Wine Country Real Estate Trends in February 2019

Wine Country Real Estate Trends in February 2019

Russian River flooding:  Over 2,500 homes were flooded in the recent storms that brought the Russian River over flood stage in the Guerneville/Monte Rio, etc., areas.  Our hearts and support go out to the individuals and families affected by these floods.

Better Homes and Gardens Real Estate|Wine Country Group Results for February 2019

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 36 closings in February 2019 compared to 25 last February and 29 last month.  In February, we closed homes with a total value of $21 million compared to $21.5 million last year and $15 million last month.  The average selling price of the properties sold by the Wine Country Group in February was $577,579.

BHGRE|WCG currently has 47 pending sales with a value of $35 million dollars. We have 48 active listings with a value of $47 million dollars. Our average listing price is $979,000.

Wine Country Real Estate Trends for February 2019:

Market Comparisons to February 2018

Note: The wildfires across Wine Country occurred in early October 2017.  A good number of homes were removed from the market in later October 2017 as folks tried to figure out the impact of the fires on home sales.  Thus, the inventory of available homes was unseasonably low for the months following the fires.  Comparing this year to last, some of the percentages are quite high and that is partly driven by the fires in late 2017.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of February stands at 680.  This is 31% ahead of the inventory in February 2018 (518) and it is down 3.5% from the inventory last month (705).  It’s interesting that the county’s inventory did not grow last month while the inventory in Napa and Marin Counties both grew.  New sales (320) in Sonoma County in February were essentially equal to the pace of February 2018 (316) and they were 15% ahead of the pace last month (279). There is a 2.1 months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 55 (Petaluma) to 198 (Coastal Sonoma) 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 average Days on Market for the County as a whole is 77 days.  The median price of homes closed in February in Sonoma County was $590,000.  This is an 8.5% decrease from the median price in February 2018 ($645,000).

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,200,000).  There has been an 12% increase in the number of Luxury Homes closed (531) from 3/1/18 to 2/28/19 compared to 473 closings in the period 3/1/17 to 2/28/18.  The inventory of luxury homes (171) is slightly below the inventory in February 2018 (180 homes).  The pace of new sales (24) in February this year is 33% below the pace of a year ago (36) and it is essentially equal to the pace last month (22).  The high number of sales in this price range in February 2018 is partially due to the fires of late 2017.  The Days on Market for Luxury Home closings was 69 days this February compared to 82 days a year ago. This compares to 77 Days on Market for all closed properties in the County in February. There is a 7 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.1 months supply in the overall Sonoma County market.

Cloverdale:  The inventory of homes and condominiums for sale (26) in Cloverdale at the end of February is 62% ahead of the inventory in February of 2018 (16).  It is just below the inventory of last month (27).  There were 6 new sales in Cloverdale in February.  This compares to 14 sales in February 2018 and 11 new sales last month. There is a 4.3 months supply of inventory based on the current sales pace.  The Days on Market for the 9 homes that closed in February was 90 days.

Coastal Sonoma:  There are 17 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 55% ahead of the inventory (11) a year ago and it is equal to the inventory last month (17).  There were 3 new sales in February compared to 8 a year ago and 4 last month.  There is now a 5.7 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the two homes that closed in February was 198 days.

Healdsburg Trends:  There are 58 homes and condominiums available for sale in Healdsburg at the end of the month. This is 38% above the inventory in February 2018 (42) and it is 7% ahead of the inventory last month (54).  New sales in February (14) were 18% below the pace of sales in February 2018 (17) and they were equal to the sales pace last month (14). The months of available inventory is now 4.1 months based on the current sales pace.  The Days on Market for the 9 homes that closed in February was 116 days.

Oakmont: There are 31 homes available in Oakmont at the end of February.  This is 72% ahead of the inventory in February 2018 (18) and it is about equal to the inventory last month (32).  New sales (11) are 31% below the sales pace of a year ago (16) and are 10% ahead of the pace of last month (10).  There is a 2.8 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $570,000 for the 8 homes that closed in February.  The Days on Market for the homes that closed in February was 115 days.

Petaluma:   The inventory in Petaluma at the end of February (53) is 6% ahead of the inventory in February 2018 (50) and it is about equal to the inventory last month (51).  There were 37 new sales for the month. This is 12% ahead of the 33 sales in February 2018 and it is about equal to the 36 new sales last month. The Petaluma market currently has 1.4 months of available inventory based on the current sales pace.  Petaluma remains one of the tightest markets in Wine Country. The median price of the 27 homes that closed in February was $672,000. This is 5% below the median price last February ($707,000).  The Days on Market for the homes that closed in February was 55 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of February (52) is 333% ahead of the inventory in February 2018 (12) and it is 6% ahead of the inventory last month (49).   There were 31 new sales in Rohnert Park in February. This is 63% above the 19 sales in February 2018 and it is 24% ahead of the 25 sales last month.  There is 1.7 months supply of inventory based on the current sales pace.  The median price ($528,000) of the 20 homes and condominiums that closed in February is essentially equal to the median price a year ago ($526,000). Days on Market for the homes that closed in February was 69 days.

Russian River:  Obviously, the Russian River region will be affected by the recent floods throughout the area.  The real estate market there will not be functioning in a stable way for months to come.

The inventory of homes and condominiums for sale at the end of February (36) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 16% ahead of the level of February 2018 (31) and it is essentially equal to the inventory last month (35).  There were 12 new sales for the month of February.  This sales pace is 20% ahead of the pace in February 2018 (10) and it is 20% below the pace last month (15).  There is a 3 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $375,000 for the 13 homes that closed in February. The Days on Market for the homes that closed in February was 88 days.

Santa Rosa:  Thirty-five percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of February (236) is 42% ahead of the inventory of a year ago (166) and it is 14% below the inventory last month (274). New sales in February (146) are 3.5% ahead of the pace of last February (141) and they are 26% ahead of the pace last month (116). There is a 1.6 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 108 homes closed in February in Santa Rosa was $570,000 compared to $580,000 a year ago – a 1.7% decrease.  The Days on Market for the homes that closed in February was 73 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of February in Sebastopol (27) is 39% below the level of February 2018 (44) and it is 23% below the inventory last month (35).  There were 14 new sales for the month of February. This is slightly below the pace in February 2018 (15) and it is slightly ahead of the pace last month (12).  There is a 1.9 months supply of inventory in Sebastopol based on the current sales pace. The 14 homes that closed in Sebastopol in February went from listing to pending in 75 days.

Sonoma Valley: The number of available homes and condominiums for sale (91) at the end of February in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 18% above the inventory last February (77) and it is 22% ahead of the inventory of last month (74).  There were 19 new sales for the month. This is 39% below the 31 sales in February 2018 and it is about equal to the 18 last month. There is a 4.8 months supply of inventory in Sonoma based on the current pace of sales.  Fifty-four percent (49 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 37% of the new sales (7) in February were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of February starts at $2,700,000.  19 homes closed in the top quartile in the past twelve months compared to 24 in the twelve months prior to that. There are 22 homes available in this quartile in February 2019 compared to 18 a year ago. There were no new sales in the top quartile in February creating a 22 months supply of inventory in this quartile based on the current sales pace.  The closed “luxury” homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of February equals 40 properties.  This is 21% ahead of the inventory in February 2018 (33) and it is essentially equal to the 41 homes last month.  There were 22 new sales for the month. This is 22% ahead of the pace of sales in February 2018 (18) and it is 47% ahead of the pace of last month (15).  There is a 1.8 months supply of inventory based on the current sales pace. The days on market for the 13 homes that closed in February in Windsor was 93 days. The median price ($587,000) of the homes closed in Windsor in February is10% lower than the median price a year ago ($650,000).  Both the number of sales and the high median price of a year ago were partially driven by the fires in October 2017.

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of February is 454 properties.  This is 19% ahead of the number of lots in February 2018 (383) and it is 4% ahead of the number of available lots last month (436).  There were 46 new lot sales in February.  This is 38% below the pace of sales in February 2018 (74) and it is 11% ahead of the pace of lot sales last month (41).  There is a 9.9 months supply of inventory based on the current sales pace.  The average days on market of the 38 lots closed in February was 135 days and the median price was $252,000 – 10% ahead of the median price a year ago ($230,000).

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of February is 80 homes.  This is 78% ahead of the number of mobile homes available in February 2018 (45) and it is 11% ahead of the number of available homes last month (72).  There were 33 new mobile home sales in February.  This is 11% below the pace of sales in February 2018 (37) and it is 14% ahead of the pace of sales last month (29).  There is a 2.4 months supply of inventory based on the current sales pace.  The average days on market of the 20 mobile homes closed in February was 97 days and the median price was $143,000.  This median price is 2% ahead of the median price of $140,000 in February 2018.

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of February (311) is 54% ahead of the inventory in February 2018 (202) and it is 11% ahead of the inventory last month (280).  38% of the inventory in Napa County (118 properties) is priced at $1,000,000 or above.  New sales (76) are 18% below the pace of last year (93) and are 6% below the 81 sales last month.  There is a 4.1 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 74 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 67 homes closed in February in Napa County ($625,000) was 12% lower than the median price of a year ago ($712,000).

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $1,400,000 in Napa County at this time (this is down from $1,900,000 over the past several months).  The number of closings (167) of Luxury Homes (sales price in excess of $1,400,000) in Napa County for the period 3/1/18 to 2/28/19 compared to 139 closings in the period 3/1/17 to 2/28/18 (an 20% increase).  There were 81 luxury homes in inventory at the end of February 2019 compared to 74 at the end of February 2018.  There were 14 new Luxury Home sales last month resulting in a 5.8 months supply of available Luxury Homes based on the current sales pace compared to 4.1 months supply for the County as a whole.

American Canyon:  There were 27 available homes and condominiums in inventory at the end of February in American Canyon. This is 59% ahead of the inventory a year ago (17) and it is 10% below the supply last month (30). New sales (9) were 31% below the 13 sales in February 2018 and they were equal to the 9 sales last month. There is a 3 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 83 days. The median price of the 8 homes that closed in American Canyon in February ($439,000) was 14% below the median price of a year ago ($513,000).

Napa:  Fifty-nine percent of the inventory in Napa County is in the City of Napa.  There were 183 available homes and condominiums in inventory at the end of February in the City of Napa. This is a 69% ahead of the supply at the end of February 2018 (108) and it is 12% ahead of the inventory at the end of last month (163).  New sales (59) were slightly below the pace of February 2018 (63) and they were 5% ahead of the pace of last month (56). There is a 3.1 months supply of inventory based on the current sales pace. The Days on Market for the 49 closings last month was 66 days.  The median price of the homes that closed in the City of Napa in February was $639,000. This is 11% below the median price of the homes closed in February 2018 ($720,000).

