Silicon Valley Real Estate Update: The Craziest Market In The U.S. Just Got A Little Less Crazy

TechCrunch

Editor’s note:Glenn Kelman is the CEO of Redfin, a technology-powered real estate broker backed by Madrona Venture Group and Greylock Partners. He previously co-founded Plumtree Software. His last TechCrunch essays were The Maximum, Beautiful Product and Searching for Beasts in Silicon Valley’s War for Talent. Follow him on Twitter @glennkelman.

Well what do you know! After writing on TechCrunch for the past year about how Silicon Valley’s Gatsbyesque wealth couldn’t find much real estate to buy, Bay Area inventory is up. Bidding wars are down. And rising rates are squeezing buyers who have to borrow money. Below is Redfin’s quarterly rundown of what’s happening in Silicon Valley real estate.

Bidding wars are less intense. Bidding wars are still common, with Redfin agents facing competition on 95 percent of all homes in May 2013, the highest of any of the 21 markets Redfin serves. For example,

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