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 November 2021. 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
As the holidays come and go so goes the market. Smart buyers head out over the holidays to find bargains. It’s really the only time of the year a buyer can find a reasonably prices home with out major competition. We call this a seasonal lull. There are some strong indicators that we will have a very brisk selling spring and perhaps some price depreciation after March 2022. As of November 2021, we sold 114 homes which was -5% less than a month ago and -3.4% year over year. During this same period our inventory sat at 180 homes which -24.7% from last month and -37.9% year over year. The real story remains inventory. While we have certainly seen a lull in buyer activity the fact remains we have less homes for sale than we have buyers and the market remains in sellers control.
As we look to our pre-pandemic numbers we can see we’ve sold -13.9% less homes compared to the same month in 2019 (118 homes) and most importantly our inventory (Homes available for sale) is nearly -50% less. There is a slight light insight with our Pending sales showing stronger than normal numbers. We are up +14.4% in homes in contract compared to the same period 2019.
Our sales price has slid a bunch since our April 2021 high of $1,354,000. Currently our sold price sits at $1,080,000 which is down -10.4% month over month and -4.5% year over year. This represents a negative -20% drop in pricing since April 2021. Next year will be interesting as the Federal Reserve in their meetings on December 14th and 15th announced they would double their tapering and gave indication they would be raising interest rates as much as three times next year. This bodes well for buyers as the saying goes… Higher interest rates create lower home prices. Sellers on the fence wishing to sell high may have already missed their opportunity and perhaps should seek a consult on market timing. As we indicated in the beginning of this article we expect a strong spring followed by lower pricing in summer and fall.
Our Days on Market (DOM), shortened a bit to 53 days. this means a seller could expect their home to be listed and sold on average 53 days. There is one other significant stat I wish point out. If you look at our list to sold price you can see we are +3.2% month over month. This means a buyer should expect to offer on average 3.2% more for a home.
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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