The current Napa real estate market is a story of price segments.
Prices have continued to rise in the under $750,000 market, with a year-on-year appreciation of 5.2%. From $750,000-$2,000,000 there is a 1.5% increase, but above $2,000,000 sold prices are down 3.1%.
Inventory is also stratified by price range: just 1.8 months for under $750,000; 2.9 months for $750,000 – $999,999; 6.9 months for $1,000,000-$1,999,999; and 16.6 months for $2,000,000+.
Simply put, the entry level market in Napa continues to be a strong sellers market, with low inventory and appreciating sold prices. The mid-level market, from $750,000 – $999,999, is also still a sellers market, but less so, with just 2.9 months of inventory; and the $1,000,000+ market is a different story, with 6.9 months inventory, and inventory levels and buyer leverage rising along with the price point.
|Summary of the Numbers – August 2019*||Single Family Residences (SFR)||% Change Year-over-Year||Condo/ Townhomes||% Change Year-over-Year|
|Median Sales Price||$711,333||0.8%||$505,333||-2.3%|
|Average Days on Market||63||17%||58||15%|
|Months of Inventory||3.6||11%||3.1||65%|
|% of List Price Received||95%||-2.1%||97%||-0.7%|
|New Listings (#)||147||-1.6%||15||-15%|
|Homes Sold (#)||119||2.2%||12||-18%|
*Rolling 3-month average compared to same period prior year