The median sale price for single-family homes and condos/townhomes continues to fluctuate. In spite of the volatility, prices are still up compared with last year.
It’s important to keep in mind that while the prices are up from last year, the market in Napa is behaving quite differently. The psychology is changing. Though inventory is still extremely low (favoring sellers), buyers are more cautious. We are seeing more buyers able to get contingent purchase offers accepted and into contract.
That the market is shifting is a given. How this change plays out in a given neighborhood and price point can vary greatly. Buyers, sellers, and investors all need to have a solid understanding of their hyperlocal market in order to make the most informed decisions given their individual circumstances.
Continued low interest rates are benefitting both new home buyers and existing homeowners who are looking to refinance their existing loans.
|Summary of the Numbers – December 2019*||Single Family Residences (SFR)||% Change Year-over-Year||Condo/ Townhomes||% Change Year-over-Year|
|Median Sales Price||$735,333||3.2%||$512,333||7.2%|
|Average Days on Market||83||39%||63||10%|
|Months of Inventory||3.0||-2.2%||3.5||51%|
|% of List Price Received||92%||-2.8%||96%||-1.4%|
|New Listings (#)||59||-19%||14||79%|
|Homes Sold (#)||71||8.1%||12||17%|
*Rolling 3-month average compared to same period prior year