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 “average”, 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, 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 home’s value, or your buying opportunities.
Dave Johnson, Broker-Owner, 707-226-1400, firstname.lastname@example.org