Up Valley 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 February (72) is 20% higher than the level of 60 in February 2018 and it is 15% above the level last month (63).  There were only 6 new sales in the month compared to 10 a year ago and 11 last month. There is now an 11.1 months supply of inventory based on the current sales pace.  The Days on Market for the 8 closings last month was 98 days.  Approximately 41% of the Luxury Market inventory (price in excess of $1,400,000) in Napa County is in the Up Valley Market (28 homes). There were six luxury home (price in excess of $1,400,000) closings in the Up Valley Market last month and three new luxury home sales.

Angwin: The inventory of homes and condominiums for sale at the end of February in Angwin is down to just seven homes. This is 36% below the level of February 2018 (11) and it is essentially equal to the inventory last month (6).  There were no new sales for the month of February compared to one last month and one in February of 2018.  There is a 7 months supply of inventory based on the current sales pace. The average asking price of the 7 homes in inventory in Angwin is $1,483,000.

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Wine Country Real Estate Trends in January 2019

Wine Country Real Estate Trends in January 2019

Better Homes and Gardens Real Estate|Wine Country Group Results for January 2019

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 29 closings in January 2019 compared to 26 last January and 44 last month.  In January, we closed homes with a total value of $15 million compared to $13 million last year and $32 million last month.  The average selling price of the properties sold by the Wine Country Group in January was $517,241.

BHGRE|WCG currently has 47 pending sales with a value of $35 million dollars. We have 48 active listings with a value of $47 million dollars. Our average listing price is $979,000.

Wine Country Real Estate Trends for January 2019:

Market Comparisons to January 2018

Note: The wildfires across Wine Country occurred in early October 2017.  A good number of homes were removed from the market in later October 2017 as folks tried to figure out the impact of the fires on home sales.  Thus, the inventory of available homes was unseasonably low for the months following the fires.  Comparing this year to last, some of the percentages are quite high and that is partly driven by the fires in late 2017.

Spring Market:  It’s often said that our Wine Country real estate market slows down between Thanksgiving and Super Bowl Sunday. Super Bowl Sunday just passed – so we’re looking forward to the beginning of our “Spring Market” that usually runs until schools let out in late May, early June.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of January stands at 705.  This is 62% ahead of the inventory in January 2018 (434) and it is down 8% from the inventory last month (768).  This remains a relatively high inventory for recent years but not an unreasonably high number for historical purposes.  New sales (300) in Sonoma County in January were essentially equal to the pace of January 2018 (299) and they were 11% ahead of the pace last month (271).  There is a 2.4 months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 48 (Petaluma) to 154 (Coastal Sonoma) 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 average Days on Market for the County as a whole is 84 days (the highest in the past twelve months).  The median price of homes closed in January in Sonoma County was $620,000.  This is a 3% decrease from the median price in January 2018 ($640,000).

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,100,000).  There has been an 8.5% increase in the number of Luxury Homes closed (638) from 2/1/18 to 1/31/19 compared to 588 closings in the period 2/1/17 to 1/31/18.  The inventory of luxury homes (169) is about equal to the inventory in January 2018 (167 homes).  The pace of new sales (28) in January this year is 39% below the pace of a year ago (46) and it is essentially equal to the pace last month (29).  The high number of sales in this price range in January 2018 is partially due to the fires of late 2017.  The Days on Market for Luxury Home closings was 104 days this January compared to 89 days a year ago. This compares to 84 Days on Market for all closed properties in the County in January. There is a 6 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.4 months supply in the overall Sonoma County market.

Cloverdale:  The inventory of homes and condominiums for sale (27) in Cloverdale at the end of January is 69% ahead of the inventory in January of 2018 (16). It is 10% below the inventory of last month (30).  There were 12 new sales in Cloverdale in January. This compares to 16 sales in January 2018 and 7 new sales last month. There is a 2.3 months supply of inventory based on the current sales pace.  The Days on Market for the 5 homes that closed in January was 89 days.

Coastal Sonoma:  There are 17 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 10.5% below the inventory (19) a year ago and it is 19% below the inventory last month (21).  There were 4 new sales in January compared to 5 a year ago and 2 last month.  There is now a 4.3 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the four homes that closed in January was 154 days.

Healdsburg Trends:  There are 54 homes and condominiums available for sale in Healdsburg at the end of the month. This is 15% above the inventory in January 2018 (47) and it is 14% below the inventory last month (63).  New sales in January (16) were 23% ahead of the pace of sales in January 2018 (13) and they were 45% ahead of the sales pace last month (11). The months of available inventory is now 3.4 months based on the current sales pace.  The Days on Market for the 16 homes that closed in January was 129 days.

Oakmont: There are 32 homes available in Oakmont at the end of January.  This is 146% ahead of the inventory in January 2018 (13) and it is 9% below the inventory last month (35).  New sales (11) are 175% ahead of the sales pace of a year ago (4) and are 15% below the pace of last month (13).  There is a 2.9 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $603,000 for the 10 homes that closed in January.  The Days on Market for the homes that closed in January was 76 days.

Petaluma:   The inventory in Petaluma at the end of January (51) is 82% ahead of the inventory in January 2018 (28) and it is about equal to the inventory last month (53).  There were 36 new sales for the month. This is 20% ahead of the 30 sales in January 2018 and it is 71% ahead of the 21 new sales last month. The Petaluma market currently has 1.4 months of available inventory based on the current sales pace.  Petaluma remains one of the tightest markets in Wine Country. The median price of the 23 homes that closed in January was $670,000. This is 7% below the median price last January ($721,000).  The Days on Market for the homes that closed in January was 48 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of January (49) is 206% ahead of the inventory in January 2018 (16) and it is 11% ahead of the inventory last month (44).   There were 27 new sales in Rohnert Park in January. This is 23% above the 22 sales in January 2018 and it is 42% ahead of the 19 sales last month.  There is 1.8 months supply of inventory based on the current sales pace.  The median price ($490,000) of the 15 homes and condominiums that closed in January is 12.5% below the median price a year ago ($560,000).  In January 2010, the median price was $210,000.  The Days on Market for the homes that closed in January was 80 days.

Russian River:  The inventory of homes and condominiums for sale at the end of January (35) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 46% ahead of the level of January 2018 (24) and it is 29% below the inventory last month (49).  There were 15 new sales for the month of January.  This sales pace is 35% below the pace in January 2018 (23) and it is 87% ahead of the pace last month (8).  There is a 2.3 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $510,000 for the 7 homes that closed in January. The Days on Market for the homes that closed in January was 61 days.

Santa Rosa:  Thirty-nine percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of January (274) is 114% ahead of the inventory of a year ago (128) and it is 7% below the inventory last month (293). New sales in January (126) are 11.5% ahead of the pace of last January (113) and they are 3% below the pace last month (130). There is a 2.2 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 123 homes closed in January in Santa Rosa was $575,000 compared to $589,000 a year ago – a 2.4% decrease.  The Days on Market for the homes that closed in January was 81 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of January in Sebastopol (35) is 10% below the level of January 2018 (39) and it is also 10% below the inventory last month (39).  There were 14 new sales for the month of January. This is 40% ahead of the pace in January 2018 (10) and it is 26% below the pace last month (19).  There is a 2.5 months supply of inventory in Sebastopol based on the current sales pace.  The 15 homes that closed in Sebastopol in January went from listing to pending in 101 days.

Sonoma Valley: The number of available homes and condominiums for sale (74) at the end of January in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 7% above the inventory last January (69) and it is slightly below the inventory of last month (77).  There were 21 new sales for the month. This is 30% below the 30 sales in January 2018 and it is 17% ahead of the 18 last month. There is a 4.1 months supply of inventory in Sonoma based on the current pace of sales.  Fifty-three percent (39 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 24% of the new sales (5) in January were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of January starts at $3,000,000.  20 homes closed in the top quartile in the past twelve months compared to 18 in the twelve months prior to that. There are 18 homes available in this quartile in January 2019 compared to 13 a year ago. There were no new sales in the top quartile in January creating an 18 months supply of inventory in this quartile based on the current sales pace.  The closed “luxury” homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of January equals 41 properties.  This is 215% ahead of the inventory in January 2018 (13) and it is essentially equal to the 40 homes last month.  There were 15 new sales for the month. This is 21% below the pace of sales in January 2018 (19) and it is slightly below the pace of last month (17).  There is a 2.7 months supply of inventory based on the current sales pace. The days on market for the 18 homes that closed in January in Windsor was 80 days. The median price ($594,000) of the homes closed in Windsor in January is 21% lower than the median price a year ago ($750,000).  Both the number of sales and the high median price of a year ago were partially driven by the fires in October 2017.

Lots for Sale and Sold in Sonoma County: The inventory of available lots for sale in Sonoma County at the end of January is 436 properties.  This is 37% ahead of the number of lots in January 2018 (318) and it is 9% below the number of available lots last month (478). There were 45 new lot sales in January. This is 26% below the pace of sales in January 2018 (61) and it is 73% ahead of the pace of lot sales last month (26). There is a 9.7 months supply of inventory based on the current sales pace.  The average days on market of the 26 lots closed in January was 161 days and the median price was $250,000 – close to the median price a year ago.

Mobile Homes in Sonoma County: The inventory of available mobile homes for sale in Sonoma County at the end of January is 72 homes.  This is 31% ahead of the number of mobile homes available in January 2018 (55) and it is 10% below the number of available homes last month (80).  There were 32 new mobile home sales in January.  This is 10% ahead of the pace of sales in January 2018 (29) and it is 23% ahead of the pace of sales last month (26).  There is a 2.3 months supply of inventory based on the current sales pace. The average days on market of the 31 mobile homes closed in January was 77 days and the median price was $173,000. This median price is 18% ahead of the median price of $147,000 in January 2018.

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of January (280) is 44% ahead of the inventory in January 2018 (195) and it is 4% below the inventory last month (292).  39% of the inventory in Napa County (109 properties) is priced at $1,000,000 or above.  New sales (85) are equal to the pace of last year (86) and are 35% ahead of the 63 sales last month.  There is a 3.3 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 120 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 58 homes closed in January in Napa County ($635,000) was 3% lower than the median price of a year ago ($655,000).

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $1,600,000 in Napa County at this time (this is down from $1,900,000 over the past several months).  The number of closings (139) of Luxury Homes (sales price in excess of $1,600,000) in Napa County for the period 2/1/18 to 1/31/19 compared to 118 closings in the period 2/1/17 to 1/31/18 (an 18% increase).  There were 68 luxury homes in inventory at the end of January 2019 compared to 71 at the end of January 2018.  There were 4 new Luxury Home sales last month resulting in a 17 months supply of available Luxury Homes based on the current sales pace compared to 3.3 months supply for the County as a whole.

