Napa Valley Real Estate Report March 2018
Inventory continues to be extremely low and the first two months of 2018 have seen the fewest new listings for single family homes come on the market than any of the previous ten years. Sales, on the other hand, have been higher than in the past three years. This combination led to the lowest inventory level in four years for single family homes in February.At the same time, the median sold price hit an all-time high, both on an absolute basis, $720,000, and as a three-month rolling average, $695,667.Single Family Homes: The three-month rolling average median sales price of $695,667 is up 9.6% over last year’s.Year-to-date, new listings are down 24% compared to 2017 while sales are down 18%.February’s inventory of 2.0 months is 37% lower than in 2017.The median percent of list price received was 96% in February compared to 94% in 2017.Condo/Townhomes: The three-month rolling average median sales price of $446,667 is up 2.6% over last year’s.Year-to-date, new listings are down 25% while sales were up 18%.February’s inventory of 2.2 months is 22% higher than in 2017.The median percent of list price received was 99% in February compared to 100% in 2017.