Napa County

The inventory of homes and condominiums available for sale in Napa County at the end of August (489) is 21% ahead of the inventory in August 2018 (404) and it is slightly ahead of the inventory last month (483). This is the highest inventory in Napa County in the past seven years. 49% of the inventory in Napa County (240 properties) is priced at $1,000,000 or above. New sales (141) are 26% ahead of the pace of last year (112) and are also 26% ahead of the 112 sales last month. There is a 3.5 months supply of inventory based on the current sales pace. The Days on Market for homes closing in Napa County is currently 75 days. 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 107 homes closed in August in Napa County ($685,000) is 4% below the median price of a year ago ($715,000).

Napa County luxury homesIf 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 (66) of Luxury Homes (sales price in excess of $2,300,000) in Napa County for the period 9/1/18 to 8/31/19 compared to 57 closings in the period 9/1/17 to 8/31/18. There are 121 luxury homes in inventory at the end of August 2019 compared to 98 at the end of August 2018. There were 7 new Luxury Home sales last month resulting in a 17 months supply of available Luxury Homes based on the current sales pace compared to 3.5 months supply for the County as a whole.

NapaFifty-four percent of the inventory in Napa County is in the City of Napa. There are 264 available homes and condominiums in inventory at the end of August in the City of Napa. This is 33% ahead of the supply at the end of August 2018 (224) and it is 2% ahead of the inventory at the end of last month (258). This is the highest inventory in the City of Napa for any month in the past seven years. New sales (97) were 33% ahead of the pace of August 2018 (73) and they were 29% ahead of the pace of last month (83). There is a 2.7 months supply of inventory based on the current sales pace. The Days on Market for the 69 closings last month was 73 days compared to 55 days in August 2018. The median price of the homes that closed in the City of Napa in August was $695,000. This is about equal to the median price of the homes closed in August 2018 ($699,000).

Upvalley 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 August (165) is 39% higher than the level of 119 in August 2018 and it is 2.5% ahead of the level last month (161). There were 21 new sales in the month compared to 23 a year ago and 17 last month. There is now a 7.9 months supply of inventory based on the current sales pace. The Days on Market for the 18 closings last month was 94 days. Approximately 62% of the Luxury Market inventory (price in excess of $2,300,000) in Napa County is in the Up Valley Market (75 homes). There were five luxury home (price in excess of $2,300,000) closings in the Up Valley Market last month and three new luxury home sales.

American CanyonThere are 15 available homes and condominiums in inventory at the end of August in American Canyon. This is 50% below the inventory a year ago (30) and it is 32% below the supply last month (22). New sales (16) are equal to the pace of last year (16) and slightly below the 17 sales last month. There is just a one months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 41 days. The median price of the 16 homes that closed in American Canyon in August ($515,000) was 6% below the median price of a year ago ($550,000).

Mobile homes in Napa CountyThe inventory of available mobile homes for sale in Napa County at the end of August is 48 homes. This is 14% ahead of the number of mobile homes available in August 2018 (42) and it is 4% ahead of the number of available homes last month (46). There were 14 new mobile home sales in August. This is 133% ahead of the pace of sales in August 2018 (6) (a twelve month low in that month) and it is 27% ahead of the pace of sales last month (12). There is a 3.4 months supply of inventory based on the current sales pace. The average days on market of the 11 mobile homes closed in August was 101 days and the median price was $185,000. This median price is 6% ahead of the median price of $175,000 in August 2018.

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Gerrett Snedaker, CRB, is a Broker/Partner with Better Homes and Gardens Real Estate|Wine Country Group. Contact Gerrett at gerry.snedaker@winecountrygroup.com or 707-939-2009

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