Gerrett Snedaker

Gerrett Snedaker 

Napa County

The inventory of homes and condominiums available for sale in Napa County at the end of June (388) continued to climb. The inventory is 10% ahead of the inventory last month (352) and it is 12% ahead of the inventory in June 2017 (346). This is the highest inventory since October 2015 – nearly three years ago. New sales (137) were 3% below the pace of last year (141) and 13% ahead of the pace of last month (127). There is a 2.8 months supply of inventory based on the current sales pace. The Days on Market for homes closing in Napa County is currently 44 days. The DOM has been averaging 70-80 days, so this is a surprising drop. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the 115 homes closed in June in Napa County ($709,000) was 9% higher than the median price of a year ago ($650,000). It is a new historic high median price for any month in Napa County outstripping the $678,000 median recorded in December 2017.

Napa County Luxury Homes

If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $2,300,000 in Napa County at this time. The number of closings (61) of Luxury Homes (sales price in excess of $2,300,000) in Napa County for the period 7/1/17 to 6/30/18 is slightly below the number for the period 7/1/16 to 6/30/17 (64). There were 99 luxury homes in inventory at the end of June 2018 compared to 88 at the end of June 2017. There were eight new Luxury Home sales last month resulting in a 12.4 months supply of available Luxury Homes based on the current sales pace compared to 2.8 months supply for the County as a whole.

American Canyon

There were 24 available homes and condominiums in inventory at the end of June in American Canyon. This is 26% ahead of the inventory a year ago (19) and it is 20% ahead of the supply last month (20). New sales (13) were 19% below the pace of June 2017 (16) and they were slightly ahead the pace last month (11). There is a 1.8 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 31 days. This is a very quick selling cycle. The median price of the 9 homes that closed in American Canyon in June ($520,000) was 5% below the median price of a year ago ($545,000). The median price in June 2012 was $277,000.

Napa

Fifty-two percent of the inventory in Napa County is in the City of Napa. There were 201 available homes and condominiums in inventory at the end of June in the City of Napa. This is a 9% jump from the inventory at the end of last month (185). It is 13% ahead of the supply at the end of June 2017 (178). New sales (97) were 3% below the pace of June 2017 (100) and they were 12% ahead of the pace of last month (92). There is a 2.1 months supply of inventory based on the current sales pace. The median price of the 94 homes that closed in the City of Napa in June was $716,000. This is 7% ahead of the median price of the homes closed in June 2017 ($668,000) and it is just slightly below the all time high median price for homes closed in any month - $720,000 in February of this year.

Up Valley Napa County

The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of June (133) is 14% ahead of the level of 117 in June 2017 and it is 12% ahead of the level last month (119). This is the highest inventory in the Up Valley since July of 2016. There were 21 new sales in the month compared to 16 a year ago and 18 last month. There is now a 6.3 months supply of inventory based on the current sales pace. There were only 7 closings in the Up Valley Market last month. The Days on Market for those closings was 31 days – a very quick selling cycle for this market. Approximately 53% of the Luxury Market inventory (price in excess of $2,300,000) in Napa County is in the Up Valley Market (53 homes). There were no new luxury home (price in excess of $2,300,000) closings in the Up Valley Market last month. This is out of six total luxury closings for the County.

Angwin

The inventory of homes and condominiums for sale at the end of June in Angwin (20) is 9% below the level of June 2017 (22) and it is equal to the inventory last month (20). There were three new sales for the month of June compared to none last month and five in June of 1017. There is a 6.7 months supply of inventory based on the current sales pace. The average asking price of the 20 homes in inventory in Angwin is $1,623,000 and the average price of the six homes that sold in Angwin in the past three months is $556,000.

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