American Canyon:  There were 30 available homes and condominiums in inventory at the end of January in American Canyon. This is 87% ahead of the inventory a year ago (16) and it is 20% ahead of the supply last month (25). New sales (10) were 11% ahead of the 9 sales in January 2018 and they were 67% ahead of the 6 sales last month.  There is a 3 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 76 days. The median price of the 8 homes that closed in American Canyon in January ($428,000) was 26% below the median price of a year ago ($580,000).  The median price in January 2011 was $240,000.

Napa:  Fifty-eight percent of the inventory in Napa County is in the City of Napa.  There were 163 available homes and condominiums in inventory at the end of January in the City of Napa. This is a 63% ahead of the supply at the end of January 2018 (100) and it is equal to the inventory at the end of last month (163).  New sales (60) were equal to the pace of January 2018 (61) and they were 43% ahead of the pace of last month (42). There is a 2.7 months supply of inventory based on the current sales pace. The Days on Market for the 36 closings last month was 110 days. The median price of the homes that closed in the City of Napa in January was $635,000. This is 4% below the median price of the homes closed in January 2018 ($660,000).

Up Valley 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 January (63) is 11% higher than the level of 57 in January 2018 and it is 17% below the level last month (76).  There were 10 new sales in the month compared to 12 a year ago and 14 last month.  There is now a 6.3 months supply of inventory based on the current sales pace.  The Days on Market for the 12 closings last month was 186 days.  Approximately 41% of the Luxury Market inventory (price in excess of $1,600,000) in Napa County is in the Up Valley Market (28 homes). There were two luxury home (price in excess of $1,600,000) closings in the Up Valley Market last month and three new luxury home sales.

Angwin: The inventory of homes and condominiums for sale at the end of January in Angwin is down to just six homes. This is 46% below the level of January 2018 (11) and it is 25% below the inventory last month (8).  It is the lowest inventory in Angwin in recent memory.  There was just one new sale for the month of January compared to one last month and three in January of 2018.  There is a 6 months supply of inventory based on the current sales pace. The average asking price of the 6 homes in inventory in Angwin is $1,602,000.

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Wine Country Real Estate Trends for 2018

Wine Country Real Estate Trends in December 2018

Wine Country Market Value Shifts and Sales Trends for 2018 

I’ve done a chart of Wine Country Market Value Shifts dating back to 1998.  I’ve added the latest data for 2018 so if you’d like a copy, drop me an email.  According to the Bay Area Real Estate Services MLS figures, the price of residential real estate across Wine Country (Sonoma and Napa Counties) increased by 7.5% in 2018.  The average price of all closings in Sonoma County was $779,200 and the average in Napa County was $962,445.  I’m expecting slower price appreciation in 2019, perhaps four to five percent.  There were 6,006 closings of single-family homes and condominiums across Wine Country in 2018 compared to 6458 closings in 2017 and 6,572 closings in 2016.   This is a 7% decrease in volume.  There was an 8% decrease in volume in Sonoma County (4,711 in 2018 compared to 5,105 in 2017) while Napa Country was down 4% year over year at 1,295 units compared to 1,353 units in 2017.  I expect the 2019 volume will again be steady or slightly down from the volume in 2018.  The total sales dollar volume was nearly $5 billion dollars – $3.7 billion in Sonoma (same as last year) and $1.25 billion in Napa (slightly ahead of last year).

Better Homes and Gardens Real Estate|Wine Country Group Results for December 2018

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 44 closings in December 2018 compared to 31 last month and 39 last December.   For all of 2018, we closed 474 sales compared to 512 for 2017.  In December, we closed homes with a total value of $32 million compared to $22 million last month.  The average selling price of the properties sold by the Wine Country Group in December was $727,272.

BHGRE|WCG currently has 40 pending sales with a value of $30 million dollars. We have 49 active listings with a value of $42 million dollars. Our average listing price is $857,000.

Wine Country Real Estate Trends for December 2018:

Market Comparisons to December 2017

The wildfires across Wine Country occurred in early October of last year. A good number of homes were removed from the market in later October 2017 as folks tried to figure out the impact of the fires.  Thus, the inventory of available homes was unseasonably low for the last three months of last year.  Some of the percentages are quite high comparing this year to last and that is partly driven by the fires last year.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of December stands at 768.  This is 89% ahead of the inventory in December 2017 (406) and it is down 25% from the inventory last month (1,018).  This remains a relatively high inventory for recent years but not an unreasonably high number for historical purposes.  New sales (285) in Sonoma County in December were slightly above the pace of December 2017 (277) and they were 11% below the pace last month (321). There is a 2.7 months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 50 (Rohnert Park) to 135 (Cloverdale) 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 average Days on Market for the County as a whole is 72 days (the highest in the past twelve months).  The median price of homes closed in December in Sonoma County was $615,000.  This is a 5% decrease from the median price in December 2017 ($648,000).  As we expected, the appreciation rate has settled down from the 12%

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,100,000).  There has been a 10% increase in the number of Luxury Homes closed (640) from 1/1/18 to 12/31/18 compared to 581 closings in the period 1/1/17 to 12/31/17.  The inventory of luxury homes (187) is 8% above the inventory in December 2017 (172 homes).  The pace of new sales (33) in December this year is slightly below the pace of a year ago (34) and it is 20% below the pace last month (41).  The Days on Market for Luxury Home closings was 108 days this December compared to 109 days a year ago. This compares to 72 Days on Market for all closed properties in the County in December. There is a 5.7 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.7 months supply in the overall Sonoma County market.

Cloverdale:  The inventory of homes and condominiums for sale (30) in Cloverdale at the end of December is 131% ahead of the inventory in December of 2017 (11).  It is 19% below the inventory of last month (37).  There were 7 new sales in Cloverdale in December. This compares to 11 sales in December 2017 and 11 new sales last month. There is a 4.3 months supply of inventory based on the current sales pace.  The Days on Market for the 11 homes that closed in December was 135 days.

Coastal Sonoma:  There are 21 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 24% above the inventory (17) a year ago and it is essentially equal to the inventory last month (22).  There were 2 new sales in December compared to 7 a year ago and 4 last month.  There is now a 10.5 months supply of inventory in Coastal Sonoma based on the current sales pace.  The Days on Market for the four homes that closed in December was 112 days.

Healdsburg Trends:  There are 63 homes and condominiums available for sale in Healdsburg at the end of the month. This is 47% above the inventory in December 2017 (43) and it is 25% below the inventory last month (84).  New sales in December (14) were 27% ahead of the pace of sales in December 2017 (11) and they were 75% ahead of the sales pace last month (8). The months of available inventory is now 4.5 months based on the current sales pace.  The Days on Market for the 9 homes that closed in December was 111 days.

Oakmont: There are 35 homes available in Oakmont at the end of December.  This is 250% ahead of the inventory in December 2017 (10) and it is 27% below the inventory last month (48).  New sales (14) are 12.5% below the sales pace of a year ago (16) and are 17% ahead of the pace of last month (12).  There is a 2.5 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $540,000 for the 12 homes that closed in December.  This is the lowest median price in Oakmont in over a year.  The Days on Market for the homes that closed in December was 72 days.

Petaluma:   The inventory in Petaluma at the end of December (53) is 179% ahead of the inventory in December 2017 (19) and it is 17% below the inventory last month (64).  There were 21 new sales for the month. This is 19% below the 26 sales in December 2017 and it is 38% below the number of new sales last month (34). The Petaluma market currently has 2.5 months of available inventory based on the current sales pace.  Petaluma remains one of the tightest markets in Wine Country. The median price of the 30 homes that closed in December was $695,000. This is essentially equal to the median price last December ($691,000).  The Days on Market for the homes that closed in December was 53 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of December (44) is 340% ahead of the inventory in December 2017 (10) and it is 23% below the inventory last month (57).   There were 20 new sales in Rohnert Park in December.  This is 5% above the number of sales in December 2017 (19) and it is 9% below the sales pace last month (22).  There is 2.2 months supply of inventory based on the current sales pace.  The median price ($582,000) of the 22 homes and condominiums that closed in December is 11% higher than the median price a year ago ($525,000).  In December 2010, the median price was $210,000.  The Days on Market for the homes that closed in December was 50 days.

Russian River:  The inventory of homes and condominiums for sale at the end of December (49) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 26% ahead of the level of December 2017 (39) and it is 18% below the inventory last month (60).  There were 8 new sales for the month of December.  This sales pace is 27% below the pace in December 2017 (11) and it is 47% below the pace last month (15).  There is a 6 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $505,000 for the 10 homes that closed in December. The Days on Market for the homes that closed in December was 76 days.

Santa Rosa:  Thirty-eight percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of December (293) is 199% ahead of the inventory of a year ago (98) and it is 28% below the inventory last month (407).  New sales in December (136) are 7% ahead of the pace of last December (127) and they are 9% below the pace last month (150). There is a 2.2 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 131 homes closed in December in Santa Rosa was $553,000 compared to $601,000 a year ago – an 8% decrease.  The Days on Market for the homes that closed in December was 65 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of December in Sebastopol (39) is slightly below the level of December 2017 (40) and it is 32% below the inventory last month (57). There were 20 new sales for the month of December. This is 43% ahead of the pace in December 2017 (14) and it is equal to the pace last month (19). There is a 2.0 months supply of inventory in Sebastopol based on the current sales pace.  The 26 homes that closed in Sebastopol in December went from listing to pending in 109 days.

Sonoma Valley: The number of available homes and condominiums for sale (77) at the end of December in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is slightly above the inventory last December (75) and it is 25% below the inventory of last month (103). There were 18 new sales for the month. This is 10% below the pace of sales in December 2017 (20) and it is 36% below the pace of last month (28). There is a 4.3 months supply of inventory in Sonoma based on the current pace of sales.  Fifty-four percent (42 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 22% of the new sales (4) in December were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of December starts at $3,000,000.  19 homes closed in the top quartile in the past twelve months compared to 15 in the twelve months prior to that. There are 19 homes available in this quartile in December 2018 compared to 14 a year ago. There was one new sales in the top quartile in December creating a 19 months supply of inventory in this quartile based on the current sales pace.  The closed “luxury” homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of December equals 40 properties.  This is 400% ahead of the inventory in December 2017 (8) and it is 25% below the 53 homes last month.  There were 19 new sales for the month. This is 46% above the pace of sales in December 2017 (13) and it is essentially equal to the pace of last month (20).  There is a 2.1 months supply of inventory based on the current sales pace. The days on market for the 16 homes that closed in December in Windsor was 58 days. The median price ($651,000) of the homes closed in Windsor in December is 5% higher than the median price a year ago ($620,000).

