Just this morning while reading the 30 blog postings I subscribe to, there were three separate stories about the downturn in southern California home prices. Here are links to these stories:
- SoCal housing market kicks off 2011 with a slump in the Los Angeles Times
- SoCal: Weak Home Sales, Record Low New Home Sales in Calculated Risk
- Southern California back into a year-over-year decline. Los Angeles median home price down over 10 percent in 4 months. Slowest housing sale month since March of 2008. 30 percent of buyers involved all cash and the median price for these homes was $190,000. in Dr. Housing Bubble
It started me thinking about what is happening here in the Napa Valley. Being we have a great statistical resource, BAREIS who is my local MLS provider , I decided to check things out. I compared residential sales for January 2011, December 2010 and January 201o. When looking at the three months, January 2011 had 103 sales compared to 120 for December 2010 and 85 for January 2010; the average & medium prices respectively $369,600, $433,480 & $378,566 and $280,000, $310,000 & $329,000. That’s a 17.5 percent drop in the medium prices year over year from 2010 to 2011. Also in the news was the nearly 30 – 40% being cash buyers in many areas. I only found 11 such sales for all Napa County in January 2011, 18 in December 2010 & 9 in January 2010. I guess the high rollers are buying elsewhere.
Below you will find a summary of all Napa County sales for January 2011 and a ten year sales comparison, 2000 – 2010 for Napa County and several of the cities here. Sorry about the files being links, but BAREIS only allows downloads in Adobe .pdf format.