NAPA VALLEY
Great Absorption Rates = Great Time to Sell!
May Statistics
We are still seeing more luxury homes selling and the absorption rate is at 17.4% which makes this a buyer & seller market. Typically rates below 15% indicate a buyer's market and above 20% is a seller's market, in-between is when both parties have advantages.
Buyers are looking for second homes or if they have the ability to work from home they are looking for space which is why the more expensive homes are selling. If you are considering buying and will need a mortgage, I would highly recommend reaching out to a mortgage lender for pre-qualification. This way you will be prepared and have one up on other buyers.
If you are considering selling, please keep in mind there are new virtual ways of selling homes to minimize the foot traffic through your home and rules still in place to make the buyers feel more comfortable if they want to view the home in person.
Inventory was down again this May (down 15.7% or 54 homes) as was the total sold which was down by 53.2% (50 homes) and the number of pending sales was down 17.6% (18 homes). The average sold amount was up 66.7% again ($1.235M) and the average dollar per square foot was up 40.6% ($295.83). The average days on market was up 71.4% (50.5 days). To get a better understanding of the right time to buy/sell, below is a breakout by town.
In
Calistoga
the number of homes on the market was down 22.7% (10 homes) while the number of sold homes was down 66.7% (4 homes). The pending made up for the difference though being up 60% (3 homes) so basically the same number of homes sold year over year. The average sold amount was up 6.7% ($93k) and the dollar per sq. foot was also up 59.2% ($343k) per sq. ft. The days on market was down 54.7% (41 days). This is definitely a great time to sell your home in Calistoga.
In
Napa
the total number of homes on the market was less than last year (down 14.8% or 32). The number of homes sold was also down (51.9% or 42 homes) and the number of home sales pending was also down 28.3% (26 homes). The average sold price was up 16.3% ($142k)and price per square foot was up again year over year (9.9% and $46). The average days on market was up this year by 32.7% (17 days). It is still a seller's market in Napa.
In
Saint Helena
the number of homes was lower again this month by 19.7% (15 homes) and the number of homes sold was also slightly less, 5 last year and only 2 this year. Pending sales made up the difference though with 3 pending sales last year and 9 this year. The average sold price was up 73% ($2.728M) mostly because of a home that sold for $11.3M and the average price per square foot was also up 57.5% ($663.3) again mostly because of the expensive estate. The days on market was up 54 days (78.3%) which is not surprising because it tends to take longer to sell such expensive estates. St. Helena's numbers indicate that this is a great time to sell and buy in this market.
In
Yountville,
there was slightly more inventory this year than last year with 11 houses on the market this year and 8 last year. There was 1 more house sold last year than this year (1 this year and 2 last year)
and there were 2 pending last year and one this year. Last year the average sale price was $1.422M at $719 per square foot and 87 days on market. This year the house that sold went for $3.4M at $850 per square foot and 249 days on the market. This could be a great time to put your house on the market.
Today's Rates (please check with your lender as these change regularly):
30 Yr FRM 2.99%
15 Yr FRM 2.62%
FHA 30 Year Fixed 2.50%
Jumbo 30 Year Fixed 3.95%
5/1 Year ARM 3.03%
(Includes single-family homes in Calistoga, St. Helena, Yountville & Napa)
No. Properties
Active
in
April 2018: 263
No. Properties
Active
in
April 2019:
344
No. Properties
Active
in
April 2020:
290 (down 15.7% to 2019)
No. Properties
Sold
in
April
2018: 83
No. Properties
Sold
in
April 2019: 94
No. Properties
Sold
in
April
2020:
44
(down 53.2% to 2019)
No. Properties
Pending
in
April
2018: 89
No. Properties
Pending
in
April 2019: 102
No. Properties
Pending
in
April
2020:
84 (down 17.6% to 2019)
Avg
days on market
in
April
2018
:
46
Avg
days on market
in
April
2019
:
71
Avg
days on market
in
April
2020
:
121 (up 71.4% to 2019)
Avg sale price
April
2018
:
$1.199M
Avg sale price
April
2019
:
$1.853M
Avg sale price
A
pril
2020
:
$3.088M
(up 66.7% to 2019)
Avg $/Sq. Ft.
April
2018
:
$495
Avg $/Sq. Ft.
April
2019
:
$729
Avg $/Sq. Ft.
April
2020
:
$1,025
(up 40.6% to 2019)