We had quite a lull in Residential Property Inventories during much of 2010, coming down pretty sharply each year from 2006. Fewer and fewer people were putting their homes on the market. During 2011, and especially in the last 6 months, that trend seems to be continuing, and with the lower inventories of Homes for sale in Napa Valley, the average price is going up! The current average price for a home in the 94558 zip code is right at $640,000. Of course, each home is different, and each property unique, so there is no guarantee that your home would actually sell for more – but this is indeed a positive sign – ESPECIALLY when you consider the direction real estate is headed in other areas of the country!
* Listed for sale (668): lowest $78,900, highest $35,750,000, average price $1,455,321, median price $697,000. The average Days on the Market in Napa (according to BAREIS) was 156
* Contingent sale pending (283): lowest $64,500, highest $7,250,000, average price $426,714, median price $299,000. The average Days on the Market for these properties according to BAREIS was 139
* Sale pending (87): lowest $95,000, highest $2,075,000, average price $360,614, median price $299,000. The Average Days on the Market per BAREIS was 88.
Are you seeing a Trend in the Days on the market going DOWN? Again, great news for real estate in Napa Valley.
Yes, other areas of California have been headed in the opposite direction for much of 2011, after seeing a rebound in 2010. Looking ahead to 2012, the California Association of Realtors Chief Economist Leslie Appleton-Young said recently that California home sales next year should see a slight 1 percent increase to 496,200 units, following essentially flat sales of 491,100 homes this year compared to the 491,500 homes sold in 2010.
Thankfully, Napa Valley is in a different position when it comes to trending values and sales, when compared to the rest of California. To learn more about vineyards and wineries for sale in Napa and Sonoma, we’ve put together some comparisons of the two regions.
If you’d like to learn more about vineyards in Napa and wineries in Sonoma that are available, please call Mark Stornetta 707-815-8749! Or, connect with me on Facebook!