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Gerrett Snedaker: Wine Country real estate trends in September 2020
SEPTEMBER 2020 WINE COUNTRY REAL ESTATE TRENDS
Real Estate in parts of eastern Santa Rosa, the upper Sonoma Valley and (198 properties) is priced at $1,000,000 or above. New sales (162) are 26% ahead of the available Luxury Homes based on the current sales pace compared to a 1.9 months supply for There is a 1.7 months supply of inventory based on the current sales pace. The Days on Market Up Valley Napa were all heavily pace of last year (129) and are the County as a whole. Days on for the 122 closings last month impacted by the “Glass Fire” 13% below the 187 sales last market for the 10 luxury homes was 102 days. The median price that began on 9/27/20. We will month. There is a 1.9 months sales in September was 173 days. of the homes that closed in the have to wait to see how our mar- supply of inventory based on Over the past four months, City of Napa in September was kets were affected by this tragedy the current sales pace compared Napa County Luxury Homes $813,000. This is 9% above that destroyed another 80 homes to a 3.8 months supply last are selling at roughly 89% of the median price of the homes in our region. Smoke conditions year. The Days on Market for original list price. closed in September 2019 were extremely bad across the homes closing in Napa County ($748,000). region until, at least, 10/7/20 is currently 106 days. For the AMERICAN CANYON and key roads remained closed purpose of our MLS (BAREIS) There are just 12 available UP VALLEY NAPA COUNTY much of that time. Our hearts “Days on Market” represents homes and condominiums in Up Valley Napa real estate go out to those the time from when the prop- inventory at the end of Septem- ground to a halt beginning directly affected erty is first listed in the MLS ber in American Canyon. This is 9/27/20 with the outbreak of by this latest fire to the date the property goes 40% below the inventory a year the “Glass Fire” in the area. It in Wine Country. into “pending” (all conditions ago (20) and it is 20% above will be interesting to see how the Real estate removed) status. On average, it the supply last month (10). New October results reflect this latest sales remained can take anywhere from 0 to 30 sales (20) are 100% ahead of fire in our region. The inventory very active in all additional days for properties to the pace of last year (10) and of homes and condominiums
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GERRETT Wine Country close after going pending. The 82% ahead of the 11 sales last for sale in the Up Valley Napa SNEDAKER Markets in Sep- median price of the 171 homes month. There is a 0.6 months County market (Angwin, tember on a year closed in September in Napa supply of inventory based on Calistoga, Deer Park, Oakville, over year basis, County ($815,000) is 6% ahead the current sales pace. The Days Rutherford, St. Helena and however, they were typically of the median price of a year ago on Market for the 9 homes that Yountville) at the end of Sepbelow last month’s numbers. It ($782,000). Over the past four closed in American Canyon tember (121) is 30% below the may be that we had our “Spring months, Napa County homes last month was 68 days. The level of 172 in September 2019 Market” through the May to are selling at roughly 94% of median price of the homes that and it is 8% below the invenSeptember period and now we original list price. closed in American Canyon in tory last month (132). There are entering a slower “Summer” September ($625,000) is 25% were 42 new sales this month market for a time. We do usu- NAPA COUNTY above the median price of a year compared to 18 a year ago and ally get a boost in sales in the LUXURY HOMES ago ($500,000). The average 40 last month. There is now a early Fall with sales dropping If one takes the highest price per square foot of the 2.9 months supply of inventory as we approach Thanksgiving. quartile (25%) of available homes sold in American Canyon based on the current sales pace. With COVID and fires, this inventory as the “Luxury Mar- remains in the $250 to $310 The Days on Market for the is obviously not a normal year. ket”, the Luxury Market begins range. It remains a very tight 36 closings last month was 117 Prices are up in Sonoma, Napa at $3,500,000 in Napa County market in American Canyon. days. Approximately 66% of the and Mendocino Counties for at this time. This is a up from Luxury Market inventory (price the month. We still have no the $3,000,000 in August and NAPA in excess of $3,500,000) in Open Houses and showings $2,700,000 in June. The num- Fifty-three percent of the Napa County is in the Up Valley are by appointment only ber of closings (49) of Luxury inventory in Napa County is Market (50 homes). There were with strict cleaning protocols Homes (sales price in excess of in the City of Napa. There 5 luxury home (price in excess between showings. $3,500,000) in Napa County for are 163 available homes and of $3,500,000) closings in the the period 10/1/19 to 9/30/20 condominiums in inventory Up Valley Market last month NAPA COUNTY compared to 35 closings in the at the end of September in and there were 6 new luxury
The inventory of homes period 10/1/18 to 9/30/19. the City of Napa. This is 35% home sales. and condominiums available There are 76 luxury homes in below the supply at the end of for sale in Napa County at the inventory at the end of Septem- September 2019 (252) and it end of September (309) is 37% ber 2020 compared to 79 at the is 14% above the inventory at below the inventory in Septem- end of September 2019. There the end of last month (143). ber 2019 (491) and it is 4% were 8 new Luxury Home sales New sales (98) were 2% ahead above the inventory last month in September compared to 6 last of the pace of September 2019 (297). Sixty-four percent of year and 11 last month. This (96) and they were 26% below the inventory in Napa County results in a 9.5 months supply of the pace of last month (132).
GERRETT SNEDAKER, CRB
For more information, please contact Gerrett Snedaker at Better Homes and Gardens Real Estate|Wine Country Group—707-939-2009 or gsned@winecountrygroup. com.