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of December (292) is 26% ahead of the inventory in December 2017 (331) and it is 20% below the inventory last month (364).  New sales (63) are 27% below the pace of last year (86) and are 20% below the pace of last month (78). There is a 4.6 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 81 homes closed in December in Napa County ($692,000) was 2% higher than the median price of a year ago ($678,000).   40% of the inventory in Napa County (118 properties) are priced at $1,000,000 or above.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $1,600,000 in Napa County at this time (this is down from $1,900,000 over the past several months).  The number of closings (142) of Luxury Homes (sales price in excess of $1,600,000) in Napa County for the period 1/1/18 to 12/31/18 compared to 115 closings in the period 1/1/17 to 12/31/17 (a 23% increase). There were 74 luxury homes in inventory at the end of December 2018 compared to 81 at the end of December 2017. There were 7 new Luxury Home sales last month resulting in a 16.2 months supply of available Luxury Homes based on the current sales pace compared to 4.6 months supply for the County as a whole.

American Canyon:  There were 25 available homes and condominiums in inventory at the end of December in American Canyon. This is 67% ahead of the inventory a year ago (15) and it is 4% below the supply last month (26). New sales (6) were 46% below the pace of December 2017 (11) and they were also 46% below the pace of last month (11).  That’s the fewest number of sales for any month in American Canyon for over a year. There is a 4.2 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 67 days. The median price of the 11 homes that closed in American Canyon in December ($493,000) was essentially equal to the median price of a year ago ($490,000). The median price in December 2011 was $240,000.

Napa:  Fifty-six percent of the inventory in Napa County is in the City of Napa.  There were 163 available homes and condominiums in inventory at the end of December in the City of Napa. This is a 35% ahead of the supply at the end of December 2017 (121) and it is 22% below the inventory at the end of last month (208). New sales (43) were 32% below the pace of December 2017 (63) and they were 19% below the pace of last month (53). There is a 3.8 months supply of inventory based on the current sales pace. The Days on Market for the 51 closings last month was 67 days.  The median price of the homes that closed in the City of Napa in December was $675,000. This is 1.5% below the median price of the homes closed in December 2017 ($685,000).

Up Valley 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 December (76) is roughly equal to the level of 73 in December 2017 and it is 22% below the level last month (98). There were 14 new sales in the month compared to 10 a year ago and 12 last month.  There is now a 5.4 months supply of inventory based on the current sales pace.  The Days on Market for the 16 closings last month was 113 days. Approximately 47% of the Luxury Market inventory (price in excess of $1,600,000) in Napa County is in the Up Valley Market (35 homes). There were six luxury home (price in excess of $1,600,000) closings in the Up Valley Market last month and four new luxury home sales.

Angwin: The inventory of homes and condominiums for sale at the end of December in Angwin (8) is 43% below the level of December 2017 (14) and it is 20% below the inventory last month (10). There was just one new sale for the month of December compared to two last month and none in December of 2017.  There is an 8 months supply of inventory based on the current sales pace. The average asking price of the 8 homes in inventory in Angwin is $1,397,000.

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Wine Country Real Estate Trends in November 2018

Wine Country Real Estate Trends in November 2018

Acknowledgement:

I’d like to acknowledge my wife, Diane Krause, who passed from this life to her next on November 22, 2018.   Diane was a Realtor in Wine Country for over 36 years – and she loved the business.  She was always generous in helping others learn the profession.  She was always supportive of my efforts and activities and I will miss her daily presence.  I’d also like to acknowledge Ted Chris, the husband of Sherry Chris, President and CEO of Better Homes and Gardens Real Estate.  Ted passed away on December 3, 2018.  As with Diane, Ted gave Sherry his unconditional support as she worked tirelessly to grow Better Homes and Gardens Real Estate.  We will mourn our losses together along with many others who knew and loved Diane and Ted.

Better Homes and Gardens Real Estate|Wine Country Group Results for November 2018

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 31 closings in November 2018 compared to 38 last month and 65 last November.   On a year to date basis, we are reflecting the overall market and are about 9% behind in units closed comparing 2018 to 2017. In November, we closed homes with a total value of $22 million compared to $20 million last month.  The average selling price of the properties sold by the Wine Country Group in November was $706,939.

BHGRE|WCG currently has 37 pending sales with a value of $42 million dollars. We have 65 active listings with a value of $50 million dollars. Our average listing price is $781,000.

Wine Country Real Estate Trends for November 2018:

Market Comparisons to November 2017

The wildfires across Wine Country occurred in early October of last year. A good number of homes were removed from the market in later October 2017 as folks tried to figure out the impact of the fires.  Thus, the inventory of available homes was unseasonably low for the last three months of last year.  Some of the percentages are quite high comparing this year to last and that is partly driven by the fires last year.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of November stands at 1,018.  This is 90% ahead of the inventory in November 2017 (535) and it is down 12% from the inventory last month (1,160).  This remains a relatively high inventory for recent years but not an unreasonably high number for historical purposes.  When I first started operating in the Wine Country in 1996, we had over 3,000 homes available in Sonoma County.  New sales (346) in Sonoma County in November were 8% below the pace of November 2017 (377) and they were 17% below the pace last month (415).  There is a 2.9 months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 45 (Petaluma) to 139 (Coastal Sonoma) 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 average Days on Market for the County as a whole is 63 days (the highest in the past twelve months).  The median price of homes closed in November in Sonoma County was $599,000.  This is a 3.5% decrease from the median price in November 2017 ($620,000).  As we expected, the appreciation rate has settled down from the 12% year over year increase in the first part of the year. We’ll continue to watch to see if the rate of appreciation continues to decline.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,100,000).  There has been an 18% increase in the number of Luxury Homes closed (656) from 12/1/17 to 11/30/18 compared to 558 closings in the period 12/1/16 to 11/30/17.  The inventory of luxury homes (249) is 14% above the inventory in November 2017 (219 homes).  The pace of new sales (47) in November this year is 23% below the pace of a year ago (61) and it is 6% below the pace last month (50).  The Days on Market for Luxury Home closings was 84 days this November compared to 100 days a year ago. This compares to 63 Days on Market for all closed properties in the County in November. There is a 5.3 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.9 months supply in the overall Sonoma County market.

Cloverdale:  The inventory of homes and condominiums for sale (37) in Cloverdale at the end of November is 76% ahead of the inventory in November of 2017 (21).  It is 20% below the inventory of last month (46).  There were 11 new sales in Cloverdale in November. This compares to 9 sales in November 2017 and 12 new sales last month. There is a 3.4 months supply of inventory based on the current sales pace.  The Days on Market for the 6 homes that closed in November was 76 days.

Coastal Sonoma:  There were 22 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 21% below the inventory (28) a year ago and it is 12% below the inventory last month (25).  There were 5 new sales in November compared to 10 a year ago and 4 last month.  There is now a 4.4 months supply of inventory in Coastal Sonoma based on the current sales pace.  There were 5 closings in the month.  There were six closings a month ago.  The Days on Market for the homes that closed in November was 139 days.

Healdsburg Trends:  There were 84 homes and condominiums available for sale in Healdsburg at the end of the month. This is 27% above the inventory in November 2017 (66) and it is slightly below the inventory last month (86).  New sales in November (9) were 57% below the pace of sales in November 2017 (21) and they were 43% below the sales pace last month (16). The months of available inventory is now 9.3 months based on the current sales pace. This definitely speaks of a buyer’s market in Healdsburg.  The Days on Market for the 9 homes that closed in November was 89 days.

Oakmont:  Inventory remained high in Oakmont at the end of November.  There were 48 homes available.  This is 336% ahead of the inventory in November 2017 (11) and it is 7% above the inventory last month (45).  New sales (12) are 9% ahead of the sales pace of a year ago (11) and are 20% below the pace of last month (15).  There is a 4 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $672,000 for the 10 homes that closed in November. The Days on Market for the homes that closed in November was 77 days.

Petaluma:   The inventory in Petaluma at the end of November (64) is 68% ahead of the inventory in November 2017 (38) and it is 23% below the inventory last month (83).  There were 37 new sales for the month. This is slightly ahead of the 35 sales in November 2017 and it is 25% below the number of new sales last month (49). The Petaluma market currently has 1.7 months of available inventory based on the current sales pace.  Petaluma remains one of the tightest markets in Wine Country. The median price of the 45 homes that closed in November was $690,000. This is 5% below the median price last November ($730,000).  The Days on Market for the homes that closed in November was 45 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of November (57) is 339% ahead of the inventory in November 2017 (13) and it is 7% below the inventory last month (61).   There were 21 new sales in Rohnert Park in November.  This is 40% below the number of sales in November 2017 (35) and it is 43% below the sales pace last month (37).  There is 2.7 months supply of inventory based on the current sales pace.  The surge of sales in Rohnert Park may be ending.  The median price ($543,000) of the 32 homes and condominiums that closed in November is 16% higher than the median price a year ago ($470,000).  In November 2010, the median price was $210,000.  The Days on Market for the homes that closed in November was 49 days.

Russian River:  The inventory of homes and condominiums for sale at the end of November (60) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 46% ahead of the level of November 2017 (41) and it is 13% below the inventory last month (69).  There were 15 new sales for the month of November.  This sales pace is 6% below the pace in November 2017 (16) and it is 21% below the pace last month (19).  There is a 4 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $470,000 for the 18 homes that closed in November. The Days on Market for the homes that closed in November was 64 days.

Santa Rosa:  Forty percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of November (407) is 208% ahead of the inventory of a year ago (132) and it is 14% below the inventory last month (471).  New sales in November (159) are about equal to the pace of last November (157) and they are 9% below the pace last month (175). There is a 2.6 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 157 homes closed in November in Santa Rosa was $565,000 compared to $590,000 a year ago – a 4% decrease.  The Days on Market for the homes that closed in November was 64 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of November in Sebastopol (57) is 46% ahead of the level of November 2017 (39) and it is 20% below the inventory last month (71). There were 24 new sales for the month of November. This is 26% ahead of the pace in November 2017 (19) and it is equal to the pace last month (23). There is a 2.4 months supply of inventory in Sebastopol based on the current sales pace.  The 16 homes that closed in Sebastopol in November went from listing to pending in 77 days.

Sonoma Valley: The number of available homes and condominiums for sale (103) at the end of November in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 10% above the inventory last November (94) and it is 25% below the inventory of last month (137).  There were 29 new sales for the month. This is 26% below the pace of sales in November 2017 (39) and it is 15% below the pace of last month (34). There is a 3.6 months supply of inventory in Sonoma based on the current pace of sales.  Fifty-eight percent (60 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 28% of the new sales (8) in November were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of November starts at $3,000,000.  22 homes closed in the top quartile in the past twelve months compared to 13 in the twelve months prior to that. There are 25 homes available in this quartile in November 2018 compared to 17 a year ago. There were no new sales in the top quartile in November creating a 25 months supply of inventory in this quartile based on the current sales pace.  The closed “luxury” homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of November equals 53 properties.  This is 279% ahead of the inventory in November 2017 (14) and it is 15% ahead of the 46 homes last month. This may be the only market in Wine Country where inventory increased on a month over month basis.  There were 24 new sales for the month. This is 20% above the pace of sales in November 2017 (20) and it is essentially equal to the pace of last month (23).  There is a 2.2 months supply of inventory based on the current sales pace. The days on market for the 19 homes that closed in November in Windsor was 48 days. The median price ($620,000) of the homes closed in Windsor in November is 3.5% higher than the median price a year ago ($599,000).

