In Napa, April saw prices continue to rise for both homes and condos and inventory continue to decline. And although there has been a lot of news around the Federal Reserve raising interest rates, mortgage rates are up only 0.5% since December, at approximately 4.5%. So far, these slightly higher rates do not appear to have had a noticeable impact on the market, with many buyers still purchasing.
Single Family Homes:
The three-month rolling average median sales price of $715,000 is up 6.1% over last year’s.
Year-to-date, new listings are down 14% while sales are down 3.5%.
April’s inventory of 2.2 months is 22% lower than in 2017.
The median percent of list price received was 96% in April.
The three- month rolling average median sales price of $483,000 is up 1.4% over last year’s.
Year-to-date, new listings are down 23% compared to last year while sales were down 13%.
April’s inventory of 1.3 months is 15% lower than in 2017.
The median percent of list price received was 99% in April.