The surge in activity included Napa County’s average home sale price hitting a record $928,126. This was up 11 percent from the former record set in Q3 2015 and up a massive 26 percent year-over-year. To put this growth in further perspective, Q4’s average home sale was more than double what the market was yielding just five years ago—$446,319 in Q4 2010. Much of this is driven by depleted inventory, which was evidenced in the 273 Napa County home sales being down 22 percent from the previous quarter. The average 84 DOM was a fairly typical number for the area.
SALES PRICE CHANGE
With homes priced at a premium, little fluctuation was seen for buyers who did not adjust their initial selling price. For those who tested the market, 90 percent of their initial listing was returned.
AVERAGE SALES PRICE BY CITY – TOP 10
With Napa County increasingly moving in the direction of a luxury hub, it’s fitting that the county saw three of the North Bay’s top five sales this quarter. This included a home in Napa proper selling for $11 million, a $10.95 million sale in St. Helena and a $9.35 million sale in Yountville. Napa proper also posted a strong 28 percent year-over-year gain on its average sale.