In May, Napa’s median single family home sales price of $650,000 dropped a bit from April’s $687,000, which was down a bit from March’s $700,000. It is up very slightly, 0.62%, from last May’s $646,000. The median sales price reflects 97% of the median original list price, the same as last May’s.
Condo/townhomes saw a rise in the median sales price to $495,000. On a threemonth rolling average, sold prices were up 9.1% above the same time frame in 2016. Condo/townhomes sold at 100% of their original median list price, up from 98% in May, 2016.
As we discussed last month, the number of new single family home listings coming on the market was down sharply in April. It was down ever more substantially in May, by 30%. Year-to-date, new listings of single family homes are down 14%. That decline in new listings, coupled with a 5.4% increase year-to-date in the number of home sales, has led to an inventory of only 1.9 months, a 24% decrease compared to last May.
With condos/townhomes, there has been a 5% increase in the number of new listings in 2017 versus 2016 and a 10% decrease in the number of sales. Nevertheless, inventory is at its lowest level on record, at just 0.6 months.