The Conference Board is sounding a cautionary tone in its economic forecast: “Less support from monetary and fiscal policy, and a weaker global economy will gradually slow the economy to below 2.5 percent growth by the end of 2019. Already, higher interest rates along with labor shortages in construction, and higher materials costs, have led to a cooler housing market.”
In Napa, year-to-date sales of both single family homes and condo/townhomes are down, just slightly at 2.4% for homes but more significantly at 9.2% for condo/townhomes.
Inventory remains very low for both homes and condos which is keeping it a sellers market.
Single Family Homes:
The three-month rolling average median sales price of $733,333 is up 3.8% over last year’s.
Year-to-date, new listings are down 3.2% while sales are up 2.5%.
August’s inventory of 2.4 months is 7.7% higher than in 2017.
The median percent of list price received was 98%.
The three-month rolling average median sales price of $501,000 is up 16% over last year’s.
Year-to-date, new listings are down 2.5% while sales are down 3%.
August’s inventory of 1.7 months is 22% higher than in 2017.
The median percent of list price received was 96%.