Uncertainty in the stock market and the economy is the watchword. November followed October’s stock market gyrations with the result that all major worldwide stock markets are now in negative territory for the year. In response, the Federal Reserve Chair has recently hinted that the Fed may not raise the discount rate as previously planned in December.
Locally, fewer buyers are participating in multiple offers and the percentage of homes selling above list price is falling. The biggest takeaway for Napa is that inventory has risen steadily throughout 2018 for both single-family homes and condominiums, trending away from a seller’s market to a balanced market.
The signs of this shift are here: homes that are in move-in condition and priced well sell quickly, often with multiple offers. Homes with problems are sitting longer on the market, often taking price reductions and selling for less than sellers anticipated.
Single Family Homes:
The three-month rolling average median sales price of $698,000 is up 4.4% over last year’s.
Year-to-date, new listings are up 2.2% while sales are down 2.7%.
November’s inventory of 3.3 months is 44% higher than last year’s.
The median percent of list price received was 96%.
The three-month rolling average median sales price of $478,000 is up 20% over last year’s.
Year-to-date, new listings are down 5.9% while sales are down 6.1%.
November’s inventory of 3.1 months is 288% higher than in 2017.
The median percent of list price received was 97%.