As you can see from the chart below, property for sale here in the Napa Valley is a year to date low and nearly at a two year low. Only November and December of 2010 were lower. This is a signal for buyers who are waiting for lower prices to consider buying now.
Of the buyers who are out there making offers, they are finding very frustrating times for all properties under $300,000. If they are fairly priced, almost every one of these are receiving multiple offers. I have heard of a few homes receiving as many as ten offers and quite a few three to five. In my company’s, Coldwell Banker Brokers of the Valley, joint office meeting last week, there were approximately 30 total offers written the previous week and half of these were multiple offer situations. When asked how many were under $300,000, the response was about 90 per cent.
The year to date average and median prices sales price were down slighly in 2011 compared to 2010. Average sales prices was $450,463 in 2010 and $444,529 in 2011; median $334,950 in 2010 and $325,000 in 2011.
Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.
Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville.
My website & blog: www.NapaValleyAddress.com