NAPA VALLEY
Ready to Sell? The Market is Saying It's Time!
July Statistics
The absorption rate is over 100% (102.6%) which makes this a seller's market. As a reminder, typically rates below 15% indicate a buyer's market and above 20% is a seller's market. While this is a seller's market, the interest rates are at historic lows so this still makes it a great time to buy as well!
The only statistic that was down year over year was inventory which continues to decrease. As buyers continue looking for more space we are seeing that the number of sales and pending sales are increasing year over year. We are still seeing more luxury homes selling and at faster rates. For these reasons the absorption rate is so high. If you are thinking about selling, this could be a great time!
If you are considering buying and will need a mortgage, I would highly recommend reaching out to a mortgage lender for prequalification. This way you will be prepared and have one up on other buyers.
In July total homes for sale was down 25.7% or 92 homes but the total sold was up 30.4% (31 homes). The number of pending sales was also up 68.7% (57 homes). The average sold amount was up 62% ($606k) and the average dollar per square foot was up 19.4% ($114.25). The average days on market was flat at 102 days both this year and last year. 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 was down 32.7% (17 homes) while the number of sold homes was up 3 homes. The pending sales was also up again by 15 homes. The average sold amount was up $1.8M and the dollar per sq. foot was also up 45.4% ($249). The days on market was up 66 days. It looks like individuals are taking advantage of the interest rates. This is a great time to sell in Calistoga especially with the lower inventory. (absorption rate: 94%).
In Napa the total number of homes on the market was down 31% or 69 homes. The number of homes sold was up 16% or 14 homes and the number of home sales pending was up 60% (40 homes). The average sold price was up 11.4% ($101k)and price per square foot was up again year over year (7.3% and $34). The average days on market was also up but only by 6.6% (4 days). It is still a seller's market in Napa (absorption rate: 74%).
In Saint Helena the number of homes for sale was lower again this month by 13% (9 homes) but the number of homes sold was up 4 homes (40%). Pending sales was pretty flat with 7 last year and 9 this year. The average sold price was down $134k (10%). The average price per square foot was flat at $749 last year and $751 this year. The days on market was up again 78 days (93%). St. Helena's numbers indicate that this is a great time to sell (absorption rate: 37.7%).
In Yountville, there was more inventory this year than last year with 17 houses on the market this year and 9 last year (up 89%). There was 1 more house sold this year (3 this year and 2 last year) but only 1 pending sale this year and 3 last year. The average sold amount was up 37% ($389k) and the price per square foot was up 29% ($172). The days on market was 222 last year and only 72 this year. This could be a great time to buy or sell in Yountville (absorption rate: 23.5%).
Today's Rates (please check with your lender as these change regularly):
30 Yr FRM 2.82%
15 Yr FRM 2.37%
FHA 30 Year Fixed 2.25%
Jumbo 30 Year Fixed 3.57%
5/1 Year ARM 2.75%
(Includes single-family homes in Calistoga, St. Helena, Yountville & Napa)
No. Properties Active in June 2018: 282
No. Properties Active in June 2019: 358
No. Properties Active in June 2020: 266 (down 25.7% to 2019)
No. Properties Sold in June 2018: 96
No. Properties Sold in June 2019: 102
No. Properties Sold in June 2020: 133 (up 30.4% to 2019)
No. Properties Pending in June 2018: 103
No. Properties Pending in June 2019: 83
No. Properties Pending in June 2020: 140 (up 68.7% to 2019)
Avg days on market in June 2018: 61
Avg days on market in June 2019: 102
Avg days on market in June 2020: 102 (0% to 2019)
Avg sale price June 2018: $1.369M
Avg sale price June 2019: $977k
Avg sale price June 2020: $1.584M (up 62% to 2019)
Avg $/Sq. Ft. June 2018: $704
Avg $/Sq. Ft. June 2019: $590
Avg $/Sq. Ft. June 2020: $704 (up 19.4% to 2019)
