Anyone who is trying to buy a home today knows how tight the supply of availables homes for sale is. Even though things are improving some, the low inventory makes it hard to buy a home priced close to the Napa County median price of $455,000. The the following article in the latest issue of Market Matters put out by the CALIFORNIA ASSOCIATION OF REALTORS® confirms this for the state of California.
For Napa County, currently there are 403 residential properties for sale with only 20 being a short sale or bank owned. For the 229 in escrow, 62 are one these distressed sale situation. For those properties that closed escrow in September 2013, 15 out of 128 were. As you can see, the real estate market here in the Napa Valley is doing well.
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- According to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), the share of equity home sales in California continued to grow in September, now making up more than eight of every 10 home sales, the highest level in nearly six years. Meanwhile, the share of short sales fell into the single digits and dropped to levels not seen since January 2009.
- C.A.R. also reports that non-distressed property sales rose for the 10th straight month, thereby making the share of equity sales in September 85.8 percent, up from 62.7 percent of sales in September 2012.
Housing inventory levels improved for the fifth straight month but remained low. The Unsold Inventory Index for equity sales inched up from 3.1 months in August to 3.5 months in September. The supply of REOs edged up from 2.3 months in August to 2.7 months in September, and the supply of short sales rose from 2.3 months in August to 3.8 months in September.