August 2019
Monthly News & Updates

Is This The Time To Buy?

Homes in  Napa County are selling at a lower price point than last year, an average of $335k (down 25.6% to last year). There are a few reasons for the is the inventory of homes on the market. We are seeing less expensive homes (under $1M) selling faster than the luxury homes. This is apparent in Calistoga where year over year the average home price is 51% less and 17% less per square foot but the inventory is up from 22 to 60 with the same number of days on market. Also, over all in Napa Valley the number of sold homes has stayed constant. The days on market numbers are slightly skewed because Yountville went from 42 days on market in 2018 to 222 in 2019 with the same number for sale and same asking prices but selling at less per sq ft (approximately $180 less).

Today's Rates:
30 Yr FRM 3.74%
15 Yr FRM 3.37%
FHA 30 Year Fixed 3.38%
Jumbo 30 Year Fixed 3.79%
5/1 Yr ARM 3.50%

(Includes single-family homes in Calistoga, St. Helena, Oakville, Rutherford, Yountville & Napa)

No. Properties Active in June 2017: 303
No. Properties Active in June 2018: 330
No. Properties Active in June 2019: 433 (up 31.2% to 2018)

No. Properties Sold in June 2017: 105
No. Properties Sold in June 2018: 110
No. Properties Sold in June 2019: 111 (up 0.9% to 2018)

Avg days on market June 2017 : 87
Avg days on market June 2018 : 62
Avg days on market June 2019 : 105 (up 70% to 2018)

Avg sale price June 2017 : $2.049M
Avg sale price June 2018 : $1.309M
Avg sale price June 2019 : $974k (down 25.6% to 2018)

Avg $/Sq. Ft. June 2017 : $666
Avg $/Sq. Ft. June 2018 : $661
Avg $/Sq. Ft. June 2019 : $ 578 (down 12.6% to 2018)

Planning a visit to Napa Valley? Check out these 39 upcoming food and wine events in Napa Valley! If you will be here in August specifically here is a link to just those events.

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With the 30-year fixed-rate mortgage hovering around 3.75 percent, it now takes 21.3 percent of the nation's median monthly income to make a mortgage payment on the median priced home. This is down from 23.3 percent in November of last year and more affordable than the long-term ratio of around 25 percent that was in-play during a time when the market was generally considered to be "normal," 1995 to 2003. It is also much lower than the 34.5 percent ratio at the height of the housing boom.