Please click here for the full monthly newsletter.

Thinking About Selling Your Home? Napa Valley Statistics & Analysis

September Statistics

The absorption rate is over 100% again (107.6%) mostly because of the town of Napa again which had a 142% absorption rate which makes this a seller's market. As a reminder, typically rates below 15% indicate a buyer's market and above 20% is a seller's market. While this is a seller's market, the interest rates are at historic lows so this still makes it a great time to buy as well!

The only statistics that were down year over year was inventory which continues to decrease and days on market. As buyers continue looking for more space, we are seeing that the number of sales and pending sales are increasing year over year. If you are thinking about selling, this could be a great time!

This is also a great time to buy with historically low mortgage rates. If you are considering buying and will need a mortgage, I would highly recommend reaching out to a mortgage lender for prequalification. This way you will be prepared and have one up on other buyers.

In September total homes for sale was down 33% or 116 homes but the total sold was up 23.4% (25 homes). The number of pending sales was also up 21% (21 homes). The average sold amount was up 25.3% ($284k on average) as was the average dollar per square foot (up 25.3% at an average of $208). The average days on market was down 5.4% (101 days this year at 107 last year).   To get a better understanding of the right time to buy/sell, click here for a breakout by town.

Today's Rates (please check with your lender as these change regularly):

30 Yr FRM 3.04%

15 Yr FRM 2.57%

FHA 30 Year Fixed 2.43%

Jumbo 30 Year Fixed 3.40%