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of November (364) is 21% ahead of the inventory in November 2017 (300) and it is 13% below the inventory last month (417).  New sales (88) are 15% below the pace of last year (104) and are 25% below the pace of last month (117). There is a 4.1 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 71 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 100 homes closed in November in Napa County ($684,000) was 4.4% higher than the median price of a year ago ($655,000).  43% of the inventory in Napa County (157 properties) are priced at $1,000,000 or above.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $1,900,000 in Napa County at this time.  The number of closings (107) of Luxury Homes (sales price in excess of $1,900,000) in Napa County for the period 12/1/17 to 11/30/18 compared to 81 closings in the period 12/1/16 to 11/30/17.  There were 92 luxury homes in inventory at the end of November 2018 compared to 92 at the end of November 2017.  There were 10 new Luxury Home sales last month resulting in a 9.2 months supply of available Luxury Homes based on the current sales pace compared to 4.1 months supply for the County as a whole.

American Canyon:  There were 26 available homes and condominiums in inventory at the end of November in American Canyon. This is 30% ahead of the inventory a year ago (20) and it is 21% below the supply last month (33). New sales (12) were 25% below the pace of November 2017 (16) and they were slightly below the pace of last month (13). There is a 2.2 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 55 days. The median price of the 9 homes that closed in American Canyon in November ($557,000) was 34% higher than the median price of a year ago ($417,000). The median price in November 2011 was $240,000.

Napa:  Sixty-three percent of the inventory in Napa County is in the City of Napa.  There were 231 available homes and condominiums in inventory at the end of November in the City of Napa. This is a 35% ahead of the supply at the end of November 2017 (171) and it is 7% below the inventory at the end of last month (248).  New sales (60) were 25% below the pace of November 2017 (80) and they were 26% below the pace of last month (81). There is a 3.9 months supply of inventory based on the current sales pace. The Days on Market for the 70 closings last month was 62 days. The median price of the homes that closed in the City of Napa in November was $658,000. This is 1% ahead of the median price of the homes closed in November 2017 ($649,000).

Up Valley 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 November (98) is equal to the level of 97 in November 2017 and it is 23% below the level last month (127).  There were 16 new sales in the month compared to 8 a year ago and 23 last month.  There is now a 6.1 months supply of inventory based on the current sales pace.  The Days on Market for the 20 closings last month was 109 days. Approximately 51% of the Luxury Market inventory (price in excess of $1,900,000) in Napa County is in the Up Valley Market (47 homes). There were four luxury home (price in excess of $1,900,000) closings in the Up Valley Market last month and four new luxury home sales.

Angwin: The inventory of homes and condominiums for sale at the end of November in Angwin (10) is 38% below the level of November 2017 (16) and it is 33% below the inventory last month (15). There were three new sales for the month of November compared to four last month and one in November of 2017.  There is a 3.3 months supply of inventory based on the current sales pace. The average asking price of the 10 homes in inventory in Angwin is $1,351,000.

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Wine Country Real Estate Trends in October 2018

Wine Country Real Estate Trends in October 2018

Wildfires in California

Walking out of the office last Thursday morning and seeing the smoky sky really was unsettling for me.  I’m sure others felt the same dread.   Our hearts and prayers go out to those in the Paradise area where thousands of homes and too many lives have been lost.

Our Sonoma office is a drop off point for Sonoma Rotary collecting supplies and donations for the fire victims.   Please see the attached links if you’d like to help us help.

https://www.sonomanews.com/news/8943549-181/gift-cards-sought-to-assist?sba=AAS

https://www.facebook.com/609596657/posts/10155903826876658/

Better Homes and Gardens Real Estate|Wine Country Group Results for October 2018

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 38 closings in October 2018 compared to 33 last month and 37 last October.   On a year to date basis, we are slightly behind in units closed comparing 2018 to 2017.  In October, we closed homes with a total value of $20 million compared to $19 million last month.   The average selling price of the properties sold by the Wine Country Group in October was $520,107.

BHGRE|WCG currently has 54 pending sales with a value of $67 million dollars. We have 70 active listings with a value of $57 million dollars. Our average listing price is $850,746.

Wine Country Real Estate Trends for October 2018:

Market Comparisons to October 2017

The wildfires across Wine Country occurred in early October of last year. A good number of homes were removed from the market in later October 2017 as folks tried to figure out the impact of the fires.  Thus, the inventory of available homes was unseasonably low for the last three months of last year.  Some of the percentages are quite high comparing this year to last and that is partly driven by the fires last year.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of October stands at 1,160.  This is 89% ahead of the inventory in October 2017 (613) and it is down slightly from the inventory last month (1,198).  This remains a relatively high inventory for recent years but not an unreasonably high number for historical purposes.  When I first started operating in the Wine Country in 1996, we had over 3,000 homes available in Sonoma County.  New sales (444) in Sonoma County in October were 12% below the pace of October 2017 (507) and they were slightly ahead of the pace last month (434).  There is a 2.6 months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 48 (Petaluma) to 108 (Coastal Sonoma) 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 average Days on Market for the County as a whole is 60 days (the highest since January of this year).  The median price of homes closed in October in Sonoma County was $620,000.  This is a 1.6% increase over the median price in October 2017 ($610,000).  As we expected, the appreciation rate has settled down from the 12% year over year increase in the first part of the year. We’ll continue to watch to see if the rate of appreciation continues to decline.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,100,000).  There has been a 32% increase in the number of Luxury Homes closed (696) from 11/1/17 to 10/31/18 compared to 529 closings in the period 11/1/16 to 10/31/17.  The inventory of luxury homes (283) is 10% above the inventory in October 2017 (257 homes).  The pace of new sales (57) in October this year is 16% below the pace of a year ago (68) and it is 7.5% ahead of the pace last month (53).  The Days on Market for Luxury Home closings was 83 days this October compared to 85 days a year ago. This compares to 60 Days on Market for all closed properties in the County in October. There is a 5.0 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.6 months supply in the overall Sonoma County market.

Cloverdale:  The inventory of homes and condominiums for sale (46) in Cloverdale at the end of October is 77% ahead of the inventory in October of 2017 (26). It is slightly below the inventory of last month (50).  There were 15 new sales in Cloverdale in October. This compares to 20 sales in October 2017 and 9 new sales last month. There is a 3.1 months supply of inventory based on the current sales pace.  The Days on Market for the 11 homes that closed in October was 51 days.

Coastal Sonoma:  There were 25 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 17% below the inventory (30) a year ago and it is 7% below the inventory last month (27).  There were 4 new sales in October compared to 5 a year ago and 6 last month.  There is now a 6.3 months supply of inventory in Coastal Sonoma based on the current sales pace.  There were 6 closings in the month, the same as a month ago.  The Days on Market for the homes that closed in October was 108 days.

Healdsburg Trends:  Inventory in Healdsburg reversed a year long rising trend in October. There were 86 homes and condominiums available for sale in Healdsburg at the end of the month. This is 13% above the inventory in October 2017 (76) and it is 14% below the inventory last month (100).  Sales were 33% below the pace of sales in October 2017 (27) and they were 10% below the sales pace last month (20). The months of available inventory is now 4.8 months based on the current sales pace. The Days on Market for the 25 homes that closed in October was 72 days.

Oakmont:  Inventory remained high in Oakmont at the end of October.  There were 45 homes available.  This is over 500% ahead of the inventory in October 2017 (7) and it is 8% below the inventory last month (49).  New sales (15) are 25% below the sales pace of a year ago (20) and are 29% below the pace of last month (21).  There is a 3 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $747,000 for the 23 homes that closed in October.  The Days on Market for the homes that closed in October was 55 days.

Petaluma:   The inventory in Petaluma at the end of October (83) is 77% ahead of the inventory in October 2017 (47) and it is 11% below the inventory last month (93).  There were 50 new sales for the month. This is 15% below the 59 sales in October 2017 and it is 14% ahead of the number of new sales last month (44). The Petaluma market currently has 1.7 months of available inventory based on the current sales pace.  Petaluma remains one of the tightest markets in Wine Country. The median price of the 51 homes that closed in October was $750,000. This is 12.6% above the median price last October ($666,000).  The Days on Market for the 51 homes that closed in October was 48 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of October (61) is 336% ahead of the inventory in October 2017 (14) and it is 10% below the inventory last month (68).   There were 40 new sales in Rohnert Park in October.  This is 54% higher than the number of sales in October 2017 (26) and it is 11% below the sales pace last month (45).  There is 1.5 months supply of inventory based on the current sales pace.  The median price ($535,000) of the 44 homes and condominiums that closed in October is 6% higher than the median price a year ago ($505,000).  In November 2010, the median price was $210,000.  The Days on Market for the 44 homes that closed in October was 53 days.

Russian River:  The inventory of homes and condominiums for sale at the end of October (69) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 47% ahead of the level of October 2017 (47) and it is 8% below the inventory last month (75).  There were 22 new sales for the month of October.  This sales pace is 12% below the pace in October 2017 (25) and it is 24% below the pace last month (29).  There is a 3.1 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $504,000 for the 34 homes that closed in October. The Days on Market for the 34 homes that closed in October was 61 days.

Santa Rosa:  Forty-one percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of October (471) is 246% ahead of the inventory of a year ago (136) (that’s a big increase) and it is 3% below the inventory last month (485).  New sales in October (187) are 10% below the pace of last October (216) and they are 3% ahead of the pace last month (181). There is a 2.5 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 187 homes closed in October in Santa Rosa was $590,000 compared to $555,000 a year ago – a 7% increase.  The Days on Market for the 187 homes that closed in October was 60 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of October in Sebastopol (71) is 58% ahead of the level of October 2017 (45) and it is 4% below the inventory last month (74). There were 24 new sales for the month of October. This is 27% below the pace in October 2017 (33) and it is 11% below the pace last month (27). There is a 3 months supply of inventory in Sebastopol based on the current sales pace.  The 25 homes that closed in Sebastopol in October went from listing to pending in 53 days.

