I read this headline, Home prices rising at double-digit rate, on the front page of Napa Valley’s largest circulation newspaper, the Napa Register. The article went on to state home prices here in the Napa Valley had increased a whopping 21.2 % from March 2012 to March 2013. After reading this I decided to check out the numbers printed there.
When I went to Bay Area Real Estate Information Services, BAREIS my local multiple listing service which accounts for approximately 95 % of all sales in the Napa Valley, I found numbers slightly different than those in the article.
The March 2012 statistics for sold properties
# of listings 140 average price $450,143 median price $335,000 average DOM 115
The March 2013 statistics for sold properties
# of listings 119 average price $530,316 median price $403,499 average DOM 97
DOM = days on market
When using these numbers, I calculate the average price gain to be 17.8 % and the median price gain to be 20.4 %. Slightly less than the figures in the Register article by Jennifer Huffman but nevertheless great gains for the last year.
I decided to look at the one million dollar plus market. Below are the same four numbers for sold properties.
# listings 9 average price $1,773,056 median price $1,255,000 DOM 175
# listings 8 average price $1,757,500 median price $1,700,000 DOM 237
This is where the numbers seem to differ from the gist of the Huffman article which gives the impression the one million dollar plus market is better compared to last March. The facts dispute this in every category except median price. This is why when reading information based on statistics, you need to examine the facts to get the entire truth.
The one thing that all this supports, the real estate market here in the Napa Valley is improving, especially in the entry level and move up homes but staying stable in the million dollar plus area. Factually, I hear every day of multiple offers, often 10 +, for everything up to almost $700,000 and occasionally for the super buy in the million plus price range, generally 2-3. So anyone looking to buy in the hot market range is best served by using a great agent to help you be the successful bidder.
Let me put my nearly 30 years experience to work for you and help you get the perfect Napa Valley property, please contact me