NAPA VALLEY
September 2021 Statistics
In September we saw more inventory year over year and fewer homes sold. The average sold price is much higher than last year and the average number of days on market is lower. The absorption rate is still favorable for sellers but with the interest rates and more inventory, this could also be a great time to buy.
Even with the adjustments in inventory, it doesn't mean that there is a lot of inventory in your budget so if you do need a mortgage make sure to get preapproved and obtain a letter of proof of funds to include in your offer.
The absorption rate in September was 48% (6% lower than last month). As a reminder, typically rates below 15% indicate a buyer's market, and above 20% indicate a seller's market.
In September total homes for sale were up 7% (12 homes). The sold homes were down 28% (33 homes) and the pending was down 13.3% (13 homes). The average sold amount was up 55.3% ($587k on average)but the average dollar per square was down 0.5% ($3.5 on average). The average number of days on market was down 37.9% (32 days). To get a better understanding of the right time to buy/sell, below is a breakout by the town.
Calistoga:
The absorption rate was 25% in August and 23% in September so it continues to drop. While this is still a good time to sell, there is also some opportunity in buying as well especially with the continual increase in inventory.
# Homes Active: up 24% (25 last year and 31 this year)
# Homes Sold: down 50% (8 homes last year and 4 this year)
# Pending Sales: down 44.4% (9 last year and 5 this year)
Average sold amount: up 47.7% ($859k last year and $1.269 this year)
Average dollar per sq. foot: up 7.3% ($495 last year and $531 this year).
Days on market: down 39% (100 last year and 61 this year)
Absorption rate: 23%
Napa:
The absorption rate in August was 61% and 57% in September which shows Napa still has a seller's market but the inventory is slightly more than August and the number of sold homes is down. When we look at past months and the trend, our hypothesis of a possible stabilization looks more likely.
# Homes Active: up 8.2% (98 last year and 106 this year)
# Homes Sold: down 30.7% (101 last year and 70 this year)
# Pending Sales: down 6.7% (75 last year and 70 this year)
Average sold amount: up 6.3% ($1.102M last year and $1.171M this year)
Average dollar per sq. foot: up 19.5% ($539 last year and $644 this year)
Days on market: down 40.6% (was 69 last year and 41 this year)
Absorption rate: 57%
Saint Helena:
The absorption rate was 43% in August and is 33% in September. It is definitely looking like a seller's market in St. Helena with slightly less Inventory, the number of sold homes up, dollar amounts up and days on market down.
# Homes Active: down 2.6% (39 last year and 38 this year)
# Homes Sold: up 25% (8 last year and 10 this year)
# Pending Sales: flat (9 last year and 9 this year)
Average sold amount: up 92.2% ($1.531M last year and $2.943M this year)
Average dollar per sq. foot: up 3.7% ($848 last year and $879 this year)
Days on market: down 65.9% (126 last year and 43 this year)
Absorption rate: 33%
Yountville:
With the absorption rate was at 20% in September, it decreased considerably from 64% in August. While the inventory is still low, the number of sold homes is flat to last year and the number of Pending homes is 80% down. The average price of homes is still higher than last year however so this could be a great time to buy or sell in Yountville.
# Homes Active: down 11.1% (9 last year and 8 this year)
# Homes Sold: flat (1 last year and 1 this year)
# Pending Sales: down 80% (5 last year and 1 this year)
Average sold amount: up 60.7% ($751k last year to $1.2.07M this year)
Average dollar per sq. foot: down 15.7% ($1,188 last year and $1,002 this year)
Days on market: up 51.2% (43 last year and 65 this year)
Absorption rate: 20%
Today's Rates (please check with your lender as these change regularly):
30 Yr FRM 3.19%
15 Yr FRM 2.56%
FHA 30 Year Fixed 2.84%
Jumbo 30 Year Fixed 3.12%
5/1 Year ARM 2.87%
(Includes single-family homes in Calistoga, St. Helena, Yountville & Napa)
No. Properties Active in September 2019: 265
No. Properties Active in September 2020: 171
No. Properties Active in September 2021: 183 (up 7% to 2020)
No. Properties Sold in September 2019: 93
No. Properties Sold in September 2020: 118
No. Properties Sold in September 2021: 85 (down 28% to 2020)
No. Properties Pending in September 2019: 87
No. Properties Pending in September 2020: 98
No. Properties Pending in September 2021: 85 (down 13.3% to 2020)
Avg days on market in September 2019: 110
Avg days on market in September 2020: 85
Avg days on market in September 2021: 53 (down 37.9% to 2020)
Avg sale price in September 2019: $1.064M
Avg sale price in September 2020: $1.061M
Avg sale price in September 2021: $1.648M (up 55.3% to 2020)
Avg $/Sq. Ft. in September 2019: $638
Avg $/Sq. Ft. in September 2020: $768
Avg $/Sq. Ft. in September 2021: $764 (down 0.5% to 2020)