Sonoma Valley: The number of available homes and condominiums for sale (137) at the end of October in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 7% above the inventory last October (127) and it is 16% above the inventory of last month (118).  There were 37 new sales for the month. This is equal to the pace of sales in October 2017 (37) and it is 19% ahead of the pace of last month (31). There is a 3.7 months supply of inventory in Sonoma based on the current pace of sales.  Fifty-six percent (77 properties) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 38% of the new sales (14) in October were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of October starts at $2,800,000.  26 homes closed in the top quartile in the past twelve months compared to 14 in the twelve months prior to that. There are 36 homes available in this quartile in October 2018 compared to 37 a year ago. There were two new sales in the top quartile in October creating a 18 months supply of inventory in this quartile based on the current sales pace.  The closed homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of October equals 46 properties.  This is 229% ahead of the inventory in October 2017 (14) and it is 6% below the 49 homes last month. There were 23 new sales for the month. This is 40% below the pace of sales in October 2017 (38) and it is 8% below the pace of last month (49).  There is a 2 months supply of inventory based on the current sales pace. The days on market for the 27 homes that closed in October in Windsor was 69 days. The median price ($607,000) of the homes closed in Windsor in October is 4% lower than the median price a year ago ($630,000).

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of October (417) is 31% ahead of the inventory in October 2017 (318) and it is just slightly ahead of the inventory last month (412).  New sales (130) are 14% ahead of the pace of last year (114) and are 13% ahead of the pace of last month (115). There is a 3.2 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 68 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 114 homes closed in October in Napa County ($668,000) was 7% higher than the median price of a year ago ($625,000).   44% of the inventory in Napa County (104 properties) are priced at $1,000,000 or above.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $2,100,000 in Napa County at this time.  The number of closings (81) of Luxury Homes (sales price in excess of $2,100,000) in Napa County for the period 11/1/17 to 10/31/18 compared to 71 closings in the period 11/1/16 to 10/31/17.  There were 105 luxury homes in inventory at the end of October 2018 compared to 91 at the end of October 2017.  There were 11 new Luxury Home sales last month resulting in a 9.5 months supply of available Luxury Homes based on the current sales pace compared to 3.2 months supply for the County as a whole.

American Canyon:  There were 33 available homes and condominiums in inventory at the end of October in American Canyon. This is 44% ahead of the inventory a year ago (23) and it is 14% ahead of the supply last month (29). New sales (14) were 75% ahead of the pace of October 2017 (8) and they were 40% ahead of the pace of last month (10). There is a 2.4 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 65 days. The median price of the 12 homes that closed in American Canyon in October ($544,000) was 2% lower than the median price of a year ago ($557,000). The median price in November 2010 was $272,000.

Napa:  Fifty-four percent of the inventory in Napa County is in the City of Napa.  There were 226 available homes and condominiums in inventory at the end of October in the City of Napa. This is a 35% ahead of the supply at the end of October 2017 (168) and it is essentially equal to the inventory at the end of last month (227).  New sales (85) were 15% ahead of the pace of October 2017 (74) and they were essentially equal to the pace of last month (86). There is a 2.7 months supply of inventory based on the current sales pace. The Days on Market for the 81 closings last month was 60 days.  The median price of the 81 homes that closed in the City of Napa in October was $649,000. This is 5% ahead of the median price of the homes closed in October 2017 ($620,000).

Up Valley 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 October (127) is 21% ahead of the level of 105 in October 2017 and it is 4% ahead of the level last month (122).  There were 24 new sales in the month compared to 28 a year ago and 17 last month.  There is now a 6.3 months supply of inventory based on the current sales pace.  The Days on Market for the 18 closings last month was 91 days. Approximately 55% of the Luxury Market inventory (price in excess of $2,100,000) in Napa County is in the Up Valley Market (58 homes). There were five luxury home (price in excess of $2,100,000) closings in the Up Valley Market last month and seven new luxury home sales.

Angwin: The inventory of homes and condominiums for sale at the end of October in Angwin (15) is 12% below the level of October 2017 (17) and it is essentially equal to the inventory last month (16). There were four new sales for the month of October compared to none last month and three in October of 2017.  There is a 4 months supply of inventory based on the current sales pace. The average asking price of the 15 homes in inventory in Angwin is $1,349,000.

 

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Wine Country Real Estate Trends in September 2018

Wine Country Real Estate Trends in September 2018

One Year Anniversary of the Wine Country Fires

It is the one-year anniversary of the 2017 wildfires that devastated our area killing 44 people and destroying over 5,300 homes. A year ago I wrote in this blog about the impacts that we could foresee at that time in the real estate business. My notes included the following:

  • The market activity will pause to absorb the shock of what has happened.
  • Some escrows and listings will cancel – just taken off the market. Property insurers, title insurers and lenders will all want to take a careful look at the properties underlying their commitments – so things will slow down for a bit.
  • Inventory might shift. Perhaps some inventory that has been on the market for some time will become rental stock for those needing to rebuild.  Vacation rentals may become long-term rentals as fewer folks will come up for vacations here.
  • It will take a couple of “seasons” for the physical scars of the fires to heal and it may take that long, or longer, for the mental scars to heal.
  • Events like these often foster new and better building codes and disaster preparation practices. Hopefully the building departments in the affected areas will create stream-lined processing for permits to rebuild.

All of these things seem to have come to fruition.  Some folks are rebuilding and are under construction; some are rebuilding and going through “the process”; some have bought replacement homes and are selling their lots; some are renting and selling their lots; some are moving on to other places.  It’s still too early to see where the “percentages” of these various options will shake out.  I have further observations on the sale of fire-burned lots below.

Better Homes and Gardens Real Estate|Wine Country Group Results for September 2018

Santa Rosa Office:  Mari Giblin – Units Sold and Listings                                                Sophie Phelps – Dollar Volume

Sebastopol Office:  Liz Uribe – Units Sold, Dollar Volume and Listings

Sonoma Office:  Sheila Deignan – Units Sold, Dollar Volume and Listings

St. Helena Office:  Linda Alioto – Units Sold (tie) and Dollar Volume                                     Rianne Pasquariello – Units Sold (tie) and Listings

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 33 closings in September 2018 compared to 54 last month and 42 last September.   On a year to date basis, we are slightly behind in units closed comparing 2018 to 2017.  In September, we closed homes with a total value of $19 million compared to $34 million last month.   The average selling price of the properties sold by the Wine Country Group in September was $566,061.

BHGRE|WCG currently has 39 pending sales with a value of $26 million dollars. We have 61 active listings with a value of $58 million dollars. Our average listing price is $951,000.

We are pleased to announce the opening of a new BHGRE|WCG office in Petaluma.  The address is 421 Petaluma Blvd. N. at the corner of Lakeville Hwy.  Our Petaluma phone number is 707-794-6455.  Please stop by if you are in the area!

Wine Country Real Estate Trends for September 2018:

Lot Listings After the Fires: Over 5,300 homes burned in Sonoma and Napa Counties in the October 2017 fires.  We continue to see lots coming on the market, but the pace has slowed and perhaps leveled off.  We may have reached the point where most of the lots to be resold are, or have been, on the market.  At the end of September, there were 519 vacant lots on the market – the vast majority being from the fires.  This is an increase of 65% from the inventory in September 2017 (314) but only slightly above the inventory last month (513).  There were 50 new sales in September 2018.  This is a 178% increase over the 18 new sales in September 2017 and a reduction of nine sales from last month (59).  There is a 10 months supply of inventory based on this sales pace.  23 lots closed in September with a median sales price of $295,000.  This compares to $260,000 last month and $250,000 last year.

We continue to estimate that the “fire” lots are being offered at approximately 60% of what might have been their value before the fires.  The complications of clearing, permitting and building on these sites remain high.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of September stands at 1,198.  This is 33% ahead of the inventory in September 2017 (899) and it is down slightly from the inventory last month (1,216).  This remains a relatively high inventory.  Inventory jumped 38% in Marin County last month (534) and has been essentially flat in Napa County for the past four months (412).  So, Sonoma County has more inventory than both of our neighboring North Bay counties combined.  New sales (472) in Sonoma County in September were 10% ahead of the pace of September 2017 (429) and they were 6% ahead of the pace last month (445).  There is a 2.5 months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 41 (Rohnert Park) to 98 (Healdsburg) 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 average Days on Market for the County as a whole is 59 days (the highest since January of this year).  The median price of homes closed in September in Sonoma County was $635,000.  This is an 8.5% increase over the median price in September 2017 ($585,000).  As we expected, the appreciation rate has settled down from the 12% year over year increase in the first part of the year. We’ll wait to see if the rate of appreciation continues to decline.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,200,000).  There has been a 30% increase in the number of Luxury Homes closed (598) from 10/1/17 to 9/30/18 compared to 404 closings in the period 10/1/16 to 9/30/17.  The inventory of luxury homes (287) is 4% below the inventory in September 2017 (299 homes). The pace of new sales (49) in September this year is 40% ahead of the pace of a year ago (35) and it is 11% below the pace last month (55).  The Days on Market for Luxury Home closings was 78 days this September compared to 104 days a year ago. This compares to 59 Days on Market for all closed properties in the County in September. There is a 5.9 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.5 months supply in the overall Sonoma County market.

There has been a large stock market sell-off in the past week.  In response to a question about it’s affect on real estate, a Chief Economist for a large San Francisco based brokerage responded:   “We’ve seen a notable drop in sales in September particularly in the luxury market where a lot of our buyers are tech and/or finance executives.  I think recent rhetoric on trade and problems tech companies have been facing (Google, for example) is not boding well for consumer confidence.”  That being said, luxury home sales were ahead on a year over year basis in Wine Country last month.  Our experience is that trends in the San Francisco peninsula, San Francisco and Marin usually make there way to Wine Country in short order.

Cloverdale:  The inventory of homes and condominiums for sale (50) in Cloverdale at the end of September is 47% ahead of the inventory in September of 2017 (34).  It is equal to the inventory last month (50). There were 11 new sales in Cloverdale in September. This compares to 9 sales in September 2017 and 9 new sales last month. There is a 4.5 months supply of inventory based on the current sales pace.  The Days on Market for the 10 homes that closed in September was 45 days.

Coastal Sonoma:  There were 27 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 10% below the inventory (30) a year ago and it is about equal to the inventory last month (26).  There were 6 new sales in September compared to 10 a year ago and 8 last month.  There is now a 4.5 months supply of inventory in Coastal Sonoma based on the current sales pace.  There were 6 closings in the month, the same as a month ago.  The Days on Market for the homes that closed in September was 51 days.

Healdsburg Trends:  Inventory in Healdsburg has been rising steadily since the beginning of this year.  There were 100 homes and condominiums available for sale in Healdsburg at the end of the month. This is 5% above the inventory in September 2017 (95) and it is 9% ahead of the inventory last month (92).  There were 22 new sales compared to 19 in August.  Sales were 12% below the pace of sales in September 2017 (25). The months of available inventory is now 4.5 months based on the current sales pace. The Days on Market for the 16 homes that closed in September was 98 days.

