Napa Market Stats
Napa County Sales for the first nine months of 2021 compared to the first nine months of 2020 as released by Trendgraphix for homes under $1,000,000.
There have been 728 single family homes sold for the first nine months of 2021 compared to 695 for that same period in 2020 which marks 4.75% increase in sales so far this year. Homes in 2021 have been selling at a remarkable quick rate as the average number of days that a home has been on the market for 2021 is 46.1 days compared to 65.5 days in 2020. That is a 19.4 day reduction of time. Requiring buyers to act fast. It reached it absolute low point in May when homes were on the market for only 39 days. For the month of September it has risen back up to 53 days.
So, how has this fast pace affected prices? The average sales price for the first nine months of 2020 was $643,924. While for the first nine months of 2021 that average grew to $692,157. Marking a 7.5% increase in Value. This maybe a little skewed as more homes have been pushed into the million dollar range which would exclude them from this report.
Another item that maybe helping slow the market down from it’s frantic pace is the fact that the inventory of homes for sale is growing. In September of 2020 there was exactly 1 month of inventory and it is now up to 1.2 months of inventory. In normal times there is usually 3 to 6 months worth of inventory.
Also, from my observation we are seeing fewer multiple offers and when there are multiple offers the numbers are not 10 to 15 offers on a home but a more reasonable 2 to 6, that is if it gets multiple offers. Additionally, the amount over ask has gone down and we are seeing more homes having to reduce their asking price. So, if a home is not priced correctly it will sit on the market.