I realize some of you hear the word statistics and go all glassy eyed. Being an ex-physicist, what can I say, I like numbers. They are important when trying to understand the current market trends and being the most informed so you can best represent your client.
I do read quite a few newsletters and one of the best is Market Matters put out by the CALIFORNIA ASSOCIATION OF REALTORS®. Their most recent one was about August home sales for the state of California, stating they were down but sales prices where up, see below. This is true for the Napa Valley as well. The number of residential sales for August 2014 as reported by BAREIS, my local multiple listing service which accounts for about 95% of sales here, was 92, compared to 2013 sales of 137, a 32.8% price drop. The median prices for the same periods, $503,000 vs $502,000, a nominal increase.
What does mean to you if you are looking to sale or buy a home here in the Napa Valley. As a seller, you need to price your home correctly the first time out. Given the slowing market conditions and price appreciation, you have less competition but a more competitive market for the buyers who are out there. Being a buyer, granted it is still tough to find that perfect home due to shrinking supplies and the fact there are still many buyers competing for the same house. This is why you need a true professional to help who knows his market and the numbers behind it.
Let me put my nearly 30 years experience to work for you and help you get the perfect Napa Valley property
- California home sales pulled back in August, reversing two months of increases, as the median home price rose from the previous month and year, according to the CALIFORNIA ASSOCIATION OF REALTORS®.
- August marked the 10th straight month that sales were below the 400,000 level and the 13th straight month that sales have declined on a year-over-year basis. Sales in August decreased 1.2 percent from 398,940 in July and were down 9.3 percent from 434,910 in August 2013. The August 2014 sales level was the second highest for the year so far.
- The median price of an existing, single-family detached California home rose 3.3 percent from July’s median price of $464,750 to $480,280 in August and up 8.9 percent from the revised $441,010 recorded in August 2013. The August 2014 price was the highest observed since 2007. The statewide median home price has increased year over year for the previous 30 months, marking more than two full years of consecutive year-over-year price increases.