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Dave Johnson's Blog

By Dave Johnson | Broker in Napa, CA
  • Napa Residential Sales Remain Strong

    Posted Under: Market Conditions in Napa, Home Buying in Napa, Home Selling in Napa  |  September 9, 2011 9:43 AM  |  1,617 views  |  No comments

    This year’s residential sales have exceeded 2010 sales in seven out of the last eight months.

     

    Sales grew in all price ranges in August, when compared to July. When compared to August of a year ago, all price ranges were comparable except the $800,000 and above category, which continues to show weakness.

     

    Again in August, we saw a growth in “normal” sales, which is a very good indicator that our market is stable. Short sales and Foreclosures are still with us and will be for a long time, but the “mix” of normal sales to distressed sales is improving.

     

    The inventory of homes for sale is low. Foreclosed homes continue to be a smaller portion of our inventory, but normal home inventory is down as well. Eventually, this is the formula for increasing home values--soon, but not yet.

     

    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.

  • Surprise! July Napa Sales Statistics

    Posted Under: Market Conditions in Napa, Home Buying in Napa, Home Selling in Napa  |  August 2, 2011 4:29 PM  |  1,641 views  |  No comments
    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 market.
     
    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 over $800,000.
     
    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
    707-226-1400
  • Good News For Napa Sellers!

    Posted Under: Market Conditions in Napa, Home Buying in Napa, Home Selling in Napa  |  July 1, 2011 3:24 PM  |  1,681 views  |  No comments

    Good news for Napa sellers! The middle and upper-end price ranges are
    showing some life! Above $500,000, sales are holding steady, and above $800,000, sales are improving.

     

    The Napa inventory continues to be a little tight. Normal inventory in June held steady, but there were shrinking numbers of REO’s and short sales. With fewer distressed sales, there is less price pressure on normal sales.

    In-contract properties again showed improvement over the previous month and a 46% gain over the same period last year. (See chart below.)



    These are all signs that Napa real estate is trending positively.

    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.

  • Wow! The excitement continues!

    Posted Under: Market Conditions in Napa, Home Buying in Napa, Home Selling in Napa  |  June 6, 2011 3:31 PM  |  1,718 views  |  No comments



    The excitement continues! May “in contract” purchases rebounded from a slight dip in April to a very strong May. This May was almost 70% ahead of May last year and continues a robust trend that has now spanned four continuous months.

     

    In the news we hear about the “double-dip” in real estate sales, but it’s not happening here in Napa. After four months of strong sales growth, I am ready to say that this is not a fluke or a flutter; it is a growth trend for Napa.

     

    The inventory of foreclosed homes remains steady at a reasonable level, now under 10%. Short sale listings are down this month but remain at about 15% of inventory of homes for sale.

     

    Over the last three months sales under $300,000 have declined, probably due to a decline of inventory in that range due to fewer short sales and foreclosures. Sales in the $300,000 to $500,000 have remained steady, and sales over $500,000 have remained above levels of a year ago.

     

    These are all signs that Napa real estate is trending positively.

     

    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.

  • Best April In Two Years!

    Posted Under: Market Conditions in Napa, Home Buying in Napa, Home Selling in Napa  |  May 4, 2011 10:11 AM  |  1,835 views  |  2 comments



    April’s “In Contract” sales (bar graph above) slipped a little from last month but remain nearly 50% higher than a year ago. Clearly, we are in a very strong market recovery.

     

    That recovery is primarily in the under $300,000 price range, and other price points continue to be lackluster. In particular, properties over $500,000 remain sluggish.

     

    Consider this: the number of homes for sale under $300,000 was 21% of the inventory in April. Yet 53% of the sales in April were under $300,000!

     

    The number of homes for sale over $500,000 was 45% of the inventory in April, but only 21% of the sales in April were over $500,000. Too few buyers in the over $500,000 price range may mean a continued decrease in value in that price range.


    But l
    et’s celebrate what we can--sales are definitely up--for four months in a row now!

    Dave Johnson, Broker

  • Best March In Napa In Two Years!

    Posted Under: Market Conditions in Napa, Home Buying in Napa, Home Selling in Napa  |  April 11, 2011 3:36 PM  |  570 views  |  No comments

    In-contract sales for Napa, CA

    Home sales in Napa were nothing short of glorius in March! Closed sales were up 16% over a year ago, and in-contract properties were up a whopping 60% over a year earlier!

    The inventory of March “normal” homes for sale fell nearly 20% when compared to March 2010. And REO inventory is down 17% from last year. But short sale inventory is nearly 60% greater than a year ago. Still, all told, the inventory of unsold homes is down nearly 10% from March 2010.

     

    So, we have inventory going down, sales going up. What does the economic principle of supply and demand tell us? Yes, prices should rise! But are they? It’s too early to be sure so stay tuned; let’s see what April brings before we reach any conclusions.

     

    We must never forget that the banks are holding nearly 2,000,000 homes in “shadow inventory”, and that about 7,000,000 homes are in default (30 days or more delinquent).


    Want to know more? Call Dave, of course! (707-226-1400, naparealty@aol.com) 

  • Best February Sales In Two Years!

    Posted Under: Market Conditions in Napa, Home Buying in Napa, Home Selling in Napa  |  March 2, 2011 4:31 PM  |  532 views  |  No comments

    Best February Sales In Two Years!

    The really great news about February is that Pending Sales were up--way up! In fact, the pending sales in February were the highest in over two years by a wide margin.

     

    That’s especially good news because the number of closings in February was down significantly from January. REO sales were at the same level as January, Short sales were down some, and normal sales were down significantly.

     

    The inventory of homes for sale decreased slightly, and the entire decrease was in normal listings--short sale listing and REO listings remained at January’s levels.

     

    The median price of sales rose significantly, from $275,000 in January to $360,000 in February. This was the result of significantly fewer sales in the under $300,000 range and a slight increase in sales in the price ranges over $300,000.

    If you'd like a personal assessment of the market, or would like to take advatage of these values by purchasing a property, just call (707-226-1400) or email me (naparealty@aol.com.

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