NAPA VALLEY
This Is Still The Time to Sell!
December Statistics
The absorption rate in December was 33.8%. 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 low which makes it a great time to buy as well! Not knowing what may happen with the new president I would advise to take advantage of the rates now! 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 December total homes for sale was down 21.9% (43 homes) but the total sold was up 42.1% (32 homes). The number of pending sales was also up 28.3% (13 homes). The average sold amount was up 63.7% (up $602k on average) and the average dollar per square was up 63.8% (up $275 on average). The average days on market was up 29.3% (20 days). To get a better understanding of the right time to buy/sell, below is a breakout by town.
Calistoga:
The market in Calistoga continues to increase and with the absorption rate at 23.3% this is a great time to buy or sell.
# Homes Active: down 28.1% (32 last year and 23 this year)
# Homes Sold: up 75% (4 home last year and 7 this year)
# Pending Sales: down 100% (1 last year and 0 this year)
Average sold amount: up 56.5% ($962k last year and $1.506M this year)
Average dollar per sq. foot: up 50.1% ($403 last year and $605 this year).
Days on market: up 12.4% (105 last year and 118 this year)
Absorption rate: 23.3%
Napa:
The absorption rate in November was 23.1% and was 40% in December. That along with the increase in sold homes, average sold amount and average sold amount per square footage, this is a great time to sell.
# Homes Active: down 28.9% (121 last year and 86 this year)
# Homes Sold: up 40.6% (64 last year and 90 this year)
# Pending Sales: up 16.7% (42 last year and 49 this year)
Average sold amount: up 30.2% ($979k last year and $1.275M this year)
Average dollar per sq. foot: up 15.1% ($484 last year and $557 this year)
Days on market: down 35.4% (was 79 last year and 51 this year)
Absorption rate: 40%
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 pretty close to last month (19.4%)17.3% this is still a great time to buy. It is also a great time to sell with the inventory down, home sales up and dollar amounts up as well.
# Homes Active: down 12.8% (39 last year and 34 this year)
# Homes Sold: up 12.5% (8 last year and 9 this year)
# Pending Sales: up 800% (1 last year and 9 this year)
Average sold amount: up 19.2% ($1.837M last year and $2.19M this year)
Average dollar per sq. foot: up 15.8% ($834 last year and $966 this year)
Days on market: up 44.9% (89 last year and 129 this year)
Absorption rate: 17.3%
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 almost flat year over year. With the absorption rate at 7.1% this is a great time to buy.
# Homes Active: up 150% (4 last year and 10 this year)
# Homes Sold: down 200% (0 last year and 2 this year)
# Pending Sales: down 50% (2 last year and 1 this year)
Average sold amount: up ($0k last year to $1.215M this year)
Average dollar per sq. foot: down ($0 last year and $691 this year)
Days on market: up (0 last year and 55 this year)
Absorption rate: 7.1%
Today's Rates (please check with your lender as these change regularly):
30 Yr FRM 2.87%
15 Yr FRM 2.40%
FHA 30 Year Fixed 2.35%
Jumbo 30 Year Fixed 3.35%
5/1 Year ARM 2.30%
(Includes single-family homes in Calistoga, St. Helena, Yountville & Napa)
No. Properties Active in December 2018: 211
No. Properties Active in December 2019: 196
No. Properties Active in December 2020: 153 (down 21.9% to 2019)
No. Properties Sold in December 2018: 67
No. Properties Sold in December 2019: 76
No. Properties Sold in December 2020: 108 (up 42.1% to 2019)
No. Properties Pending in December 2018: 50
No. Properties Pending in December 2019: 46
No. Properties Pending in December 2020: 59 (up 28.3% to 2019)
Avg days on market in December 2018: 95
Avg days on market in December 2019: 68
Avg days on market in December 2020: 88 (up 29.3% to 2019)
Avg sale price December 2018: $1.759M
Avg sale price December 2019: $945k
Avg sale price December 2020: $1.547M (up 63.7% to 2019)
Avg $/Sq. Ft. December 2018: $745
Avg $/Sq. Ft. December 2019: $430
Avg $/Sq. Ft. December 2020: $705 (up 63.8% to 2019)
