to its current market-leading position. When he joined REA Group in 2001, it had $4m in revenues, $6m in losses and an $8m market cap.
By 2008, the company presided over $155m in revenues, $35m in EBITDA and enjoyed a peak market cap of $1b. Simon is currently Chairman of the Mitula Group and Real Estate Investar and a serial portal founder and, investor.