Wine Country real estate trends in August 2020

real estate trends Wine Country

GERRETT SNEDAKER, CRB

Real estate sales remained very active in all Wine Country Markets in August on a year over year basis, however, they were typically below last month’s numbers. Some markets continued a surge in new sales for the month but most showed a slight drop on a month to month basis. It may be that we had our

GERRETT “Spring MarSNEDAKER ket” through the May to July period and now we are entering a slower “Summer” market for a time. We do usually get a boost in sales in the early Fall with sales dropping as we approach Thanksgiving. With COVID and fires, this is obviously not a normal year. Prices are up and inventory is down in Sonoma, Napa and Mendocino Counties for the month. For the “COVID” period – March through August – we have caught up with 2019 sales volume and moved slightly ahead. We still have no Open Houses – showings are by appointment only with strict cleaning protocols between showings.

NAPA COUNTY

The inventory of homes and condominiums available for sale in Napa County at the end of August (297) is 39% below the inventory in August 2019 (489) and it is 15% below the inventory last month (351). Sixty-three percent of the inventory in Napa County (187 properties) is priced at $1,000,000 or above. New sales (194) are 53% ahead of the pace of last year (127) and are 10% ahead of the 177 sales last month. There is a 1.5 months supply of inventory based on the current sales pace compared to a 3.9 months supply last year. The Days on Market for homes closing in Napa County is currently 76 days. For the purpose of our MLS (BAREIS) “Days on Market” represents the time from when the property is first listed in the MLS to the date the property goes into “pending” (all conditions removed) status. On average, it can take anywhere from 0 to 30 additional days for properties to close after going pending. The median price of the 169 homes closed in August in Napa County ($820,000) is 20% ahead of the median price of a year ago ($685,000). This is the first time that the median price for any month in Napa topped $800,000. Over the past four months, Napa County homes are selling at roughly 91% of original list price.

NAPA COUNTY LUXURY HOMES

If one takes the highest quartile (25%) of available inventory as the “Luxury Market”, the Luxury Market begins at $3,500,000 in Napa County at this time. This is up from the $3,000,000 last month and $2,700,000 in June. The number of closings (60) of Luxury Homes (sales price in excess of $3,500,000) in Napa County for the period 9/1/19 to 8/31/20 compared to 36 closings in the period 9/1/18 to 8/31/19. There are 73 luxury homes in inventory at the end of August 2020 compared to 80 at the end of August 2019. There were 13 new Luxury Home sales in August compared to 2 last year and 11 last month. This results in a 5.6 months supply of available Luxury Homes based on the current sales pace compared to a 1.5 months supply for the County as a whole. Days on market for the 7 luxury homes sales in August was 156 days. Over the past three months, Napa County Luxury Homes are selling at roughly 88% of original list price.

NAPA

Forty-eight percent of the inventory in Napa County is in the City of Napa. There are 143 available homes and condominiums in inventory at the end of August in the City of Napa. This is 46% below the supply at the end of August 2019 (264) and it is 23% below the inventory at the end of last month (186). New sales (139) were 54% ahead of the pace of August 2019 (90) and they were 19% ahead of the pace of last month (117). There is a 1.0 months supply of inventory based on the current sales pace. The Days on Market for the 113 closings last month was 64 days. The median price of the homes that closed in the City of Napa in August was $825,000. This is 18% above the median price of the homes closed in August 2019 ($695,000). This, too, is the highest median price that we’ve seen for any month in the City of Napa.

UP VALLEY NAPA COUNTY

The inventory of homes and condominiums for sale in the Up Valley Napa County market (Angwin, Calistoga, Deer Park, Oakville, Rutherford, St. Helena and Yountville) at the end of August (132) is 20% below the level of 165 in August 2019 and it is 5% below the inventory last month (139). There were 38 new sales this month compared to 17 a year ago and 33 last month. There is now a 3.5 months supply of inventory based on the current sales pace. The Days on Market for the 29 closings last month was 118 days. Approximately 67% of the Luxury Market inventory (price in excess of $3,500,000) in Napa County is in the Up Valley Market (49 homes). There were two luxury home (price in excess of $3,500,000) closing in the Up Valley Market last month and there were 5 new luxury home sales.

in August 2020

For more information, please contact Gerrett Snedaker at 707-939-2009 or gsned@winecountrygroup. com.