Remember from my July 18, 2009 post “Napa Valley Real Estate, a Tale of Two Times Two Markets“ was the number of distressed sales (in foreclosure, a short sale or a bank owned property, REO) increasing for homes priced $800,000 to $2,000,000, especially up valley. By up valley I mean the Cities of St. Helena, Calistoga, Angwin, Deer Park, Oakville, Rutherford and the Town of Yountville. Today, there are 11 distressed sales of 52 active listings in this price range, compared to 10 of 71 on December 12 th.
This is a dramatic drop in homes for sale. Maybe many took their homes off the market for the holidays and again maybe some got realistic about their not being able to sale for the price thay were asking. And the 21.2% of distressed properties is on it own distressing. Time will tell and it will be very interesting to see if this trend changes in the spring when traditionally many properties come to market. Keep tuning in for this as a new monthly stat I will regularly tract from now own. Next look February 1st.