Napa, CA Housing Market: November 2024 Analysis
The Napa, CA metro area housing market in November 2024 presents a complex landscape, characterized by a mix of rising and falling trends. The Median Sales Price has seen a modest increase of 0.6% year-over-year, reaching $890,000. This suggests a slight upward pressure on home values, despite broader market fluctuations.
Conversely, the Median List Price has decreased by 2.0% year-over-year, now standing at $949,999. This decline indicates potential adjustments by sellers in response to market conditions, possibly to attract more buyers in a competitive environment. The median Price Per Square Foot has surged by 16.7% to $589.33, reflecting a significant increase in property value on a per-square-foot basis, which may be indicative of demand for smaller, more affordable homes.
In terms of sales activity, the number of Homes Sold has slightly decreased by 1.4% year-over-year, totaling 69 homes. However, Pending Sales have increased by 11.3%, reaching 89, suggesting a potential uptick in future closed transactions. New Listings have surged by 28.8%, with 85 new properties entering the market, contributing to a 37.0% increase in inventory, now at 407 homes. This rise in inventory is further reflected in the Months of Supply, which has dramatically increased by 170.0% to 5.9 months, indicating a shift towards a more balanced market.
The Median Days on Market have increased by 19.0% to 59 days, suggesting that homes are taking longer to sell compared to the previous year. The average sale to list ratio has decreased by 1.8% to 96.9%, indicating that homes are selling slightly below their list prices. Additionally, the percentage of Homes Sold above list price has dropped by 14.0% to 17.4%, further highlighting the competitive nature of the market.
Price Drops have decreased by 9.1% to 15.5%, suggesting that sellers may be adjusting their pricing strategies to align with market expectations. The percentage of homes going off the market in two weeks has seen a slight decrease of 0.5% to 27.0%, indicating a relatively stable pace of quick sales.
Overall, the Napa housing market in November 2024 is characterized by a mix of rising property values on a per-square-foot basis and increased inventory, alongside a slight decline in sales activity and list prices. These trends suggest a market in transition, with potential opportunities for both buyers and sellers as they navigate the evolving landscape.
