NAPA VALLEY
Is This The Time To Sell or Buy or Both?
March Statistics
This recession is not because of the economy, this recession is because of a virus. Buying and selling of real estate is still occurring and has not affected the appreciation of homes. Please talk to your Realtor to find out more about your specific market and what the rules and regulations are for showing properties. That being said, I do believe that once we return to the "new normal," there will be a boom in certain markets. The new luxury is the luxury of space. A number of individuals who can leave the city and work remotely will consider moving to more rural areas (i.e. leave San Francisco and move to the Napa Valley and/or Sonoma). We will see as the months pass if my hypothesis comes to fruition.
If you are considering selling, please keep in mind there are ways of putting your house on the market without turning on the days on market calculator at this time. There are also new virtual ways of selling homes to minimize the foot traffic through your home and make the buyers feel more comfortable if they want to view the home in person.
If you are considering buying and will need a mortgage, I would highly recommend reaching out to a mortgage lender for pre-qualification. This way you will be prepared and have one up on other buyers.
Inventory was slightly lower this March (down 14% or 33 homes) while the total sold was up 7.5% (4 homes) but the number of pending sales was down 26% (20 homes) which offsets last month which was up by 20 homes. The average sold amount was up 16.3% ($175k) and the average dollar per square foot was up 17.1% ($88). To get a better understanding of the right time to buy/sell, below is a breakout by town.
In
Calistoga
the number of homes on the market is flat year over year (22 homes). The number of sold houses last year was 2 while this year 4 sold and 6 more were pending (2 homes were pending last year). The average sold amount was up $1,067 and the dollar per sq. foot was also up $436 per sq. ft. Most of these differences were because two homes sold for just over $2M and 1 sold for a little over $1M while last year one sold for $275k and the other sold for about $630k. The days on market was about the same, down 2.1% (2 days).
In
Napa
the total number of homes on the market was less than last year (down 16.7% or 27 homes). The number of homes sold was up, however (6.5% or 3 homes) but the number of home sales pending was down 27.9% (19 homes) which balances out last month. The average sold price and price per square foot were both up again year over year. The average sold price was $1,026M this year to $927k last year (up 10.7% which is inline with last month) and the average sold price per square foot was $464 last year to $499 this year (up 7.5%). The average days on market was lower this year by 12.2% (79 this year to 90 last year).
In
Saint Helena
the number of homes was slightly lower again this month (46 last year to 40 this year) and the number of homes sold was also slightly less, 4 last year and only 3 this year with 6 pending sales last year and 2 this year. The average sold price was also down from $2.05M last year to $1.767M this year (down 13.8%) and the average price per square foot was also down from $904 last year to $616 this year. The days on market was also up 31 days (100 this year to 69 last year). The highly desirable homes (larger lots & homes) are still moving relatively quickly and there were more on the market last year than this year.
In
Yountville,
the inventory was the same as last year with 6 houses on the market. The same number of homes (1) were sold last year and this year
but this year we had 1 less pending as opposed to last year. The biggest differences year over year were the house that sold. Last year the sale price was $850k at $465 per square foot and 132 days on market. This year the house that sold went for $665k at $633 per square foot and 30 days on the market. Houses are still moving in Yountville and this could be a great time to put your house on the market and to buy.
Today's Rates (please check with your lender as these change regularly):
30 Yr FRM 3.38%
15 Yr FRM 3.18%
FHA 30 Year Fixed 3.38%
Jumbo 30 Year Fixed 4.40%
5/1 Year ARM 4.08%
(Includes single-family homes in Calistoga, St. Helena, Oakville, Rutherford, Yountville & Napa)
No. Properties
Active
in
March 2018: 177
No. Properties
Active
in
March 2019:
236
No. Properties
Active
in
March 2020:
203 (down 14.0% to 2019)
No. Properties
Sold
in
March
2018: 63
No. Properties
Sold
in
March 2019: 53
No. Properties
Sold
in
March
2020:
57
(up 7.5% to 2019)
No. Properties
Pending
in
March
2018: 73
No. Properties
Pending
in
March 2019: 77
No. Properties
Pending
in
March
2020:
57 (down 26.0% to 2019)
Avg
days on market
in
March
2018
:
87
Avg
days on market
in
March
2019
:
97
Avg
days on market
in
March
2020
:
76 (down 21.6% to 2019)
Avg sale price
March
2018
:
$1.350M
Avg sale price
March
2019
:
$1.07k
Avg sale price
March
2020
:
$1.245M
(up 16.3% to 2019)
Avg $/Sq. Ft.
March
2018
:
$723
Avg $/Sq. Ft.
March
2019
:
$512
Avg $/Sq. Ft.
March
2020
:
$600
(up 17.1% to 2019)