Oakmont:  Inventory remained high in Oakmont at the end of September. There were 49 homes available. This is 308% ahead of the inventory in September 2017 (12) and it is slightly below the inventory last month (50).  New sales (23) jumped up and are 64% ahead of the sales pace of a year ago (14) and are 28% ahead of the pace of last month (18).  There is a 2.1 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $643,000 for the 18 homes that closed in September.  The Days on Market for the homes that closed in September was 48 days.  This is down from 82 days last month.

Petaluma:   The inventory in Petaluma at the end of September (93) is 37% ahead of the inventory in September 2017 (68) and it is 5% ahead of the inventory last month (89).  There were 45 new sales for the month. This is 7% ahead of the 42 sales in September 2017 and it is 21% below the number of new sales last month (57). The Petaluma market currently has 2.1 months of available inventory based on the current sales pace.  Petaluma remains one of the tightest markets in Wine Country. The median price of the 43 homes that closed in September was $740,000. This is 11% above the median price last September ($665,000).  The Days on Market for the 43 homes that closed in September was 55 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of September (68) is the highest since November 2011 at the end of the recession.  The inventory is 258% ahead of the inventory in September 2017 (19) and it is 13% ahead of the inventory last month (60).   There were 49 new sales in Rohnert Park in September.  This is 20% higher than the number of sales in September 2017 (41) and it is 32% ahead of the inventory last month (37).  There is 1.4 months supply of inventory based on the current sales pace.  The median price ($517,000) of the 34 homes and condominiums that closed in September is 4% higher than the median price a year ago ($499,000).  In September 2010, the median price was $192,000.  The Days on Market for the 36 homes that closed in September was 41days.

Russian River:  The inventory of homes and condominiums for sale at the end of September (75) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 19% ahead of the level of September 2017 (63) and it is 9% below the inventory last month (82).  There were 33 new sales for the month of September.  This sales pace is up 18% from the pace in September 2017 (28) and it is 22% ahead of the pace last month (27).  There is a 2.3 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $430,000 for the 15 homes that closed in September.  This is 6% below the median price in September 2017 ($458,000).  The Days on Market for the 15 homes that closed in September was 48 days.

Santa Rosa:  Forty percent of the available inventory in Sonoma County is in the City of Santa Rosa.  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of September (485) is 76% ahead of the inventory of a year ago (275) (that’s a big increase) and it is 3% below the inventory last month (498).  New sales in September (195) are 15% ahead of the pace of last September (170) and they are 9% ahead of the pace last month (179). There is a 2.5 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 151 homes closed in September in Santa Rosa was $600,000 compared to $549,000 a year ago – a 9% increase.  The Days on Market for the 151 homes that closed in September was 61 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of September in Sebastopol (74) is 28% ahead of the level of September 2017 (58) and it is 11% below the inventory last month (83). There were 29 new sales for the month of September. This is 26% ahead of the pace in September 2017 (23) and it is 10% ahead of the pace last month (25). There is a 2.6 months supply of inventory in Sebastopol based on the current sales pace.  The 20 homes that closed in Sebastopol in September went from listing to pending in 58 days.

Sonoma Valley: The number of available homes and condominiums for sale (118) at the end of September in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is 25% below the inventory last September (158) and it is equal to the inventory of last month (118).  There were just 34 new sales for the month. This is 6% below the pace of sales in September 2017 (36) and it is about equal to the pace of last month (35). There is a 3.5 months supply of inventory in Sonoma based on the current pace of sales.  Two thirds (78) of the inventory in the Sonoma Valley is priced at $1,000,000 or above and one-third of the new sales (11) in September were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of September starts at $3,000,000. 21 homes closed in the top quartile in the past twelve months compared to 12 in the twelve months prior to that. There are 30 homes available in this quartile in September 2018 compared to 42 a year ago. There were three new sales in the top quartile in September creating a 10 months supply of inventory in this quartile based on the current sales pace.  The closed homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of September equals 49 properties.  This is 17% ahead of the inventory in September 2017 (42) and it is 22% below the 63 homes last month. There were 27 new sales for the month. This is 29% above the pace of sales in September 2017 (21) and it is just slightly below the pace of last month (28).  There is a 1.8 months supply of inventory based on the current sales pace. The days on market for the 24 homes that closed in September in Windsor was 58 days. The median price ($660,000) of the homes closed in Windsor in September is 5% higher than the median price a year ago ($630,000).

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of September (412) is 12% ahead of the inventory in September 2017 (367) and it is 2% ahead of the inventory last month (404).  New sales (122) are 17% ahead of the pace of last year (104) and are slightly ahead of the pace of last month (118). There is a 3.4 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 59 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 106 homes closed in September in Napa County ($685,000) was 11% higher than the median price of a year ago ($615,000).  The median price of the homes closed last month was $715,000.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $2,100,000 in Napa County at this time.  The number of closings (76) of Luxury Homes (sales price in excess of $2,100,000) in Napa County for the period 10/1/17 to 9/30/18 compared to 72 sales for the period 10/1/16 to 9/30/17.  There were 104 luxury homes in inventory at the end of September 2018 compared to 104 at the end of September 2017.  There were 17 new Luxury Home sales last month resulting in a 6.1 months supply of available Luxury Homes based on the current sales pace compared to 3.4 months supply for the County as a whole.

There has been a large stock market sell-off in the past week.  In response to a question about it’s affect on real estate, a Chief Economist for a large San Francisco based brokerage responded:   “We’ve seen a notable drop in sales in September particularly in the luxury market where a lot of our buyers are tech and/or finance executives.  I think recent rhetoric on trade and problems tech companies have been facing (Google, for example) is not boding well for consumer confidence.”  That being said, luxury home sales were ahead on a year over year basis in Wine Country last month.  Our experience is that trends in the San Francisco peninsula, San Francisco and Marin usually make there way to Wine Country in short order.

American Canyon:  There were 29 available homes and condominiums in inventory at the end of September in American Canyon. This is 26% ahead of the inventory a year ago (23) and it is slightly below the supply last month (30). New sales (12) were equal to the pace of September 2017 and they were 33% below the pace of last month (18). There is a 2.4 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 38 days. The median price of the 13 homes that closed in American Canyon in September ($568,000) was 1% ahead of the median price of a year ago ($560,000). The median price in September 2009 was $275,000.

Napa:  Fifty-five percent of the inventory in Napa County is in the City of Napa.  There were 227 available homes and condominiums in inventory at the end of September in the City of Napa. This is a 17% ahead of the supply at the end of September 2017 (194) and it is slightly ahead of the inventory at the end of last month (224).  New sales (91) were 26% ahead of the pace of September 2017 (72) and they were 20% ahead of the pace of last month (76). There is a 2.5 months supply of inventory based on the current sales pace. The Days on Market for the 74 closings last month was 53 days.  The median price of the 74 homes that closed in the City of Napa in September was $678,000. This is 7% ahead of the median price of the homes closed in September 2017 ($635,000).

Up Valley 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 September (122) is slightly below the level of 125 in September 2017 and it is essentially equal to the level last month (119).  There were 17 new sales in the month compared to 17 a year ago and 24 last month.  There is now a 7.2 months supply of inventory based on the current sales pace.  The Days on Market for the 17 closings last month was 96 days. Approximately 56% of the Luxury Market inventory (price in excess of $2,100,000) in Napa County is in the Up Valley Market (58 homes). There were five luxury home (price in excess of $2,100,000) closings in the Up Valley Market last month and seven new luxury home sales.

Angwin: The inventory of homes and condominiums for sale at the end of September in Angwin (16) is 27% below the level of September 2017 (22) and it is essentially equal to the inventory last month (17). There were no new sales for the month of September compared to two last month and two in September of 2017.  There is a 16 months supply of inventory based on the current sales pace. The average asking price of the 16 homes in inventory in Angwin is $1,280,000.

Marin County: It’s interesting to observe that the inventory of homes and condominiums for sale at the end of September in Marin County (534) jumped 38% on a month over month basis and jumped 25% on a year over year basis.   This is the highest inventory for any month in Marin County in the past four years. It will be interesting to see if this inventory begins to subside in October and beyond.

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Wine Country Real Estate Real Estate Trends in August 2018

Wine Country Real Estate Trends in August 2018

Better Homes and Gardens Real Estate|Wine Country Group Results for August 2018

Better Homes and Gardens Real Estate|Wine Country Group enjoyed 53 closings in August 2018 compared to 54 last month and 65 last August.   On a year to date basis, we are equal in units closed comparing 2018 to 2017.  In August, we closed homes with a total value of $34 million compared to $40 million last month.   The average selling price of the properties sold by the Wine Country Group in August was $641,509.

BHGRE|WCG currently has 46 pending sales with a value of $29 million dollars. We have 60 active listings with a value of $57 million dollars. Our average listing price is $950,000.

Wine Country Real Estate Trends for August 2018:

Lot Listings After the Fires: Over 5,000 structures burned in Sonoma and Napa Counties in the October, 2017 fires.  We continue to see lots coming on the market, but for the first time since November of last year, the inventory has dropped slightly.  Perhaps, we’ve reached the point where most of the lots to be resold are, or have been, on the market.  At the end of August, there were 513 vacant lots on the market – the vast majority being from the fires.  This is an increase of 70% from the inventory in August 2017 (302).  There were 69 new sales in August 2018.  This is a 138% increase over the 29 new sales in August 2017.  There is a 9 months supply of inventory based on this sales pace.  57 lots closed in August with a median sales price of $260,000. This compares to $280,000 last month and $237,000 last year.

We continue to estimate that the “fire” lots are being offered at 60% of what might have been their value before the fires.  The complications of clearing, permitting and building on these sites remain high.

Sonoma County:  The inventory of homes and condominiums available in Sonoma County at the end of August stands at 1,216.  This is 43% ahead of the inventory in August 2017 (849) and it is up 7% from the inventory last month (1,135).  This is the highest inventory for any month since November 2011 – the end of the recession. This continues to point to a shifting market.  Inventory has declined in Marin County for the past two months and has been essentially flat in Napa County for the past three months.  New sales (484) in Sonoma County in August were 4% below the pace of August 2017 (503) and they were 2.5% ahead of the pace last month (472). There is a 2.5 months supply of inventory in Sonoma County based on the existing sales pace. The time it takes to sell a home in the various areas of Sonoma County (Days on Market) varies from 33 (Rohnert Park) to 82 (Oakmont) 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 average Days on Market for the County as a whole is 50 days.  This remains a relatively low “Days on Market figure” for the County.  The median price of homes closed in August in Sonoma County was $645,000.  This is a 9.7% increase over the median price in August 2017 ($588,000).  As we expected, this has settled down from the 12% year over year increase in the first part of the year, but it is still robust.

