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 October 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 we head into the Fall months we will typically see a slow down in the real estate market. People in general avoid buying homes around the Holidays unless it is a must do. There are many agents whom we have spoken to whose sentiment is that the market is changing. While personally I think the slow down is holiday related we can see that a portion of buyers has disappeared over the last two months. It would appear that “Cash buyers” from the Bay Area looking to escape the high costs associated the living near the city have all but disappeared. Our October 2021 sold inventory fell -17.5 to 118 year over year. This also represents a big decrease of -13.9% percent pre pandemic number of 454 new listings. The real story remains in our inventory levels. On one side we listed 239 new properties for sale in October 2021 this is a decrease of -22.6% year over year but still nearly 1/2 (-47.4%) from the same time in 2019. As long as we continue to see a large shortage in supply our prices will remain high and demand strong.
Our Days On Market (DOM) rose by +1.9% month over month and decreased by -19.1% year over year. It was 89 DOM back in 2019 which represents a -38.2% decrease in the time it takes for a home to go from list to in contract. Our sold prices remain very high at $1,183,000, our lowest number since June 2021 but still +14.9% more than a year ago. If you purchased a home a year ago for $800,000 you earned $119,200 just for living in your home. That’s income of $9,933 per month. Not a bad living for Napa-Style!
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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