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Wine country real estate ‘slowed and stabilized’ in 2019

Wine country real estate ‘slowed and stabilized’ in 2019

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The wine country real estate market showed signs of both slowing and stabilization during the fourth quarter of 2019, said a news release from Sotheby’s International Realty.

More than two years have passed since the historic Wine Country Wildfires of 2017 and business appears to be “back to normal,” said the release.

According to Bay Area Real Estate Information Services, Napa County experienced a 9 percent decrease in average sales price between fourth quarter 2018 and fourth quarter 2019, from $1.1 million to $1.0 million.

The number of units sold remained static with 279 reported units sold in fourth quarter 2018 versus 276 reported units sold in fourth quarter 2019.

In Napa County, the $2 million+ price segment experienced a 23 percent decline in sales volume, from $103 million in fourth quarter 2018 to $79 million in fourth quarter 2019.

That contributed to a 6 percent decline in sales volume in Napa County fourth quarter 2019 versus fourth quarter 2018, from $296 million to $279 million.

The average number of days on the market increased by 11 percent in Napa County, from 99 days in fourth quarter 2018 to 110 days in the fourth quarter 2019.

Average sales price in the St. Helena/Yountville market remained static in fourth quarter 2019 over fourth quarter 2018 at $1.8 million.

However, units sold decreased by 33 percent to 22 units in fourth quarter 2019 over fourth quarter 2018, leaving a net decrease in sales volume of 33 percent, or $40 million in fourth quarter 2019. The city of Calistoga, however, had a very strong fourth in 2019.

While average sales price decreased 3 percent to $2.3 million in fourth quarter 2019 over fourth quarter 2018, the number of units sold in Calistoga increased 71 percent to 12 units in fourth quarter 2019 over fourth quarter 2018.

The net effect was 66 percent increase to $27 million in sales volume during the fourth of 2019.

“The balancing of the market, along with historically low interest rates is offering great opportunity for move-up buyers, empty nesters, and second home seekers looking to experience wine country living,” said Jonathan Soh, vice president & brokerage manager at Sotheby’s International Realty.

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