NAPA VALLEY
It's Still a Great Time To Sell!
October Statistics
The absorption rate has dropped but is still at 47.6% mostly because of the town of Napa again which had a 54.7% absorption rate. 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 still at historic lows which makes it a great time to buy as well! 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 October total homes for sale was down 31.7% (106 homes) but the total sold was up 14.9% (15 homes). The number of pending sales was also up 23% (17 homes). The average sold amount was down 7.6% ($126k on average) but the average dollar per square foot was up 34% (on average of $203). The average days on market was up 26.1% (117 days this year at 93 last year). To get a better understanding of the right time to buy/sell, below is a breakout by town.
Calistoga:
The main reason for the difference in sold price is because last year 4 of the 7 homes sold for $2.1M, $3.3M, $4.9M and $9.6M. This year 3 of the 9 sold for the most at $1.075M, $1.177M and 1.850M. The "luxury" home sales last year is also why the dollar per square foot is lower and the days on market is less. With the absorption rate at 34.2% this is a great time to buy or sell.
# Homes Active: down 46.8% (47 last year and 25 this year)
# Homes Sold: up 28.6% (7 home last year and 9 this year)
# Pending Sales: up 33.3% (3 last year and 4 this year)
Average sold amount: down 73.5% ($3,164 last year and $839k this year)
Average dollar per sq. foot: down 40.7% ($981 last year and $582 this year).
Days on market: down 32.3% (189 last year and 128 this year)
Absorption rate: 34.2%
Napa:
With the absorption rate at 54.7% this is a great time to sell.
# Homes Active: down 32.5% (206 last year and 139 this year)
# Homes Sold: up 5.7%(87 last year and 92 this year)
# Pending Sales: up 22.6% (62 last year and 76 this year)
Average sold amount: up 7.4% ($980k last year and $1.053M this year)
Average dollar per sq. foot: up 6.2% ($515 last year and $547 this year)
Days on market: up 8.5% (was 821 last year and 89 this year)
Absorption rate: 54.7%
Saint Helena:
Something to note is the dollar per square foot is up 32% year over year and averaged $1,178 last month. The average sold amount is not high enough to indicate this is because more expensive homes are selling but instead that the values of the homes have appreciated. With the absorption rate at 28.6% this is a great time to buy or sell.
# Homes Active: down 28.7% (70 last year and 50 this year)
# Homes Sold: up 28.6% (7 last year and 9 this year)
# Pending Sales: up 37.5% (8 last year and 11 this year)
Average sold amount: up 5.7% ($2.520M last year and $2.664M this year)
Average dollar per sq. foot: up 32.1% ($892 last year and $1,178 this year)
Days on market: up 5.0% (101 last year and 106 this year)
Absorption rate: 28.6%
Yountville:
No homes sold last year so the numbers are skewed but it is interesting that none sold last year and 6 sold this year. That along with the absorption rate at 30% this is a great time to buy or sell.
# Homes Active: up 27.3% (11 last year and 14 this year)
# Homes Sold: 0 last year and 6 this year
# Pending Sales: down 100% (1 last year and 0 this year)
Average sold amount: $0 last year to $1.603k this year
Average dollar per sq. foot: $0 last year and $894 this year
Days on market: 0 last year and 146 this year
Absorption rate: 30%
Today's Rates (please check with your lender as these change regularly):
30 Yr FRM 2.98%
15 Yr FRM 2.45%
FHA 30 Year Fixed 2.42%
Jumbo 30 Year Fixed 3.35%
5/1 Year ARM 2.75%
(Includes single-family homes in Calistoga, St. Helena, Yountville & Napa)
No. Properties Active in October 2018: 311
No. Properties Active in October 2019: 334
No. Properties Active in October 2020: 228 (down 31.7% to 2019)
No. Properties Sold in October 2018: 93
No. Properties Sold in October 2019: 101
No. Properties Sold in October 2020: 116 (up 14.9% to 2019)
No. Properties Pending in October 2018: 89
No. Properties Pending in October 2019: 74
No. Properties Pending in October 2020: 91 (up 23% to 2019)
Avg days on market in October 2018: 72
Avg days on market in October 2019: 93
Avg days on market in October 2020: 117 (up 26.1% to 2019)
Avg sale price October 2018: $1.911M
Avg sale price October 2019: $1.666M
Avg sale price October 2020: $1.540M (down 7.6% to 2019)
Avg $/Sq. Ft. October 2018: $818
Avg $/Sq. Ft. October 2019: $597
Avg $/Sq. Ft. October 2020: $800 (up 34% to 2019)
