Redfin: Boston’s drop in bidding wars is the steepest in the country

In the last few weeks, no U.S. city has shown a steeper decline in the percentage of buyers who’ve faced competition when bidding for a home than Boston.

That’s per a new study by Redfin, which compares the percentage of buyers who faced competing bids during the first three weeks of March with those who faced competition during the same period last year.

Boston’s rate of competition so far in March was 22 percent, compared with 82 percent last March. Only 16 percent of buyers so far this month faced competition — down from 61 percent last March.

It’s one more sign among many that buyers across the whole country in large and small markets may be getting back into the driver’s seat as the spring selling season gets going in earnest.

The number of days a home is on the market before going under contract is another indicator of competitiveness among home buyers, and the Redfin study showed that homes sold in February spent a median of 59 days on the market nationally, two days more than last year. This is the first time February showed an annual increase in days on the market since 2011.

Price growth slowed to 4.3 percent in January, according to the Case-Shiller home price index, signaling the 10th straight month of declines nationally. This among other factors such as low mortgage rates and higher inventory levels may leave home with a distinct advantage this spring.

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