Last year was another good year for home values in American Canyon.
Bay Area Real Estate Information Services, the local multiple listing service, reports that 153 homes sold in the city in 2017, considerably less than the 321 homes that sold citywide in 2016.
The average sale price for all homes in 2017 was $512,609, a 4 percent increase over the 2016 average sale price of $492,133. Overall, homes sold for an average of $272 per square foot. In the City of Napa the average sale price is $437 per square foot, so American Canyon homes are still excellent value for money.
Forty five percent of homes sales in 2017 were newer homes, built since 2000, about the same percentage as in 2016.
In the last quarter of 2017 American Canyon homes sold at 98 percent of the listed price with an average of 66 days on market.
A shortage of homes for sale nationwide is driving values higher throughout the country. This is very evident in American Canyon where about half the number of homes sold in 2017 than in the previous year.
Demand for homes remains strong with home loan interest rates still in the low 4 percent range and increasing rents. Homes that are actively marketed and correctly priced are selling quickly, sometimes with multiple offers.
The Federal Reserve is expected increase mortgage rates up to three or four times in 2018, which could push 30-year mortgage rates up past 4 percent in 2018. Most experts predict rates will increase, but stay below 5 percent.
Anyone considering buying or selling a home should consult a Realtor with experience and expertise in this local market.