NAPA VALLEY
It's Time To Sell!
September Statistics
The absorption rate is over 100% again(107.6%) mostly because of the town of Napa again which had a 142% absorption rate 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 statistics that were down year over year was inventory which continues to decrease and days on market. As buyers continue looking for more space, we are seeing that the number of sales and pending sales are increasing year over year. If you are thinking about selling, this could be a great time!
This is also a great time to buy with historically low mortgage rates. 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 September total homes for sale was down 33% or 116 homes but the total sold was up 23.4% (25 homes). The number of pending sales was also up 21% (21 homes). The average sold amount was up 25.3% ($284k on average) as was the average dollar per square foot (up 25.3% at an average of $208). The average days on market was down 5.4% (101 days this year at 107 last year). To get a better understanding of the right time to buy/sell, below is a breakout by town.
Calistoga:
# Homes Active: down 40% (55 last year and 33 this year)
# Homes Sold: up 1200% (1 home last year and 13 this year)
# Pending Sales: up 116.7% (6 last year and 13 this year)
Average sold amount: up 168.2% ($525k last year and $1.408M this year)
Average dollar per sq. foot: up 8.7% ($565 last year and $614 this year).
Days on market: up 3% (134 last year and 138 this year)
Absorption rate: 78.8%
Napa:
# Homes Active: down 37.3% (212 last year and 133 this year)
# Homes Sold: up 22.1%(86 last year and 105 this year)
# Pending Sales: down 1.2% (85 last year and 84 this year)
Average sold amount: up 14.7% ($1.137M last year and $1.304M this year)
Average dollar per sq. foot: up 4.6% ($571 last year and $597 this year)
Days on market: up 13.2% (was 91 last year and 103 this year)
Absorption rate: 142%
Saint Helena:
# Homes Active: down 21.3% (75 last year and 59 this year)
# Homes Sold: up 31.6% (19 last year and 13 this year)
# Pending Sales: up 100% (9 last year and 18 this year)
Average sold amount: up 21.7% ($1.780M last year and $2.166M this year)
Average dollar per sq. foot: up 15.4% ($826 last year and $953 this year)
Days on market: up 13.2% (106 last year and 120 this year)
Absorption rate: 52.5%
Yountville:
# Homes Active: up 11.1% (9 last year and 10 this year)
# Homes Sold: up/down 0% (1 last year and 1 this year)
# Pending Sales: up 600% (0 last year and 6 this year)
Average sold amount: down 28.5% ($1.05M last year to $751k this year)
Average dollar per sq. foot: up 113.3% ($557 last year and $1,118 this year)
Days on market: down 55.2% (96 last year and 43 this year)
Absorption rate: 70%
Today's Rates (please check with your lender as these change regularly):
30 Yr FRM 3.01%
15 Yr FRM 2.45%
FHA 30 Year Fixed 2.41%
Jumbo 30 Year Fixed 3.34%
5/1 Year ARM 2.79%
(Includes single-family homes in Calistoga, St. Helena, Yountville & Napa)
No. Properties Active in September 2018: 304
No. Properties Active in September 2019: 351
No. Properties Active in September 2020: 235 (down 33% to 2019)
No. Properties Sold in September 2018: 81
No. Properties Sold in September 2019: 107
No. Properties Sold in September 2020: 132 (up 23.4% to 2019)
No. Properties Pending in September 2018: 88
No. Properties Pending in September 2019: 100
No. Properties Pending in September 2020: 121 (up 21% to 2019)
Avg days on market in September 2018: 76
Avg days on market in September 2019: 107
Avg days on market in September 2020: 101 (down 5.4% to 2019)
Avg sale price September 2018: $1.583M
Avg sale price September 2019: $1.123M
Avg sale price September 2020: $1.407M (up 25.3% to 2019)
Avg $/Sq. Ft. September 2018: $739
Avg $/Sq. Ft. September 2019: $697
Avg $/Sq. Ft. September 2020: $709 (up 1.7% to 2019)
