This Napa home sales report re-caps first quarter sales for 2016 in this California wine country community and provides buyers with an overview of what to expect now that the spring selling season is underway. Numbers reported are for detached, single family homes only.
Napa home sales in the first quarter of 2016 dropped to 166 homes from 180 in same quarter of 2015 (see chart). Foreclosure sales also fell in 2016, down from 7 to 1. Short Sales also fell slightly. The number of distressed property sales is typical for a home market of this size.
There are currently 122 Napa homes in escrow pending sale, which sold in an average of 80 days. 182 homes are actively listed for sale, which have been on the market an average of 116 days. There are two REO/foreclosed homes and one Short Sale listed for sale.
If you’re looking to purchase a Napa home this year, here are conditions you are likely to encounter:
- Inventory will continue to be moderate to high for mid and lower-priced single family homes.
- Homes are likely to stay on the market for an extended period (over 30 days), though marketing time should decrease in the early summer as more buyers enter the market.
- Distressed properties (foreclosures and Short Sales) will not have a significant influence on home values.
Standard advice to buyers applies for Napa homes in 2016:
- Get pre-qualified if you intend to buy with a mortgage.
- Be prepared to react quickly when homes that meet your criteria come on the market.
I hope this information is helpful to both buyers and sellers. If you would like to see current listings, click here: Napa Homes For Sale.
If you would like help buying or selling Wine Country real estate, please drop us a line: Contact Us.