This report is generated around the 20th of each month once the previous months numbers have been posted. What we see here is a report generated for the Napa County Housing Market through February 2022. So we are always looking a month behind. Our statistics are derived from the Bay Area Real Estate Information Services (BAREIS) This is the Multiple Listing Service provider for all real estate brokerages in Napa County. If you have questions or wish to know a more specific account of your properties value and the timing of either selling or buying we are always happy to jump on a Zoom or meet with you at your property to evaluate and discuss a strategy. We can be reached via cell/text 707.580.3499 or email us at concierge@elitepartnersrealestate.com
We continue to sell less and list less. The market as a whole is shrinking each week with inventory levels at an all time low. February not only brought us an early spring in the air but every indication is we are in store for a brisk and vibrant selling season. We Closed on 76 homes in February 2022 which was up 22.6% from January 2022 but down year over year -9.5%. The price per square foot rose slightly from January to February 2022 +4.6% to $662.00 which is a +5.6% year over year increase.
We listed fewer homes in February 2022 than we did in February 2021. We had 150 homes for sale in Napa in February which was -32.7% lower year over year and +14.5% more than January 2022. I like to watch the pending numbers because it is our only look into the future as pending sales become our closed sales for the following month. We ended February with 107 homes pending which was a +42.7% gain over January 2022 but only little under 5% year over year. this means we are on pace for another strong selling season here in Napa.
Our closed price compared to our listed price grew by 1% to 98%. This again equates to the higher end more expensive homes selling for a little less than their listed price. As we continue to see multiple offers and closed prices over the asking on listed homes. If you price your home correctly and have it professionally marketed you can expect above value. There simply are not enough homes for the amount of buyers wishing to buy. Even with looming interest rates climbing over the coming months buyers are snapping up homes fast. Our days on market (DOM) is back in the fifties at 56 which is -1.8% from January and -21.1% from a year ago. If we do not see more inventory come up for sale in the coming months prices will continue to rise and buyers could begin to get priced out even further. The average sold price for homes in Napa for February 2022 was $1,1886 which is slightly more than a month ago –0.6% but still good appreciation year over year at +21%. Homes listed for sale in February came close to breaking yet another price record recording the second highest pricing in history at $3,729,000 average list price.
The opinions expressed in this report are those of Don McDonald, Founding partner, and REALTOR with RE/MAX Elite Partners brokered through RE/MAX Gold. They are not in any way intended to express what RE/MAX, RE/MAX Gold or any other agent or brokerage may think. It is my honest analysis backed but some market data. Check back each month around the 25th or so for an update as we continue down this path.
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Mike Martin and The Elite Partners were a great help in finding our first home , he answered all our questions and was honest on what he could and couldn’t do. When we contacted him he got back to us within a few hours which was great , it made the whole process less stressful and fore the most part pretty easy. We love our new home and would happily recommend Mike and the RE/MAX Elite Partners.
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