Sonoma County Luxury Homes:  About one quarter of the inventory in Sonoma County can be characterized as Luxury Homes (listing price in excess of $1,100,000 (down from $1.2M last month)). There has been a 29% increase in the number of Luxury Homes closed (667) from 9/1/17 to 8/31/18 compared to 518 sales in the period 9/1/16 to 8/31/17.  The inventory of luxury homes (305) is 5% below the inventory in August 2017 (322 homes).  The pace of new sales (70) in August this year is 40% ahead of the pace of a year ago (50) and it is 11% ahead of the pace last month (63).  The Days on Market for Luxury Home closings was 61 days this August compared to 79 days a year ago. This compares to 50 Days on Market for all closed properties in the County in August. There is a 4.4 months supply of inventory of luxury properties based upon the current sales pace compared to a 2.5 months supply in the overall Sonoma County market.

Cloverdale:  The inventory of homes and condominiums for sale (50) in Cloverdale at the end of August is 92% ahead of the inventory in August of 2017 (26). It is 39% ahead of the inventory last month (36).  There were 11 new sales in Cloverdale in August. This compares to 14 sales in August 2017 and 10 new sales last month. There is a 4.5 months supply of inventory based on the current sales pace.  The Days on Market for the 7 homes that closed in August was 54 days.

Coastal Sonoma:  There were 26 homes and condominiums available in Coastal Sonoma (Bodega Bay, Jenner and Stewart’s Point).  This is 10% below the inventory (29) a year ago and it is about equal to the inventory last month (27).  There were 10 new sales in August compared to 10 a year ago and 4 last month.  There is now a 2.9 months supply of inventory in Coastal Sonoma based on the current sales pace.  There were 6 closings in the month of August compared to 4 a month ago. The Days on Market for the homes that closed in August was 78 days.

Healdsburg Trends:  There were 92 homes and condominiums available for sale in Healdsburg at the end of the month. This is 5% below the inventory in August 2017 (97) and it is slightly ahead of the inventory last month (88).  There were 21 new sales compared to 21 in July.  Sales were 24% ahead of the pace of sales in August 2017 (17). The months of available inventory is now 4.4 months based on the current sales pace. The Days on Market for the 20 homes that closed in August was 73 days.

Oakmont:  Inventory remained high in August in Oakmont.  The 50 homes available at the end of August is the highest since October 2010 – in the midst of the recession.  It is 285% ahead of the inventory in August 2017 (13) and it is slightly below the inventory last month (52).  New sales (19) in Oakmont are 19% ahead of the sales pace of a year ago (16) and are 19% ahead of the pace of last month (16).  There is a 2.6 months supply of inventory based on the current sales pace. The median price of the homes sold in Oakmont in the past year has ranged from the high-$500,000’s up to $800,000. The median price was $630,000 for the 12 homes that closed in August. The Days on Market for the homes that closed in August was 82 days – the highest in our marketplace.

Petaluma:   The inventory in Petaluma at the end of August (89) is 37% ahead of the inventory in August 2017 (65) and it is 14% below the inventory last month (104).  There were 61 new sales for the month. This is 7% ahead of the 57 sales in August 2017 and it is slightly ahead of the number of new sales last month (59). The Petaluma market currently has 1.5 months of available inventory based on the current sales pace – one of the tightest markets in Wine Country. The median price of the 64 homes that closed in August was $745,000. This is 9% above the median price last August ($683,000).  The Days on Market for the 64 homes that closed in August was 40 days.

Rohnert Park:  The inventory of homes and condominiums for sale in Rohnert Park at the end of August (60) is the highest since November 2011 at the end of the recession.  The inventory is 114% ahead of the inventory in August 2017 (28) and it is 22% ahead of the inventory last month (49).   There were 43 new sales in Rohnert Park in August.  This is equal to the number of sales in August 2017 and it is 27% ahead of the inventory last month (26.5%).  There is 1.4 months supply of inventory based on the current sales pace. The median price ($541,000) of the 36 homes and condominiums that closed in August is 3% higher than the median price a year ago ($525,000).  In August 2011, the median price was $254,000.  The Days on Market for the 36 homes that closed in August was 33 days.

Russian River:  The inventory of homes and condominiums for sale at the end of August (82) in the Russian River area (Guerneville, Monte Rio and Rio Nido) is 22% ahead of the level of August 2017 (67) and it is 9% ahead of the inventory last month (75). This is the highest inventory in the Russian River since October 2011.  There were 31 new sales for the month of August.  This sales pace is down 9% from the pace in August 2017 (34) and it is about equal to the pace last month (32).  There is a 2.5 months supply of inventory in the Russian River based on the current sales pace. The median price in the Russian River has ranged from about $400,000 to the low $500,000s over the past year.  The median was $520,000 for the 35 homes that closed in August.  This is 12.5% ahead of the median price in August 2017 ($462,000).  The Days on Market for the 35 homes that closed in August was 47 days.

Santa Rosa:  The inventory of homes and condominiums for sale in the City of Santa Rosa at the end of August (498) is 100% ahead of the inventory of a year ago (249) (that’s a big increase) and it is 7% ahead of the inventory last month (464).  This is the highest inventory in Santa Rosa for any month since November 2011 – seven years ago at the end of the recession.  New sales in August (192) are about equal to the pace of last August (195) and they are 7% ahead of the pace last month (185). There is a 2.6 months supply of available homes in Santa Rosa based on the current sales pace. The median price of the 180 homes closed in August in Santa Rosa was $582,000 compared to $560,000 a year ago – a 4% increase.  The Days on Market for the 180 homes that closed in August was 47 days.

Sebastopol Trends:  The inventory of homes and condominiums for sale at the end of August in Sebastopol (83) is 48% ahead of the level of August 2017 (56) and it is about equal to the inventory last month (85). There were 26 new sales for the month of August. This is 73% ahead of the pace in August 2017 (15) and it is 10% below the pace last month (29). There is a 3.2 months supply of inventory in Sebastopol based on the current sales pace.  The 28 homes that closed in Sebastopol in August went from listing to pending in 64 days.

Sonoma Valley: The number of available homes and condominiums for sale (118) at the end of August in the Sonoma Valley (Sonoma, Glen Ellen and Kenwood) is about equal to the inventory last August (122) and it is 15% ahead of the inventory of last month (103).  There were just 36 new sales for the month. This is 22% below the pace of sales in August 2017 (46) and it is 28% below the pace of last month (50). There is a 3.3 months supply of inventory in Sonoma based on the current pace of sales compared to a 1.9 months supply last month. Sixty-two percent of the inventory in the Sonoma Valley is priced at $1,000,000 or above and 50% of the new sales (18) in August were priced at over $1,000,000.

The high-end quartile (top 25%) of inventory in the Sonoma Valley at the end of August starts at $2,900,000.  23 homes closed in the top quartile in the past twelve months compared to 13 in the twelve months prior to that. There were 32 homes available in this quartile in August compared to 35 a year ago. There were three new sales in the top quartile in August creating an 11 months supply of inventory in this quartile based on the current sales pace.  The closed homes over the past year closed at a price of roughly $1,000 per square foot of building area.

Windsor:  The inventory of homes and condominiums for sale in Windsor at the end of August equals 63 properties.  This is 62% ahead of the inventory in August 2017 (39) and it is 11% ahead of the 57 homes last month. This is the highest level of inventory in Windsor since November 2011 at the end of the recession. There were 29 new sales for the month. This is 28% below the pace of sales in August 2017 (40) and it is 9% below the pace of last month (32). There is a 2.2 months supply of inventory based on the current sales pace. The days on market for the 33 homes that closed in August in Windsor was 47 days. The median price ($660,000) of the homes closed in Windsor in August is 10% higher than the median price a year ago ($599,000).

Napa County:  The inventory of homes and condominiums available for sale in Napa County at the end of August (404) is 8% ahead of the inventory in August 2017 (373) and it is 5% ahead of the inventory last month (385).  New sales (133) are equal to the pace of last year (135) and are slightly below the pace of last month (138). There is a 3 months supply of inventory based on the current sales pace.  The Days on Market for homes closing in Napa County is currently 59 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 136 homes closed in August in Napa County ($726,000) was 14% higher than the median price of a year ago ($638,000). The median price of the homes closed last month was $700,000.

Napa County Luxury Homes:  If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $2,200,000 in Napa County at this time.  The number of closings (64) of Luxury Homes (sales price in excess of $2,200,000) in Napa County for the period 9/1/17 to 8/31/18 compared to 67 sales in the period 9/1/16 to 8/31/17 (62).  There were 103 luxury homes in inventory at the end of August 2018 compared to 85 at the end of August 2017.  There were nine new Luxury Home sales last month resulting in a 11.4 months supply of available Luxury Homes based on the current sales pace compared to 3 months supply for the County as a whole.

American Canyon:  There were 30 available homes and condominiums in inventory at the end of August in American Canyon. This is 11% ahead of the inventory a year ago (27) and it is also 11% ahead of the supply last month (27). New sales (20) were 5% below the pace of August 2017 (21) and they were 33% ahead the pace of last month (15). There is a 1.5 months supply of inventory based on the current sales pace. The Days on Market for homes that closed in American Canyon last month was 34 days. The median price of the 11 homes that closed in American Canyon in August ($547,000) was a whopping 29% ahead of the median price of a year ago ($423,000). The median price in August 2009 was $275,000.

Napa:  Fifty eight percent of the inventory in Napa County is in the City of Napa.  There were 234 available homes and condominiums in inventory at the end of August in the City of Napa. This is a 9% ahead of the inventory at the end of last month (206).  It is 13% ahead of the supply at the end of August 2017 (199).  New sales (86) were 3% below the pace of August 2017 (89) and they were 15% below the pace of last month (101). There is a 2.6 months supply of inventory based on the current sales pace. The median price of the 97 homes that closed in the City of Napa in August was $700,000. This is 8% ahead of the median price of the homes closed in August 2017 ($647,000).

Up Valley 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 (119) is equal to the level of 120 in August 2017 and it is essentially equal to the level last month (121).  There were 27 new sales in the month compared to 21 a year ago and 20 last month.  There is now a 4.4 months supply of inventory based on the current sales pace. There were a hefty 27 closings in the Up Valley Market last month.  The Days on Market for those closings was 82 days. Approximately 50% of the Luxury Market inventory (price in excess of $2,200,000) in Napa County is in the Up Valley Market (52 homes). There were six luxury home (price in excess of $2,200,000) closings in the Up Valley Market last month.  This is out of nine total luxury closings for the County.

Angwin: The inventory of homes and condominiums for sale at the end of August in Angwin (17) is 26% below the level of August 2017 (23) and it is 15% below the inventory last month (20). There were three new sales for the month of August compared to two last month and two in August of 2017.  There is a 5.7 months supply of inventory based on the current sales pace. The average asking price of the 17 homes in inventory in Angwin is $1,377,000.

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