Interest rates have stabilized and eased back just in time for the Spring buying crush. This helped fuel a strong rise in the number of sold single family homes, up 30% over March 2016.
Of greatest concern in today’s market is the sharp decline for the second month in a row of the number of new listings of single family homes, which are now down 16.5% for 1st quarter 2017 compared to 1st quarter 2016. At the same time, the number of first quarter home sales are up by 9.7%, leading to a record-setting low inventory of just 1.7 months.
On the following charts we see that the Napa single family home market rose 11% in median sales price year-on-year to $689,000. Sold prices are holding up fairly well compared to the original list prices, with the median sales price at 96% of the original median list price for March.
The median condo/townhome sales price was up to $510,000 in March, with sales prices holding steady at the ratio of 100% of the original list price. The inventory continues to be low at 2.1 months, but it is a significant improvement from last March’s 0.7 months.