First, the ho-hum. There was little variance in the number of
closings compared to June: total sales remained about the same, with normal
sales and REOs being down slightly and short sales being up slightly.
We are in a very stable real estate
Normal inventory increased a little. Short sale and REO
inventory was essentially unchanged. Again, we are
in a very stable real estate market.
Now for the surprises! Sales under $300K actually increased by
10% (that's good), as did sales from
$300K to $500K, and $500K to $800K (that's good
too). But there were no (zero, none, nada) sales above $800,000
(Uh oh, that's bad).
July is the first month since I've been keeping these records
(since January, 2008) that there were no recorded sales in the Napa city area
What does this
mean? Demand is weak because there are few buyers in the upper
price ranges. So it probably means that prices in the upper ranges are going to
come down some more as sellers price-compete for the buyers. It's the age old
story of supply and demand.
If you would like a personal assessment of what this market
means to you, your property, or your buying opportunities, just drop me an
email, call, or make an appointment. I'm always happy to spend time with you.
Dave Johnson, Broker