In June, Napa’s median single family home sales price jumped to a new high of $712,000. That is up 7.7% from last June’s $617,000. The median sales price reflects 96% of the median original list price, the same as last June’s.
Condo/townhomes’ median sales price dipped a bit to $460,000 from May’s $495,000. Year-on-year, the median sale price was up 7.7% and on a threemonth rolling average, it is up 5.2% above the same time frame in 2016. Condo/townhomes sold at 99% of their original median list price, down from 101% in May.
The number of new single family home listings coming on the market this year continues to be down sharply from 2016. In June 2017, they were down a whopping 34% compared to June 2016. Year-to-date, they are down 16%. This sustained decline in new listings, coupled with a 4.2% increase year-to-date in the number of home sales, has led to an inventory of only 2 months.
The number of new listings in condos/townhomes on the market year-to-date, 64, is identical to 2016. Similarly, the number of sales is up by just one, to 57. At just 0.8 months, inventory remains near its lowest level on record.
This strong housing sales report mirrors the very strong jobs numbers for Napa reported this month by the Bureau of Labor Statistics, showing an unemployment rate of only 3.1%, its lowest level in the past decade. The number of jobs rose in every category of employment tracked, with the exception of one minor category.