Has the Napa Valley real estate market finally turned. Based upon the number of foreclosures here in 2012 from the County of Napa, it truly seems so. Below is a graph showing the foreclosures countywide from 2004 to 2012.
If we add up the years from 2007 to 2012, the real estate bubble era, there were 3,115 Napa County homes foreclosed which is 11.5 percent of the 27,183 owner occupied dwellings according to the 2010 federal census. Compared to the 749 peak in 2008, foreclosures in 2012 have dropped 50 percent.
Given this very positive sign and the number of short sales down half as well to 294 today from nearly 600 back in mid 2011 when I first started tracking these in my “Fast Facts” posts. Who knows maybe a return to normalcy is finally in sight.
Add to this the torrid pace of homes getting snapped up and maybe 2013 will be the end of this seven year long struggle many of us have faced when the real estate bubble burst. Another fact, I know that today the approximately 300 agents selling property here in the Napa Valley is way less than half from the peak of over 800 in 2007-08. Plus there is only a 2.7 months supply of homes for sale here based upon the last two months of of homes sold. All this indicates a robust and very active real estate environment happening today.
I think I can finally say, without something unforeseen happening, we can see the light at the end of the tunnel. If you haven’t bought yet, it’s not late but getting close.
If I can help you find the perfect Napa Valley property, please contact me