Market Update & Hot Listings

​This weekend was a busy one is real estate.  Labor Day celebrations and trip are not what they used to be so buyers were out looking at property. The fires gave pause to our housing market recovery since the pandemic began.  Not many houses were coming on the market or closing while our community waited for full fire containment.  However, in the last week or so we have seen more properties coming on the market which is great news for my list of buyers. 
Many houses are being sold as coming soon or off market transactions.  1056 Woodside Dr. was due to come onto the market tomorrow, I was able to show it before and the sellers have already accepted an offer before going to market.
Buyers are looking for larger spaces and are well qualified, taking advantage of still very low interest rates.  Buyers are most certainly coming from out of the area but the bulk of my buyers are from right here in Napa, needing a change for a variety of reasons. 
Despite the plentitude of buyers, data shows that fewer sales are occurring but sellers are getting their asking prices.  Pandemic deals are not the norm.
 
California Association of Realtors reports:

• Market Data: Market data  improved last week and suggests the uptick in sales that California enjoyed in June will likely persist into July and August. Closed sales increased 3.1% last week to an average of 913/day. This is perhaps unsurprising given that buyer demand, particularly here in California, remains very robust. Mortgage applications nationwide remained more than 20% above 2019 levels and requests for showings in California are more than 90% higher than they were at this time last year.
• Even as the housing market remains a relative bright spot, several key economic indicators show that the effects of the recession continue to weigh heavily on the pace of the recovery.
• And yet, even as California’s housing market and economy see signs of life, the challenges we face remain very much ongoing. Recently released data on the second quarter shows that the economy contracted by 32.9% -- the largest quarterly decline in recorded history. In contrast, the U.S. economy shrank by less than 18% during the Great Recession of 2009.
• Inventory: And inventory will remain an obstacle for California’s recovery—especially amidst such robust demand. New listings were down 6.8% last week to an average of 916/day and were essentially flat for the preceding 3 weeks. And, with the number of COVID-related deaths in California still rising and the real estate market facing ongoing restrictions that make it challenging to list and sell homes, inventory is likely to remain depressed for the near term.
• Thus, even as California continues to make progress, it is critical that we temper our optimism with realism. Many Californians want to buy: their home is more important now than ever before given that people are spending so much time there; they have more flexibility with their housing decision because they can now work from home; rates are low and have provided a significant boost to affordability. Yet for sellers there remain cautions—even as the data suggest that inventory is near record lows, homes are selling very quickly, and there is minimal evidence of discounting on the typical home. This mismatch is likely to result in a recovery that is much slower than we would have hoped for and one where not as many buyers will be able to get their foot on the property ladder as there should be.
• See more and follow this weekly at https://www.carcovidupdates.org/market-update

 
These new listing are a few of the hot properties that I showed this week:
 
1126 Pennyroyal St. 5 bedroom, 4 bathrooms, 3563 sq ft,  built in 2019,  .3246 acre             Offered at $1,599,000.

2286 Culpepper St., 3 bedroom, 2 bathrooms, 1425 sq ft, .1121 acre, across the street from Las Flores park, community center and tennis courts                Offered at $690,000.  

​105 Karen Dr., 3 bedrooms, 2 bathrooms, 1303 sq ft, .1544acre, Brown’s Valley School             Offered at $605,000

​1536 Juanita St. 4 bedrooms, 3 bathrooms, 2487 sq ft, .3959 acre, oak tree and vineyard views                        Offered at $1,200,000

Let me know if you would like to see any of these properties or in search of something specific off market.
Allow me to help you with any real estate needs.