The $802,983 average home sale was down 13 percent year-over-year—its lowest point since Q2 2015. Yet, during this same time sales volume was up a Bay Area-leading 13 percent year-over-year, with a total of 308 homes sold in Napa County for Q4 2016. Furthering these anomalous trends was the county’s average 74 DOM moving 12 percent faster than a year prior. The best way to make sense of all this is to look at Napa County’s relative affordability, along with the fact that its inventory is increasing and many of its highest-priced homes have already left the market. In other words, sellers should not worry about any major devaluation of Napa County properties. It would be very surprising to see the average sales price continue to dip, as lower-priced alternatives to city living have been highly in demand and will continue to be throughout 2017.
AVERAGE SALES PRICE BY CITY – THE TOP 10
Average sales price gains were hard to find in a quarter that saw many of the county’s most affordable homes leave the market. Over the course of 2016, Angwin, Calistoga and St. Helena proved to be some of the most rapidly gaining areas.
SALES PRICE CHANGE
Sellers priced realistically this quarter, as homes that required no price change moved right around original asking price, while sellers who tested the market were able to recover 90 percent of their initial listing.