I saw this article in the California Association of Realtors newsletter Market Matters and it made me think, what was happening here in the Napa Valley. Sales have definitely been way hot with multiple offers on almost everything under $500,000 and occasionally 0n many desirable, correctly priced properties up to $800,000.
But when I looked in my multiple listing service, BAREIS, the median price for all residential properties for sale is $799,000 for November and December 2012 plus January 2013. The sold median price for residential property here varied and was $392,750, $345,650 and $389,000 for these three months. I feel this fluctuation is not significant and the price of sold homes has remained fairly stable for this period.
What is significant is the difference of median prices for the same three month period in 2010 to 2011 which was $323,750. This was the low for this recent downturn and the current medium sold price is 16 percent higher. Not bad for two years appreciation in such a lousy market.
Cash buyers, investment uptick boost California median home price
California home sales and prices both posted gains in December, with the median price posting strong double-digit gains for six straight months, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported.
Making sense of the story
- Sales in December were up 0.8 percent from a revised 518,460 in November and up 0.9 percent from a revised 517,730 in December 2011. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the December pace throughout the year.
- The statewide median price of an existing, single-family detached home climbed 5 percent from November’s $349,300 median price to $366,930 in December.
- December’s price was up 27 percent from a revised $288,950 recorded in December 2011, marking the tenth consecutive month of annual price increases and the sixth consecutive month of double-digit annual gains.
- The substantial increase in price was due in large part to a significant increase of higher-priced properties, while inventory constraints continued to constrict sales of lower-priced homes. Price increases are not expected to continue at a high pace into 2013.
- California’s housing inventory was further constrained in December, with the Unsold Inventory Index for existing, single-family detached homes dropping to 2.6 months, down from 3.1 months in November and a revised 4.3 months in December 2011. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A six- to seven-month supply is considered normal.
The median number of days it took to sell a single-family home edged up to 38.1 days in December 2012 from 37.5 days in November but was down from 58.7 days for the same period a year ago.
If I can help you find the perfect Napa Valley property, please contact me