NAPA VALLEY
Debating On Whether to Sell or Buy? This Is The Time!
November Statistics
The absorption rate went down slightly since last month. It was 47.6% in October and 44.7% in November. 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 even lower than last month 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 November total homes for sale was down 25.4% (73 homes) but the total sold was up 40.4% (23 homes). The number of pending sales was also up 50% (31 homes). The average sold amount was up 40.2% ($427k on average) but the average dollar per square was flat at 0.2% (on average of $758). The average days on market was down 17.1% (67 days this year at 80 last year). To get a better understanding of the right time to buy/sell, below is a breakout by town.
Calistoga:
The market in Calistoga has picked up and with the absorption rate at 23.7% this is a great time to buy or sell.
# Homes Active: down 32.6% (43 last year and 29 this year)
# Homes Sold: up 100% (2 home last year and 4 this year)
# Pending Sales: up 25% (4 last year and 5 this year)
Average sold amount: up 42.5% ($1.14M last year and $1.625M this year)
Average dollar per sq. foot: up 8.7% ($691 last year and $751 this year).
Days on market: down 56.3% (71 last year and 31 this year)
Absorption rate: 23.7%
Napa:
With the absorption rate at 52% this is a great time to sell.
# Homes Active: down 27.2% (180 last year and 131 this year)
# Homes Sold: up 31.3% (48 last year and 63 this year)
# Pending Sales: up 64.6% (48 last year and 79 this year)
Average sold amount: down 13.5% ($1.159M last year and $1.003M this year)
Average dollar per sq. foot: down 17.6% ($663 last year and $546 this year)
Days on market: down 46.7% (was 75 last year and 40 this year)
Absorption rate: 52%
Saint Helena:
While the inventory is still lower than last year, the sold amount and dollar per square foot are up year over year and the homes sold was also more than last year. With the absorption rate at 30.6% this is a great time to buy or sell.
# Homes Active: down 24.6% (57 last year and 43 this year)
# Homes Sold: up 140% (5 last year and 12 this year)
# Pending Sales: down 22.2% (9 last year and 7 this year)
Average sold amount: up 107.3% ($1.099M last year and $2.278M this year)
Average dollar per sq. foot: up 24.1% ($739 last year and $917 this year)
Days on market: up 23.4% (77 last year and 95 this year)
Absorption rate: 30.6%
Yountville:
The inventory in Yountville is the only town where it is more than last year. The combination of homes sold and pending makes it flat year over year. While the sold amount is up year over year, the dollar per square foot is actually down. That along with the absorption rate at 21.4% this is a great time to buy or sell.
# Homes Active: up 57.1% (7 last year and 11 this year)
# Homes Sold: down 50% (2 last year and 1 this year)
# Pending Sales: up 100% (1 last year and 2 this year)
Average sold amount: up 23.5% ($850k last year to $1.050M this year)
Average dollar per sq. foot: down 12.2% ($932 last year and $818 this year)
Days on market: up 2% (98 last year and 100 this year)
Absorption rate: 21.4%
Today's Rates (please check with your lender as these change regularly):
30 Yr FRM 2.80%
15 Yr FRM 2.38%
FHA 30 Year Fixed 2.33%
Jumbo 30 Year Fixed 3.14%
5/1 Year ARM 2.42%
(Includes single-family homes in Calistoga, St. Helena, Yountville & Napa)
No. Properties Active in November 2018: 268
No. Properties Active in November 2019: 287
No. Properties Active in November 2020: 214 (down 25.4% to 2019)
No. Properties Sold in November 2018: 83
No. Properties Sold in November 2019: 57
No. Properties Sold in November 2020: 80 (up 40.4% to 2019)
No. Properties Pending in November 2018: 61
No. Properties Pending in November 2019: 62
No. Properties Pending in November 2020: 93 (up 50% to 2019)
Avg days on market in November 2018: 88
Avg days on market in November 2019: 80
Avg days on market in November 2020: 67 (down 17.1% to 2019)
Avg sale price November 2018: $1.641M
Avg sale price November 2019: $1.062M
Avg sale price November 2020: $1.489M (up 40.2% to 2019)
Avg $/Sq. Ft. November 2018: $646
Avg $/Sq. Ft. November 2019: $756
Avg $/Sq. Ft. November 2020: $758 (up 0.2% to 2019)
