Are you thinking about buying or selling wine country real estate? Keep reading to better understand some important market factors that could help you decide when to make your move.
In April 2021, the number of homes for sale in Napa CA reached 88 which is 17% lower than last year’s number of 106 homes. However, it should be noted that it’s up from March 2021 which saw 77 homes listed. Overall the numbers are an encouraging sign of a healthy market. When looking at a 10-year comparison of homes that have sold, this month shows an increase in 36 confirmed sales; and this is despite COVID.
Another important number to take note of is how many days on average Napa County homes in your area stay on the market. This gives you an idea of how active buyers and sellers are in your area and can help you price your home effectively if you’re listing, or put in the right offer if you’re on the buyer’s side of the table. Last month, homes for sale in Napa CA stayed listed for 53 days before selling, which is also a clear sign of an active market.
The Luxury Market inventory consists of homes that are priced above $3,750,000. Upper Napa Valley is home to 57% of these high-end properties, for a total of 34 homes. Last month, one luxury property closed in Upper Napa Valley and six more properties for sale were successfully sold, and await their respective closing dates.
In April 2021, 15 homes were listed to be sold which is up from last year’s number of 10 homes, and slightly lower from the month before (18). Home sales were also up as nine buyers and sellers signed on the dotted line. This too was an increase from last year’s number of two and higher than the previous month of four home sales.
In April, inventory was 15 homes compared to 10 a year ago and 18 last month. There were nine new sales in Angwin for the month up from two a year ago and four last month.
Of all the homes for sale in Napa County, 53% are in the City of Napa. This equates to 121 homes and Condos that were listed in April of 2021, which is 38% lower than last April (196). Sales, however, tell a much different story. 105 properties were sold this past April which is 110% higher than in April 2020 (50), and slightly lower than last month (124). May’s sold homes lasted approximately 48 days on the market which again, is an excellent sign for buyers and sellers.
Homes in Napa City that sold in April were priced on average at $860,000, which is up 17% from the year prior ($735,000). Commonly, homes that sell under $1.5 mil in Napa City are listed underpriced to increase the chance of competing offers. Buying agents will advise clients of the strategic move by the seller and the need to make an attractive offer to win the sale.