Napa County home prices reached a 10-year high in 2017, according to a new report compiled by Bay Area Real Estate Information Services, Inc.
The median price for a county home rose 7.7 percent – from $580,000 to $625,000 – in 2017, said BAREIS.
The median price means half of the homes sold were above $625,000 and half were below.
The last time the median topped $600,000 was in 2007 when it reached $630,000.
It took almost the same amount of time to sell a house in 2017 compared to 2016, said the report. The average number of “days on market” was 80 in 2017 and 79 in 2016.
A total of 1,461 homes were sold in 2017, compared to 1,566 in 2016.
“Demand is still very, very strong” for Napa County homes, said Stefan Jezycki, board member of the North Bay Association of Realtors (NorBAR).
However, because of rising interest rates, tax reform and the lack of property tax portability, “We expect units sold to stay about the same or decrease” in 2018, Jezycki said.
By property tax portability, Jezycki means that some buyers are afraid to move because they don’t want to lose their base-year value property tax assessments. Under Proposition 60 sellers over age 55 can transfer the base-year value of their existing home to another house within the same county, but this doesn’t benefit all sellers.