November sales in Napa remained very strong in the under $500,000 range with multiple offers being the norm. Sales remained at a slow pace in the $500,000 to $800,000 range, and above.
There remains a huge disparity in the inventory of the price ranges. For instance, there is only 2.9 months of inventory in the under $300,000 range as shown by the graph below. Since six months is usually considered â€œaverageâ€, 2.9 months is a remarkably small inventory!
By contrast, there is over 6.8 months of inventory in the $300,000 to $500,000 range,Â 15.6 months in the $500,000 to $800,000 range, and 25 months of inventory in the over $800,000 market.
The law of supply and demand says that prices in the lower ranges are going to increase, and prices in the upper ranges are going to continue to decrease.
What does this mean to you? Please call or email me if you would like a personal assessment of the market, or of your homeâ€™s value, or your buying opportunities.