NAPA VALLEY
June 2021 Statistics
In June we saw continued low inventory year over year. The number of properties sold and the average sold price is much higher than last year. The number of properties for sale is still lower than last year but is looking like it is starting to normalize with last year. With the interest rates low and the number of active listings increasing this could also be a great time to buy.
In this market, there are multiple offers on a home 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 June was 56% (flat to last month). As a reminder, typically rates below 15% indicate a buyer's market, and above 20% indicate 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!
In June total homes for sale were down 21.7% (48 homes). The sold homes were up 83.9% (52 homes) but the pending was down 13.2% (16 homes). The average sold amount was up 88.9% ($909.5k on average)and the average dollar per square was up 32.5% ($206.75 on average). The average number of days on market was up 53.2% (33 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 35% in May and 26% in June so it continues to drop. While this is still the perfect time to sell, there is also some opportunity in buying as well.
# Homes Active: down 9.7% (31 last year and 28 this year)
# Homes Sold: up 100% (4 homes last year and 8 this year)
# Pending Sales: down 66.7% (6 last year and 2 this year)
Average sold amount: up 77.8% ($953k last year and $1.694M this year)
Average dollar per sq. foot: up 13.3% ($631 last year and $715 this year).
Days on market: down 5.2% (58 last year and 55 this year)
Absorption rate: 26%
Napa:
The absorption rate in May was 61% and 66% in June which shows Napa still has a seller's market, especially with the continued low inventory!
# Homes Active: down 31.2% (141 last year and 97 this year)
# Homes Sold: up 82.7% (52 last year and 95 this year)
# Pending Sales: up 1% (96 last year and 97 this year)
Average sold amount: up 38.1% ($951k last year and $1.313M this year)
Average dollar per sq. foot: up 25.7% ($526 last year and $661 this year)
Days on market: down 8.9% (was 56 last year and 51 this year)
Absorption rate: 66%
Saint Helena:
The absorption rate was 29% in May and is 27% in June so it continues to drop. That being said, it makes it is still a great time to sell and offering up opportunities to buy as well with the increase in inventory. If you add up the number of homes sold and those that went pending, more homes were actually "sold" last year than this year.
# Homes Active: up 8.1% (37 last year and 40 this year)
# Homes Sold: up 80% (5 last year and 9 this year)
# Pending Sales: down 60% (15 last year and 6 this year)
Average sold amount: up 137.8% ($1.238M last year and $2.944M this year)
Average dollar per sq. foot: up 81.3% ($646 last year and $1,171 this year)
Days on market: up 46.5% (101 last year and 148 this year)
Absorption rate: 27%
Yountville:
With the absorption rate at 25%, it dropped considerably from 57% in May. While the inventory is still lower than last year, it is not as drastic as in past months and if you add up the homes sold and pending, more were "sold" last year.
# Homes Active: down 45.5% (11 last year and 6 this year)
# Homes Sold: up 100% (1 last year and 2 this year)
# Pending Sales: down 100% (4 last year and 0 this year)
Average sold amount: up 87.4% ($949k last year to $1.778M this year)
Average dollar per sq. foot: up 11.2% ($741 last year and $824 this year)
Days on market: up 281.8% (33 last year and 126 this year)
Absorption rate: 25%
Today's Rates (please check with your lender as these change regularly):
30 Yr FRM 2.87%
15 Yr FRM 2.31%
FHA 30 Year Fixed 2.5%
Jumbo 30 Year Fixed 3.05%
5/1 Year ARM 2.55%
(Includes single-family homes in Calistoga, St. Helena, Yountville & Napa)
No. Properties Active in June 2019: 280
No. Properties Active in June 2020: 221
No. Properties Active in June 2021: 173 (down 21.7% to 2020)
No. Properties Sold in June 2019: 87
No. Properties Sold in June 2020: 62
No. Properties Sold in June 2021: 114 (up 83.9% to 2020)
No. Properties Pending in June 2019: 103
No. Properties Pending in June 2020: 121
No. Properties Pending in June 2021: 105 (down 13.2% to 2020)
Avg days on market in June 2019: 37
Avg days on market in June 2020: 62
Avg days on market in June 2021: 95 (up 53.2% to 2020)
Avg sale price in June 2019: $1.021M
Avg sale price in June 2020: $1.023M
Avg sale price in June 2021: $1.932M (up 88.9% to 2020)
Avg $/Sq. Ft. in June 2019: $568
Avg $/Sq. Ft. in June 2020: $636
Avg $/Sq. Ft. in June 2021: $843 (up 32.5% to 2020)
